The Great Recession and GDP

Political Calculations (see here) has an informative post on the impact of the Great Recession on GDP (see graph below).

The post summarizes as follows:

"The quick takeaways:

• The U.S. economy performed better than previously reported in 2009, as the December 2007 recession bottomed and began turning around.
• The economic recovery following the bottoming of the recession has been far weaker than the previously reported data indicated.
• We really don't know what to make of the GDP data recorded in 2011-Q4 onward, where the reported data is really characterized by its relative lack of adjustment in the BEA's 27 July 2012 revision. It would be really odd that after the rather large adjustments of 2009 through 2011-Q3 that the BEA would suddenly master the determination of GDP for just these most recent quarters."