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Wiz Imp

(7,000 posts)
1. It should come as no surprise that HASSETT is lying his ass off.
Sun Aug 10, 2025, 07:33 PM
Aug 10

This is such a blatant lie as to be totally unbelievable that they think they can get away with it. Do they not realize that it is very easy to check and find out the truth? Do they really not know that at the very least economists will call them out on the lie?

The GDP estimate released just before the election in 2012 was the advance estimate for 3rd quarter 2012. That estimate was 2.0% growth. Citation:
https://obamawhitehouse.archives.gov/blog/2012/10/26/advance-estimate-gdp-third-quarter-2012

Today’s report shows that the economy posted its thirteenth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew at a 2.0 percent
annual rate in the third quarter of this year, according to the “advance” estimate released by the Bureau of Economic Analysis.


The revised estimate released a month later was HIGHER! citation:
https://www.bea.gov/news/2012/gross-domestic-product-3rd-quarter-2012-second-estimate-corporate-profits-3rd-quarter
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.7 percent in the third quarter of 2012 (that
is, from the second quarter to the third quarter), according to the "second" estimate released by the
Bureau of Economic Analysis.


The second and final revision released at the end of December showed it was even higher than that!! citation
https://www.bea.gov/news/2012/gross-domestic-product-3rd-quarter-2012-third-estimate-corporate-profits-3rd-quarter-2012
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the third quarter of 2012 (that
is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau
of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.


He's also lying that the growth was only because of defense spending:
The increase in real GDP in the third quarter primarily reflected positive contributions from
PCE, private inventory investment, federal government spending, residential fixed investment, and
exports
that were partly offset by a negative contribution from nonresidential fixed investment. Imports,
which are a subtraction in the calculation of GDP, decreased.

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