“Help is here, and hope is on the way,” President Joe Biden promised March 25, touting his just-passed $1.9 trillion “American rescue” plan. Economists had “significantly increased” their expectations because of it, he said, projecting more than 6 percent GDP growth this year. Oops.
Any economists that actually did say that were dead wrong: The value of all American-produced goods and services rose just 2 percent in this year’s third quarter, the feds announced Thursday.
That’s a drop from 6.7 percent growth in the second quarter. Economists expected bad third-quarter numbers, with a consensus forecast of 2.8 percent, but reality proved worse. And that’s 2 percent growth over a badly depressed third quarter of 2020.
Inflation is now eating away at value faster than the economy is growing it. The prez likes to brag about how pay is averaging about 4 percent higher than last year —…