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Where’s our leadership? GDP revision is even lower than expected

Our ECONOMY and the MARKETs.

Our economy was even slower than initially reported in the first quarter.  Such things as investments in homes, shrinking inventories, and a large trade gap helped to hold back our growth.

Here are a few questions that we are left to ponder:

In this age of massive IT capability how does the Commerce Department miss and make an initial estimate that is 216% larger than the final revised estimate?

With this being the weakest year-over-year growth in four years to what degree will it influence the Fed in any rate decision moves?

One of the biggest upward revisions in the report was consumer spending. Isn’t this where we are waiting for the shoe to drop?  Was that the last hoorah?

Exports fell the most in the last four years and imports (i.e. oil) rose 5.7%. America needs something of great value to export.  Maybe if we had leadership to promote the creation of renewable alternative energy technology, the way that John F Kennedy did with our space program in the ‘60s we would have that export.  Certainly we could rely less on imported oil.

The rest of the story can be found here on CBS’ Marketwatch.

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