I was really troubled by the restatement of gross domestic product by the Commerce Department on Wednesday for two reasons:
Trust in federal stats — While we have been provided technical reasons, I was not sure how a national statistic could move from 3.5% to 2.2%.Â Thats seemed liked an incredible amount of variance. I could see a 0.1% to 0.5% change but 1.3%? Thats a huge disparity that seems to have fallen off the
Re-writing history — The old number was the basis of endless economic discussions about a strong economy, rising inflation concerns and how a weak housing did not seem to be having much impact on it.
Now we simply throw away the public dialogue of the past month and call it a mulligan?