The US Economy Was Just Revised $1 Trillion Higher

With most economists squarely focused at today's GDP growth rate, one aspect of today's GDP report that was largely ignored, was the wide-ranging revision to historical data that the BEA released alongside the latest numbers. What it showed was a doozy: on a chained (real) dollar basis, the US economy was estimated to have reached a $18.5 trillion level in Q2 2018. Putting this number in context, the last pre-revision number was $17.37 trillion as of Q1, which has now been revised to $18.3 trillion. This means that the BEA has "revised" the US economy to be $1 trillion higher, which while generally arbitrary and likely involves fudging the deflator, will mean that US debt/GDP just dropped significantly.

The revision also hit the nominal, unadjusted numbers, which increased by a smaller margin, but enough to push the US economy to its first $20+ trillion level, or $20.4 trillion to be exact.

 

We expect Trump will have lots to say about this in the days ahead, and certainly the 9:30am address to the nation, which will be along these lines...

Comments

Sages wife Hopeless for Change Fri, 07/27/2018 - 11:41 Permalink

Hyperinflation is inevitable. Our financial scheming ensures it. Growth, inflation, employment; Non-GASM. Non-Generally Accepted Scientific Method. We simply manipulate the data to achieve the desired result. The establishment has managed an experiment in the consequence of real or actual financial calculation and it's Venezuela. The conception of 1M% inflation will likely encourage them to continue down this road of deceit and financial misconduct. Well, at least they'll have a can to kick. Gold bitches.  

 

In reply to by Hopeless for Change

bshirley1968 Cognitive Dissonance Fri, 07/27/2018 - 09:41 Permalink

The whole shit show is designed to make you doubt what you know to be real.

Sure there are pockets of wealth sprinkled around the country.....mostly associated with tech industry or financial industry.....but for the most part, people are just holding tight.

People know something stinks, even though their government keeps telling them,"Everything is Awesome".

In reply to by Cognitive Dissonance

gdpetti Yellow_Snow Fri, 07/27/2018 - 10:19 Permalink

True... but he's always been a showman.. and takes the positive as a personal success story while ignoring any negative... which will soon be his problem... but he's only there to break things up.... the OWO... the establishment... and he doesn't even know it yet.... perfect puppet... and if he happens to stray off course? well, the usual 'Reagan' moment will most likely suffice to get him back on track... but his ego has driven him into this endtimes play, so let him enjoy his moment under the setting sun... unlike the OWO puppets, he's unaware of the approaching nightfall.... He's an opportunist... real problems are only real until you can make them go away... maybe he thinks he doesn't have to worry about bankruptcy court in his current job? Or maybe he thinks it's a good thing now as well? He simply doesn't know what he is doing.. most of them don't...those that do have already left town... like the 'smart  money'.... and so it goes as any empire decays and dies.... it still looks promising don't you think? But we know that isn't the case... the stench is harder to ignore.

In reply to by Yellow_Snow

BrownCoat PitBullsRule Fri, 07/27/2018 - 11:42 Permalink

"One good thing about having a liar for president"

It's not just for politicians anymore. Lying and cheating are features that hurt "trust" and hurt economic activity. 
The interregnum started decades ago. If Trump can turn the trend around, we will get their later rather than sooner. Deep State, globalists, & Cultural Marxists are all working on the side of destruction. 

In reply to by PitBullsRule

Byrond Fri, 07/27/2018 - 09:23 Permalink

From the GDP report:

"Decelerations in wages and salaries, government social
benefits, personal interest income, and nonfarm proprietors' income were partly offset by accelerations in personal dividend income and rental income"

Recession imminent.

Giant Meteor bshirley1968 Fri, 07/27/2018 - 10:49 Permalink

We're in the money,
We're in the money;
We've got a lot of what it takes to get along!
We're in the money,
The sky is sunny;
Old Man Depression, you are through,
You done us wrong!

We never see a headline
'Bout breadline, today,
And when we see the landlord,
We can look that guy right in the eye .
We're in the money
Come on, my honey
Let's spend it, lend it,
Send it rolling around!

In reply to by bshirley1968

MK ULTRA Alpha south40_dreams Fri, 07/27/2018 - 10:03 Permalink

There are two new world class Liquid Natural Gas plants for exporting natural gas on the East coast and West coast. Energy Secretary Rick Perry former governor of Texas advised President Trump to approve the plants which former president Obama had refused to permit. This is why Trump wants Europe to buy LNG from the new plants.

ZH and I are on the same page, seconds before the above was posted, I said to my self, 4.1 percent means over $800 billion in wealth created. $20 trillion economy times 4.1%.

Energy Secretary Perry has done something no one thought possible and the state of Washington is trying to block him. The Hanford nuclear plant, the old plutonium plant is leaking radioactive water into the Columbia river. What the government is doing is an expensive boondoggle which is wasting money and can never achieve remediation.

It's going to cost over $30 billion with cost over runs and constant failure. Perry is using the radioactive water to mix with concrete. The concrete blocks will be shipped to Texas. The planned remediation plant in Hanford is said to cost $17 billion, so Perry said, we can do it for $16.5 billion less.  But the communist in Washington state are trying to block this to keep the sore of radioactivity for money and political issues. It's insane.

Bechtal is robbing us on an exotic process which will take over a hundred years of payments to Bechtal. Remember DOD Secretary Mattis ordered the audit of the Pentagon, guess what, a DOD audit team showed up at Bechtal. They're now under close supervision by the Energy Department and DOD, they must get approval for all expenditures above $150,000. How's that for plugging a gold seam robbing us all during the Obama era.

In Texas it will be stored at what was supposed to be secret until the Sierra club stated the terrorist will get it. Low grade radioactive waste.

The state of Texas is at the bottom of an ancient ocean. It's layers of lime stone, which radioactive seepage is impossible. Well after the concrete blocks are placed in the big hole in Andrew, then 30 feet of concrete covers it up. No terrorist is going to get it because of this and the people out there in this remote region all carry.

So exciting changes are happening for the good.

Also, all restrictions placed on drilling by Obama was rescinded by Trump. The restrictions placed on the US by Obama was telling. A huge find in Alaska, then Obama restricted it. Obama tried to bankrupt us, destroy the economy and placed us in lock down restricting more of our freedoms and freedom to make money.

I wrote on here last year, we will see great things coming from Perry. Stay tuned because Perry is Trumps most loyal man. (isn't that good, Texas is going to take it for the nation and Washington state, Perry is saving the Columbia river and the Northern Pacific from becoming a radioactive no go zone.)

Also register to vote and vote early, hold your nose on November 6th and vote Republican. The other choice is destruction of our nation.

Good Luck

In reply to by south40_dreams

snblitz MK ULTRA Alpha Fri, 07/27/2018 - 14:30 Permalink

All the "spent" uranium fuel kept in pools around the nuclear plants is entirely intentional in the hopes that an "accident" will happen or terrorists will get to it.

That "spent" fuel has about 98% of the energy still in it.  It just needs to be reprocessed by a breeder reactor.  Breeder reactors were banned by Carter.  The US had two prior to the ban.

Why do you think the French are so willing to take nuclear "waste"?  Hint: They have breeder reactors and can reprocess nuclear fuel.

You are being lied to and scammed.

In reply to by MK ULTRA Alpha

MK ULTRA Alpha snblitz Fri, 07/27/2018 - 14:46 Permalink

Can you read? It's hundreds of thousand of gallons of radioactive liquid, not spent fuel rods. Those tanks are full of low grade radioactive waste.

The only one who is lying here is you, you know nothing about what is happening at Hanford. Furthermore the collapsed tunnels stored box cars of radioactive equipment for plutonium processing.

You didn't know shit and came here to talk your fantasy television mind, that's where you were educated, by the TV.

How old are you?

In reply to by snblitz

Pollygotacracker Fri, 07/27/2018 - 09:30 Permalink

I go by my own empirical evidence. Nothing, and I mean nothing, has changed in my area. Same as it ever was. We never got out of the last recession. The tax cuts put some money into the economy, but that is about it.