Friday's GDP Report Proved Me Wrong. Or, Did It?

Thursday, I posted a blog entry which suggested that the GDP report might, for political reasons, come in better than expected; and, then, adjust downwards later in the year.  But, I was wrong.  The report was actually a lot worse than expected with growth at only 2.2%.  On the other hand, its possible that I just might have been right. There is a possibility that the true number was even worse the 2.2% and, for political reasons, the number was posted higher to soften the political impact. We'll have to wait and see.

The real question, now, is what the rest of this year's GDP growth will be like. Will 2012 follow the pattern of 2010 where the First Quarter was the best quarter for that year?  Or, will it be like 2011 where the First Quarter GDP number was the lowest in growth for the year?  Certainly, the Obama Administration is hoping for a repeat of 2011; because, if the GDP reporting follows 2010, Obama is sure to be a one-term President.