Gross domestic product expanded at a 1.6 percent annual rate, the Commerce Department said, instead of the 2.4 percent pace it had estimated last month.
Gross domestic product expanded at a 1.6 percent annual rate, the Commerce Department said, instead of the 2.4 percent pace it had estimated last month.
Obamanomics . . . dismantling the US economy one industry at a time, one bailout at a time, one union handout at a time, one vacation after another, one failed marxist ideology driven decision at a time.
That funny sound you hear is the redemption of Jimmy Carter’s reputation clawing its way out of last place in the list of successful presidents.
Must be time for Obozo to take credit for something he didn’t do, like victory in Iraq and head overseas to bow in subservience to some muslim potentates.
America is so screwed. The only question is how much more damage the Dumbocrats can do before November mid-terms.
It will be interesting to see if the CD reports big growth numbers in Sept and Oct – prior to election day and then revises the numbers downward.
Fred: and after the mid-terms, before the next congress is seated.
I guess the possibility of an Obama was the reason they staggered the elections the way they did. Still, the two years worth of damage they DID do is incredible.
Notice how Biden, Obama’s mouthpiece, is cheerfully claiming that ‘everything is great’ and ‘going according to plan’ and there’ll be ‘500,000’ new jobs created per month (April prediction) and the ‘Bush recession’ will be over.
He sounds similar to the infamous Baghdad Bob, the Information Minister assuring all that ‘the Americans will not win’ – even as the airport was being taken by the Yanks.
Meanwhile, Obama vacations and golfs..and blames everything on ‘the ignorant’ who don’t understand what the govt is doing. Oh, and of course, it’s all Bush’s fault.
This is not growth this is called circling the drain.
As I recall, when a Republican is in the WH, this is called a “growth recession.”
I think triple dip is a good yardstick for depression. I don’t really want to go there.
But sure, everybody will work just as hard as before when you take their earnings in larger and larger tranches.
Bees can’t help but make honey, and sure, they raise a ruckus when you raid their hive, but they go back to making honey, same as before. Why should people be any different?
Great article contrasting Merkel’s appraoch (similar to her good friend Mr Harper’s) and Mr Obama’s.
http://www.nytimes.com/2010/08/27/opinion/27brooks.html?_r=1
German grownth was 9% and unemployment is back to pre crisis levels. Oh and she cut spending recently. Who got it right and who got it wrong?
The GDP figure includes government borrowing and spending as economic growth. What we need to get down to are non-government aspects of the 1.6. One suspects the number would go VERY negative.
excellent summary at MaxedoutMama
http://maxedoutmama.blogspot.com/
Unexpectedly.
GDP is up; the economy is growing, not shrinking. The problem is hiring. Why?
Companies are cranking out record earnings and piling up cash but sitting on it. Why?
The Obamarx gang hates capitalism. They attack “evil” insurance companies for example to justify their ObamaCare. They say the profit motive is bad for your health. They prefer the power and control motive of elitist bureaucrats to decide what is good for you. They created a 2300 page financial reform nightmare that said nothing about the real precipitators of the meltdown…Fannie, Freddie, Community Reinvestment Act and the racist shakedown artists at ACORN that the Messiah was affiliated with.
So captains of industry are not going to hire until they feel the government isn’t going to do things to their companies that make a new employee a liability instead of an asset.
In short, until Washington stops its attack on free enterprise there will be no hiring. That does not mean companies won’t prosper. Earnings might actually go through the roof as companies get really innovative and invest in technology that replaces even more workers. But that will create an even bigger underclass for the Obamarx gang to count on for votes.
So is the glass half empty or full? Let’s hope November ends the hostile Obama regime’s grip on America’s economy.
“GDP is up; the economy is growing, not shrinking”
To be correct, the stimulated US economy is growing.
The stimulus just masks actual economic decline and when the stimulus is over, they will have no lasting benefit and more debt to pay for.
The US is like a junkie who borrows money from a shark to buy some crystal meth. Feels great when you are high, but eventually you fall back down to reality and the shark still demands his money.
Obozo . . . screwing the US over just because he thinks marxism is a viable economic system.
Companies ARE now hoarding their cash, hedging their bets until the results of the mid-terms are in.
If nothing else, they can now spend their money on political advertising as per Supreme Court ruling earlier this year.
Once a more business-friendly Congress can balance off the Marxist-in-chief, it’ll be business as usual with a lame-duck president awaiting the verdict of the American public in 2012.
Can you say one-term president?
Oh happy days. Rejoice, rejoice. Revised GDP was only down from 2.4% to 1.6% while analysts expected a 1.4% number. So we had a surprise to the upside don’t you see. Happy days are here again. Obama you are such a magnificent leader. It’s no wonder Chris Mathews gets a tingle up his leg when you speak.
Fred, your point about the stimulus is valid in Canada where the money was dedicated to infrastructure projects. It was tracked by Ottawa (thanks to Iggy who insisted on quarterly tracking reports, then Iggy stopped asking for them because they were so positive) and the stimulus money went into 16,000 real projects across Canada. Whereas in the US much of the stimulus money was just handed over to cash strapped State governments who used it to top up items like teachers’ union pensions and the employment of apparatchiks who might even be an impediment to growth.
In truth we don’t know what the Obama stimulus money did, nor does Obama and if you asked him, that would make you a bigot.
Wednesday, from MSN Money Central:
“Oils advance came in the face of some rather bearish inventory data, which showed a build of 4.11 million barrels when a build of just 300,000 barrels had been expected.”
(And all the analysts/economist dance around their desks, high-fiving and yelling “Nailed it”.)
I watched an interview with Cypress Semiconductors CEO last night on Fox and he basically said that corporate America’s companies are not hiring, expanding or doing anything but keeping their assets liquid. This is because of the great “0” and his hope & change economic (un)policy. This social experiment south of our border is going to get ugly real fast.
The reference to ‘Get Smart” is spot on.
One area where Germany is copying the US is in the creation of “Green” jobs. This example is so ridiculous I can see Georges Laraque and Lizzy May using it in their platform…
My link must have got axed in filter, try again http://autos.sympatico.ca/Jeremy-Cato-Blog/5660/green-madness-in-berlin
Small businesses are hoarding their cash because “operating capital” = “retirement savings” or “home equity” If liberals want to risk theirs in this environment, well, go start a business!
Today Bernake was talking Deflation. Claims he’s prepared to print more money to ameliorate the situation. A recipe for disaster.
As for the mid-terms, one of my heroes, Ann Coulter claims not much will change as the encumbents are mainly in safe districts. I hope
she’s wrong.
More Maxwell Smart references please, Agent 99.
That’s only a 50% error. For this Administration that is pretty close. How many jobs a month did the stimulous buy? I’ll bet that number is over 50%
“Would you believe, 1.6%?”
I get a feeling that this kakistocracy of Obama’s can’t stop looting the treasury long enough to give a care about anything.
The news is reporting that Obama spent 15 minutes with Bloomberg, mayor of NY, discussing the economy…and then..’hit the golf course’.
Think about it. Fifteen minutes on the economy, and how many hours on the golf course? That’s Obama.
ET, did you hear the Obamamosque may be getting public money?
I begin to wonder if these fools are trying to start a civil war deliberately, rather than stumbling into one through sheer stupidity.