Posted on 12/23/2014 11:51:20 AM PST by GilGil
Fast forward to today when as every pundit is happy to report, the final estimate of Q3 GDP indeed rose by 5% (no really, just as we predicted), with a surge in personal consumption being the main driver of US growth in the June-September quarter. As noted before, between the second revision of the Q3 GDP number and its final print, Personal Consumption increased from 2.2% to 3.2% Q/Q, and ended up contributing 2.21% of the final 4.96% GDP amount, up from 1.51%.
So what did Americans supposedly spend so much more on compared to the previous revision released one month ago? Was it cars? Furnishings? Housing and Utilities? Recreational Goods and RVs? Or maybe nondurable goods and financial services?....
In short, two-thirds of the "boost" to final Q3 personal consumption came from, drumroll, the same Obamacare which initially was supposed to boost Q1 GDP until the "polar vortex" crashed the number so badly, the BEA decided to pull it completely and leave this "growth dry powder" for another quarter. That quarter was Q3.
(Excerpt) Read more at zerohedge.com ...
Lies, dang lies, and big corrupt grubment statistics.
What’s that saying, figures don’t lie but liars figure. This is a case of liars figuring.
As if it were the one thing they did not want - as if it were deemed a tax then their cover would be blown.
And then Roberts correctly calls it a tax.
Somehow, it did not matter whether it was called a tax or not, but Gruber sure seemed worried about Obamacare being called a tax.
Any gov’t spending counted in the GDP is like
pumping water out of the deep end of a pool through a leaky hose into the shallow end and saying you’re filling the pool.
bookmark
Pretty much all we’ve had for years.
We will see what Christmas sales will be like. I remember when Costco at Christmas time was unbearable. Yesterday I went at rush hour in there and flew right through. It was not like this before.
Yep. People at our company had the choice of downsizing our coverage or more than doubling our premiums. And our rates are still very reasonable compared to others I’ve talked to.
You guys must be like me and don’t get out much. There will be some FReepers along shortly to set you straight and tell you about how the economy is going ‘gangbusters’!
But I guess everyone was home at their computers buying ObamaCare online. Because the consumers were not making a big show in the retail stores.
Seriously, how does the GDP grow at a whopping 5% when ObamaCare makes up the vast majority of the growth? Can someone explain that to me in big red crayola so I can understand it? The stock market is overheated at 18,000, which to seasoned investors, means it's just about to got bust again with a big correction. And the people on the street believe this horse pucky from this administration? Liars. All of them. Can't be trusted to tell the public the truth about anything, ever.
Wow.
Just...wow.
These times are insane. Thank goodness (and certainly not 0) for lower gas prices at least.
Any numbers that come out of the government are now lies.
When was your first clue? This government has not said anything truthful. It is 100% corrupt, and criminal.
I attribute it all to my subscribing to the New York Times, The LA Times and the Washington Post! I also renewed my Newsweek subscription and my Time magazine and Huff-Po something or other. Oh, did I forget, I am a monthly donor to the Merry Ass Landrieu for Senate donor! /S
Forward!
It’s really simple. If you look at that chart, Obamacare premiums are considered consumer spending when in reality it is a tax. This is not consumer spending but mandatory spending like incomes taxes. This adds nothing to the economy. Wait for the revisions next month.
Interesting
Yet the Chicago gang argued it was a tax before the court in order to get a ruling in their favor
So how much did this add to Q3GDP?
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