Thursday, June 07, 2007


I guess those tax cuts didn't work after all.*

Yesterday, the BEA reported that U.S. GDP growth for Q1 2007 was a moribund .6% This was a revision downwards from the advance GDP forecast of 1.3% released a month ago. The revision was due to updated information that showed imports were higher than initially estimated. The last time GDP was this low was in Q1 2003, the tail-end of the last recession. (Source: GDP News Release)

*NOTE: I'm not actually claiming the tax cuts didn't work: I'm poking fun at the facile practice of taking a good/bad piece of economic news and crediting it to your favorite/most despised economic stimulus strategy.


Post a Comment

<< Home