Economic Facts - Can't Spin These

I do this just enough to irritate some of you - but it is my blog and I can tap in to my academic background now and then if I want - so there.

Drudge has this at the lead this AM, but there is more than the 1.5% that you need to focus on.

Facts and numbers are important, they are critical to cut through all the smoke, dazzle, and white noise of a political season.

Here is the executive summary you need to let soak in. Via the governments Bureau of Economic Analysis:

2011 GDP

Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.

The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in 2011 primarily reflected downturns in private inventory investment and in federal government spending and a deceleration in exports that were partly offset by a deceleration in imports and an acceleration in nonresidential fixed investment.

The price index for gross domestic purchases increased 2.5 percent in 2011, compared with an increase of 1.5 percent in 2010.

Current-dollar GDP increased 3.9 percent, or $561.2 billion, in 2011, compared with an increase of 4.2 percent, or $587.5 billion, in 2010.

During 2011 (that is, measured from the fourth quarter of 2010 to the fourth quarter of 2011), real GDP increased 1.6 percent. Real GDP increased 3.1 percent during 2010. The price index for gross domestic purchases increased 2.5 percent during 2011, compared with an increase of 1.4 percent during 2010.

Real GDP growth is contracting. Cost of goods is increasing. Imports are increasing greater than exports. People are spending more, but out of savings.

Frankly, I expected better. In macro - we need to watch 2012 close. To let politics sneak in - this plays in to Romney's strengths. This is a gift if he is willing and able to use it.