Is GDP “Rigged”?
Q3 GDP growth at 2.9% beat expectations. “Advance” estimates like this morning’s, immediately preceding a presidential election, have been subject to revision five times greater than average, and all the revisions have been downward. These downward revisions to “advance” estimates have been greater in Democratic administrations than in Republican administrations. If growth reported this morning were revised down by the average during Democratic administrations, it would be only 0.7%.