AP: Recession was deeper than gov't previously thought - Polidicks

AP via Yahoo finance [release]The recession was deeper than the government previously thought. The Commerce Department, in revisions issued Friday, estimates the economy shrank 2.6 percent last year -- the steepest drop since 1946. That's worse than the 2.4 percent decline originally estimated. The economy's plunge underscores why the unemployment rate surged to 10.1 percent in October, a 26-year high. The revisions in gross domestic product, or GDP, now show zero growth in 2008. That compares with a 0.4 percent gain previously estimated.The economy also grew less in 2007 (1.9 percent) than earlier thought (2.1 percent). For all three years, consumers spent less and home builders cut more deeply than had been thought. Those factors help explain the downward revisions on the economy. The revisions also show that struggling state and local governments cut spending more last year than previously thought. And they spent less in 2007 and 2008. The economy slid into its worst recession since the Great Depression in late 2007. Many economists think the recession ended last summer, although a panel of academics that dates the start and end of recessions hasn't declared when this one ended. The panel usually does so well after the fact. From the start of the recession in December 2007 until the April-to-June quarter of 2009, the economy sank 4.1 percent. That was deeper than the 3.7 percent decline previously estimated for the recession. GDP is the broadest gauge of the economy's health. It measures the value of all goods and services -- from machinery to manicures -- produced in the United States. The Commerce Department's latest revisions reach back to 2007. They're based on more complete data and on methodology thought to be more accurate.[/release] [url]http://finance.yahoo.com/news/Recession-was-deeper-than-apf-3247751846.html?x=0&.v=3[/url]

Uh, we knew about this what? Two years ago? Rated clocks because AP is seriously lagging behind

[QUOTE=Richard Simmons;23735050]Uh, we knew about this what? Two years ago? Rated clocks because AP is seriously lagging behind[/QUOTE] "The Commerce Department, in revisions issued Friday" We knew about 7/30/2010 two years ago?

[QUOTE=Kagrenak;23735099]"The Commerce Department, in revisions issued Friday" We knew about 7/30/2010 two years ago?[/QUOTE] Through private studies, and the general publics perception on it. Even Obama said we were deeper in the recession than what was said when he came into office. So yes, two years ago.

[QUOTE=Richard Simmons;23735266]Through private studies, and the general publics perception on it. Even Obama said we were deeper in the recession than what was said when he came into office. So yes, two years ago.[/QUOTE] "Deeper than what was thought" is relative. How do you know the article isn't saying that we're deeper now than we were when were deeper last time?

I'll send some of the clocks along to the government too.

[QUOTE=Emperor Scorpious II;23735295]"Deeper than what was thought" is relative. How do you know the article isn't saying that we're deeper now than we were when were deeper last time?[/QUOTE] Isn't our U6 rate already near "Depression" levels at what, 18-23%?

Our government and the mainstream media tend to not want to use that rate as it "looks bad". They're still trying to promote this summer as the "Summer of Recovery".

Glaber, please pick one attack on the government and stick to it until the discussion is over. You've started like, ten threads in the past week attacking health care, the end to the tax cuts, two threads on the expulsion of a student based on the student's intolerance, and you don't stick around to defend your viewpoints. It's borderline spam. On topic, of course everyone wants to promote the economy as "recovering." Nobody wants to stay in this mess forever, and the feds are working hard to sort things out. (At least the Democrats are [i]trying[/i] to do something productive.) There's a reason Congress is America's least favorite institution, it's because of: A. All politicians want to get reelected first, and worry about their jobs later. B. Party politics are ruining the country. If the Republicans in Congress would do something other than filibuster EVERYTHING, I'd bet we'd already be recovering for real by now.

[QUOTE=Glaber;23735301]I'll send some of the clocks along to the government too.[/QUOTE] And I'll send you some boxes for all of your posts.