This Is Really Bad News For Mr Obama's Legacy; Happy Days Are Here Again

The Wall Street Journal is reporting the Great Recession was not all that bad. Like the government actions after the 2010 spill in the Gulf of Mexico, one wonders if government actions actually made things worse in the long run?

The U.S. economy expanded at a stronger pace in 2012 than previously measured and the great recession was less severe, new data from the Commerce Department shows.

The country’s gross domestic product, the broadest measure of goods and services produced across the economy, expanded at a 2.8% pace last year versus a previous estimate of 2.2%, due to periodic revisions released Wednesday by the agency’s Bureau of Economic Analysis.

The figures also show the 2007 to 2009 recession was less severe than previously thought, with the economy shrinking at an average annual 2.9% pace, compared with the previously reported 3.2% contraction. The recession stretched, officially, from December 2007 through June 2009, according to the National Bureau of Economic Research, which determines the widely accepted benchmarks for U.S. business cycles.

Happy days are here again.

Maybe that's why Dow futures look to stun tomorrow.