Contrary to Media Reports, Economy Growing at an Impressive Rate

Economic and political pundits are saying that we're plunging into a recession. Democrats and their media minions are saying that we are already in a recession. However, while the increase in the price of oil and the sub-prime housing correction (which was inevitable and predicted) is hurting, real facts show that the economy is chugging along at a very strong rate, even more so that previously thought. According to numbers just released from the Bureau of Economic Analysis, the nation's GDP over the second and third quarters of fiscal year 2007 have been revised upwards substantially:

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.9 percent in the third quarter of 2007, according to preliminary estimates released by the Bureau of Economic Analysis.  In the second quarter, real GDP increased 3.8 percent.

The GDP estimates released today are based on more complete source data than were available for the advance estimates issued last month.  In the advance estimates, the increase in real GDP was 3.9 percent (see "Revisions" on page 3).

Third quarter 4.9% GDP growth is extremely strong. And it's important to note that the term floated about these days by the Democrats and their brethren in ideology, "recession", has a very distinct definition - two consecutive quarters of negative GDP growth. The last two quarters reported had positive economic growth of 3.8% (second quarter) and 4.9% (third quarter).  This must disappoint the Democrats, greatly...