Is there anything these Chicago thugs won’t lie about? Obama’s road to recovery has hit the ditch. No matter, the administration cranked up government spending to force up the GDP for campaign purposes.
According to the Bureau of Economic Analysis, the economy grew by a modest 2 percent in the third quarter of 2012. While this was stronger growth than the preceding quarter, all of the increase in GDP growth came from the biggest increase in federal government spending in over two years. Federal government spending rose 9.6% at an annual rate in the third quarter. It is worth noting that government spending fell by 0.1 percent in the second quarter. However, in the third quarter, it grew by 0.7 percent. Growth in the private sector fell by 0.1 percent to 1.3 percent in the third quarter—down from 1.4 percent in the second quarter.
Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University. Her primary research interests include the federal budget, homeland security, taxation, tax competition, and financial privacy issues.
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