“You Are All $500 Billion Richer Now According To A Revised Biden Admin Spreadsheet” (9/27/2024). I won’t dissect the non-arguments in the article. I’ll just observe that the GDP annual update has brought the GDP series much more in line with the Philadelphia Fed’s tracking of output, in its Coincident Index.

Figure 1: Coincident Index (blue), GDP pre-update (tan), GDP post-update, GDPNow as of 9/27 (red square), all in logs 2019Q4=0. Note that Q3 coincident index is based on average of July and August – hence assumes zero growth in September. NBER defined peak-to-trough recession dates shaded gray. Source: BEA, Philadelphia Fed, Atlanta Fed, NBER, and author’s calculations.

In other words, according to Zerohedge, it’s all a conspiracy to hide the “truth”, viz.:

…now that a perfectly timed and very strategic data “revision” has come in just in time to drown out the rapidly rising recession narrative, we can

Keep reading this article on Econbrowser Blog - James Hamilton & Menzie Chinn.