Atlanta Fed revises Q3 GDP growth estimate to 2.9%

The United States economy is expected to expand 2.9 percent in the third quarter, according to revised estimates from the Atlanta Federal Reserve.

Looking at the latest data pertaining to consumer prices and housing starts, the Atlanta Fed lowered its gross domestic product (GDP) estimate for the July-to-September period from three percent.

So far this year, the US economy has expanded just 1.2 percent (Q1) and 1.1 percent (Q2).

Although a three percent growth rate would be a boon for Hillary Clinton and the Democrats, the real question is: should we care about the GDP anyway?

Here is what the Mises Institute writes:

GDP purports to measure economic activity while largely divorcing itself from the quality, profitability, depth, breadth, improvement, advancement, and rationalization of goods and services provided.

For example, even if a ship — built at great expense — cruised without passengers, fished without success, or ferried without cargo; it nevertheless contributed to GDP. Profitable for investors or stranded in the sand; it added to GDP. Plying the seas or rusting into an orange honeycomb shell; the nation’s GDP grew.

Stated alternatively, GDP fails to accurately assess the value of goods and services provided or estimate a society’s standard of living. It is a ruler with irregular hash marks and a clock with erratic ticks.

President Obama will be the only president in modern U.S. history with the worst economic record (SEE: Obama economic recovery worst since 1949: CRS report).