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This GDP Number Is Really, Really Bad

Friday, 29 Jul 2011 | 10:26 AM ET
Recession-themed newsprint cuttings
Recession-themed newsprint cuttings

What would happen if they held an economy and no one showed up?

The first-quarter GDP numbers were revised down from 1.9 percent growth to 0.4 percent.

That's within the margin of error of recession.

The second quarter was slightly better, hitting at 1.3 percent. The consensus expectation was 1.8 percent, however, so this counts as a miss.

Here's your takeaway: The economy is going off the cliff, and the politicians you voted for are bickering about how much austerity to impose.

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