A couple of months ago, the Bureau of Economic Analysis told us that first quarter Gross Domestic Product (GDP) was going to decline by one percent, prevented from tanking only by explosive growth in health spending.
However, the final estimate of real first quarter GDP has thrown everyone for a loop, reporting an annualized decline of 2.9 percent. It was the hugest revision in years.
The huge error in the earlier figure was almost entirely driven by a poor estimate of the effect of Obamacare by the Bureau of Economic Analysis.
Read the entire column at Forbes.com, the Independent Institute's Beacon Blog, or the National Center for Policy Analysis Health Policy Blog.