Commentary “Initial estimate of fourth-quarter 2021 annualized real gross domestic product (GDP) showed that the bulk of recent economic growth and ‘recovery,’ in second-half 2021, reflected no more than a continued, accelerating pace of buildup in unsold inventories, resulting from extraordinarily weak demand. … Of the stronger than expected headline fourth-quarter 2021 real annualized GDP growth of 6.89%, final sales (GDP net of the excess inventory buildup) was just 1.88%; that followed weaker than expected third-quarter 2021 real annualized GDP growth of 2.30%, with final sales of just 0.08%, net of the buildup of unsold inventories in that quarter,” said John Williams, Shadow Government Statistics. You may have heard President Joe Biden crowing about the January jobs report on Feb. 4. In case you were taking a bathroom break during that part of the news broadcast, here is what Biden said: “Today, we learned that in January, our economy created …