updated 10:18 a.m. ET, Fri., July. 28, 2006
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Along with the latest GDP report, the government issued annual revisions that showed economic growth was slightly less than previously estimated for 2003, 2004 and 2005.
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As a result, the economy last year grew by 3.2 percent, rather than 3.5 percent. In 2004, economic activity expanded by 3.9 percent, instead of 4.2 percent. And in 2003, the economy’s growth was 2.5 percent, versus 2.7 percent.
Wealthy Republican politicians and financial people keep saying they don't understand why the public pessimistic in spite of all the reports of a rosy economy. As has been noted, much of this is due to the fact that the rosy economy has benefitted only a small percentage of the super-rich.
Now we find that the economy was not really as rosy as some thought; so the public was right.
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