GDP important, but won’t change the road to the White House

The chattering classes think that an upbeat reading on Q3 GDP will help the fortunes of President Obama.

The market expects a 1.9% reading in the first look at Q3 data, up from 1.3% in Q2.

Do you for a minute think the man in the street is going to give a rat’s arse that GDP is growing 2.1% rather than 1.9% more than three years after the recession ended? The drop in the unemployment rate was supposed to help too, wasn’t it? How’s that working out for the incumbent.

Very little that happens between now and election day will change Obama’s fortunes. He is the known quantity.People will not change an opinion formed over 4 years on the basis of one piece of economic data, no matter how good.