Saturday, July 31, 2010  Misrepresenting The Case Against Labor
Unions        Friday, July 30, 2010  U.S. Recession Worse Than
Previously Estimated  Second quarter U.S. GDP growth came in
roughly in line (slightly below) expectations. What was perhaps
more interesting was that in the annual revision GDP was again
downward revised, just as it was in previous annual revisions in
2009, 2008, 2007 and 2006.  In 2007, GDP rose by 1.9% compared
to the previous estimate of 2.1%, in 2008 growth was zero
compared to the previous 0.4% growth estimate and in 2009 GDP
fell 2.6% compared to the previous estimate of a 2.4%
contraction. The total downward revision was thus 0.8%.
National income was also revised down, but not quite as much,
reflecting both an upward revision of net factor income from
abroad and a downward revision of statistical discrepancy.
Given the consistent pattern that growth is always revised down
in the annual revisions (for years as a whole, individual
quarters can be upwardly revised or unrevised