The recession ain’t over, folks. We just made ourselves feel a little better in the 3Q by putting more on the credit card. Here are the numbers, tweeted by Phil Kerpen:
Final 2.2% 3Q GDP growth included 1.45 clunker-aided autos and 0.62 federal spending. 2.07 of 2.2.
Our “growth” last quarter was 94.1% borrowed from future growth, and three quarters of that was taken directly out of future auto sales — while reducing inventory of used cars for less-well off people.
The BEA has the raw data.