The U.S. Government Vastly Overstated the Economic Decline

On Thursday, July 30, the U.S. Bureau of Economic Analysis (BEA) released the statistics on Gross Domestic Product (GDP) for the second quarter, and they were dismal. The news release stated that GDP declined at an annual rate of 32.9% for the quarter. This figure of a 32.9% decline was given on all the major news outlets, including Fox Business. But, this is a gross exaggeration of how much the economy has actually declined.

I have great confidence in the BEA to produce unbiased estimates of the state of the economy that are not…