In One Chart, Here's How Government Austerity Is Still Crushing GDP

This morning, Q4 GDP growth was revised down to 2.4% at an annualized pace from the BEA's initial 3.2% call.

This chart from Bloomberg LP chief economist Michael McDonough shows what is adding and subtracting to changes in GDP.

Anything above the x-axis is adding to GDP and anything below is taking away.

As you can see, government spending is still a large drag.

Here's the chart: