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."