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The economy didn’t grow as much as the Obama administration first claimed in the initial quarter of 2010, the Commerce Department reported today. The Q1 GDP was first announced at an annualized growth rate of 3.2%, down from the previous 5.7% in 2009Q4. Later, the number got revised downward to 3.0%. Today marks the third revision in the Q1 GDP growth rate, and the third reduction, this time to 2.7%: The U.S. economy grew at a 2.7 percent annual rate in the first quarter, less than previously calculated, reflecting a smaller gain in consumer spending and a bigger trade gap....