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third quarter US GDP was another good one for the books boosted a ton by consumer spending in Uncle Sam buying a ton of missiles soft Landing assured right except no GDP doesn't tell you what everyone seems to think it does in fact in every single recession going back through the entire post- period GDP looked better than it does right now yes better and in both nominal and real terms too the numbers are all conclusive on this there is no wiggle room on this point GDP doesn't tell you anything about tomorrow we all assume incorrectly that if what has happened leading up to now appears good in GDP terms it will continue to be that way forever onward that's the mistake especially when GDP is loaded with artificial factors including how in the latest quarter us defense spending added an enormous half a percentage point to the headline it was the most DOD expenditures by a lot in over 3 years GDP is all about Looking Backward not forward that's what'

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