Wayne Allyn Root: New GDP numbers 'pure fraud' and 'scam'

It???s happening right now in America. A massive criminal conspiracy is being carried out to benefit the political class and big business elites???all to the detriment of the great American middle class.

There is no better evidence for the conspiracy than the just released second-quarter GDP number: 4% growth in GDP. This is pure fraud. This is a government-run scam. This is made up fantasy by the desperate Obama administration. July has been the worst month of the entire Obama presidency. The news on every front???economic, foreign, government scandals???could not get any worse. And then suddenly on the heels of the worst GDP quarter in 67 years (-2.9%)???right after we find out that the average household has lost one third of its net assets since 2003 and almost half since 2007???right after we find out that 36% of Americans (77 million people) are in debt collection???suddenly we find out the economy is flying? Really?

What if the number is pure fraud, just like the jobs numbers the month before the 2012 election? Whistleblowers now say that the figure of 800,000 jobs in one month was made up based on “estimates” by pro-Obama employees of the Labor Department. Some of us doubted the statistic at the time. The number just seemed???in a word???rancid.

And now I can describe this new GDP number in one word: rancid. It does not reflect the reality ???on the ground.??? Ask any CEO. Something is wrong. This GDP turnaround of almost 7% month to month has never been seen in history. (By the way???that 800,000 jobs increase for one month had also never been seen before, either.)

Not that even a growth rate of 4% a month would solve our problems if it were real. Any consumer in America will tell you that inflation is running wild. Meat prices are at all-time highs. So are grocery prices. So are cable TV bills. Health insurance premiums are up dramatically??? more than in the six years before Obamacare combined. The price of the gas we put into our cars has doubled since Obama became president. The cost of electricity is at an all-time high.

But there???s very good reason to believe that the supposed 4% GDP spike is not real. Like the October 2012 jobs report based on pure fraud, this new GDP report has holes the size of Texas.

In the government???s own words, this statistic is based on incomplete data and estimates.

It???s also based in large part on ???inventory accumulation.??? In other words, the ???growth??? of GDP is based on businesses piling up inventory in the hopes someone might buy it. As points out, 52% of GDP growth in the past year is simply inventory hoarding, not actual sales. I guess big business believes the ???hope and fraud??? of this Obama economy.

Lastly, the fraud of Q2 GDP is also based on the new way the government is now measuring GDP. They came up with a new way to count GDP that just happens to revise all GDP numbers since 1999 upwards. The second quarter of 2014 was the first real-life quarter since the new revision took effect. So assume a large portion of the bump is due to this sudden upward revision. In other words things just got better on paper???but not in the real world.

I hope you now understand that you should take this new GDP figure with a grain of salt. Just get ready to open your wallet, because I hear the price of salt is way up.