Posted on 01/30/2013 1:43:28 PM PST by whitedog57
I have been observing over the past months that various indices have been nosing down. Now we have confirmation from the BEA that GDP fell by -0.1% in Q4 of 2012. Here is CNBC’s Rick Santelli’s take on the numbers.
This is a big swing and a miss to expectations of +1.1% and a BIG drop from Q3′s print of +3.1%.
At least Personal Consumption Expenditures (PCE) added 1.52% before the Fiscal Cliff surrender. Notes that PCE has been consistently lower after 2007 than before. This isn’t your father’s Oldsmobile … or recovery.
On the other hand, defense spending fell in the fourth quarter, the biggest plunge in defense spending in four decades.
The Federal government is regulating, taxing and controlling the economy … to stagnation.
I will mention this tidbit of gloom when I speak to Realtors at 10:30am EST.
Thanks for sharing.
GDP “unexpectedly” declines. How can this be since Obama savior has been reelected?
The spin has begun. It is ‘because of federal spending cuts’. Never mind that 1 trillion dollar deficit, clearly we aren’t spending enough.
Gosh hate to see what it was if the government was not spending so much of our kids futures.
Yes. And you can be sure that government spending will be increased this quarter to reverse the trend.
Government spending shouldn't even be included in GDP. In fact, GDP, which is a measure of spending and not production is a meaningless proxy for the health of the economy to begin with.
Obama is doing exactly what he is supposed to do. By enabling the radical left, he is destroying America just like a terrorist would do if he were put in the White House.
Obama doesn't have to destroy the country, all he has to do is let idiots like John Kerry and Al Gore run free. When when the country is toast, the Islamic black curtain will be lowered over what's left.
Fool the press and you fool Americans.
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