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GDP Screams U.S. Recession Has Begun, but ‘Real GDP’ Is Far More Terrifying

The initial estimate for Q1 GDP came in at -4.8%. The official number was boosted by government spending, as well as supposed income growth and personal savings. BEA has consistently revised its methods to boost first-quarter GDP. U.S. first-quarter GDP plunged profoundly negative, but real GDP would have been even worse. According to the Bureau…