1.7 percent 2nd quarter GDP revision shows inflation, not growth

Aug. 29, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement on the 0.2 percent upward revision of second quarter GDP from 1.5 to 1.7 percent by the Bureau of Economic Analysis:

“The Gross Domestic Product was revised upward by $10.2 billion in the second quarter, reflecting a $10.3 billion increase in housing and utilities, particularly, higher-than-expected prices for electricity and natural gas. That is not growth, it’s inflation.

“The happy talk is no longer going to work. The Obama economy is not producing jobs, it is only draining our wallets — with inflation-inducing easy money and a regulatory assault on electricity-producing coal and other fossil fuels that is driving up prices. The Obama Administration’s stated goal is to triple the price of coal by 2017. That will not grow the economy, it will cripple it.”

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.