Commerce Department sources said, “Close enough for government work.”
Yup, our government blows at math alright. On February 27, the Commerce Department revised 4th Quarter GDP from -3.8% to -6.2%, which means they only missed by 63%. Comforting, isn’t it? The people in charge of the US economy can’t distinguish between Webster and Shaq (OK, theoretically, Webster should be 4 ft. 4, but this was the closest I could get) . If you poke around the web, you’ll find articles saying we knew there estimates were way off and even articles explaining why they are idiots.
Here’s the point – we pay lots of money for estimates to people who couldn’t count their own butt cheeks. Furthermore, we use their short-bus math skills to chart the nation’s future. Scared? Maybe you will be when they release their final guesstimate on March 26.
So how bad is 2009 going to be?
Your guess is as good as theirs……..