The U.S. economy shrank at an annual rate of 2.9 percent during the first three months of 2014, government bean counters announced this morning. That matches the worst non-recession contraction of the U.S. economy in over 40 years.
Each quarter, the government releases three sets of numbers gauging the size of the U.S. economy: preliminary, revised, and final. Today’s numbers were the final version. This is important, because the numbers drastically changed throughout the process, as did the liberal spin about the economy. The preliminary numbers, released at the end of April, suggested that the economy barely chugged along during the first quarter, growing at a meager rate of 0.1 percent.
A normal observer would look at that number and be disappointed, given that it was posted nearly 5 years into an alleged economic recovery. The leftist online illiterati, however, is decidedly abnormal. Here’s how they spun the news: