Officially reported as 3.5%, 2009 Quarter 3 GDP numbers were then revised to 2.8% several weeks later, as our national's gross domestic product did not grow as fast as originally measured. Several weeks later, economic growth was revised downward again to 2.2%, much of the gains coming from inventory replenishment and the one-time Cash-for-Clunkers auto rebate program.
With most recoveries from deep recessions, GDP growth on the other side of the valley approaches a positive 6 to 8%. It will be interesting to see what the current quarter economic growth numbers will be.
Sunday, December 27, 2009
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Cash for Clunkrs may have caused a small bump in the 3rd quarter GDP, but it came at the expense of taxpayers, used car sales, auto repairs and car donations.
ReplyDeleteAgreed that the Cash for Clunkers had some unintended consequences--like most government-sponsored intervention policies. One was an unexpectedly large number of foreign car sales, with minimal benefit to American factories.
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