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GDP: Economy Grew at Sluggish 1.5% Rate in 2Q
AP via The Chicago Tribune ^ | Friday, July 27, 2012

Posted on 07/27/2012 6:16:55 AM PDT by kristinn

The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.

The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.

Growth at or below 2 percent isn't enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don't expect growth to pick up much in the second half of the year. Europe's financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.

SNIP

The Commerce Department also revised its growth estimates for the past three years. Those revisions showed that the economy contracted 3.1 percent in 2009, slightly less than the 3.5 percent previously reported. Growth in 2010 was put at 2.4 percent, down from 3 percent, with growth in 2011 at 1.8 percent instead of 1.7 percent.

The U.S. economy has never been so sluggish this long into a recovery. The Great Recession officially ended in June 2009.

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: economy; gdp; growth; hopeandchange; obama; obamanomics; recovery; stimulus

1 posted on 07/27/2012 6:17:04 AM PDT by kristinn
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To: kristinn

We tried our way, and it worked! The private sector is being destroyed just as we planned.


2 posted on 07/27/2012 6:21:01 AM PDT by nobamanomore
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To: kristinn
three years after the recession ended.

My name is Inigo Montoya ... they keep using that phrase. I do not think it means what they think it means.

3 posted on 07/27/2012 6:21:37 AM PDT by ClearCase_guy (Roger Taney? Not a bad Chief Justice. John Roberts? A really awful Chief Justice.)
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To: kristinn

I read that the growth in June was just above 0.


4 posted on 07/27/2012 6:21:55 AM PDT by AU72
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To: kristinn

Katie bar the door - this’ll be all over the news today.


5 posted on 07/27/2012 6:23:12 AM PDT by skeeter
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To: kristinn

I watched the headlines at 9am on Fox CNN and Msnbc. Fox top story was the GDP, CNN and MSNBC went with Romney blunders in London. CNN never mentioned the GDP at any point that I could see.

UpChuck Todd on MSNBC did not have it on his list at all as far as I could see, speaking of the GDP. His headline was Romney gives gift to Obama in Britain


6 posted on 07/27/2012 6:24:22 AM PDT by Friendofgeorge (SARAH PALIN 2012 OR BUST)
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To: kristinn

Over at WaPo, the O’Vomit kool-aid drinkers are busy defending their feckless, I mean FEARLESS leader. Wow, yep, all we need is four more years of this.

And he;s claiming in campaign speeches that his plan was tried and it worked.

A jobless recovery, and now a skidding recovery. The WaPo article even says in as many words, that “the US economy has never been this sluggish this far in to a recovery”.

Seriously, I’m poppin’ popcorn and inviting friends over one week from this morning at 8:30 eastern to watch the unemployment reports and the spin the community organizer will put on it.

Hey, that’s it...he just needs to organize the business community and convince them to hire people—at least until the election.


7 posted on 07/27/2012 6:24:35 AM PDT by VideoPaul
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To: nobamanomore

Some of the commercials are beating the snot out of the Communist thug.

It Worked and You didn’t build that.

Hopefully Romney has not peaked. I want 57 states.


8 posted on 07/27/2012 6:30:49 AM PDT by PA-RIVER
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To: VideoPaul

I think the rest of the jobs reports, and even the Thursday numbers will be totally fixed by the democrat labor dept career employees/appointees the rest of the way. They have been lying for some time.

I suspect some of these months that they claim anywhere from 0-90,000 jobs, are in fact really losses


9 posted on 07/27/2012 6:30:49 AM PDT by Friendofgeorge (SARAH PALIN 2012 OR BUST)
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To: Friendofgeorge

What happened to “My plan worked!”?


10 posted on 07/27/2012 6:37:36 AM PDT by scooby321 (h tones)
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To: kristinn

It is amazing to me, that a country the size of the US, with its rich history, rich resources and capabilities seems to be constantly lagging when it comes to economic growth.

Obviously this is solely down to the circumstances created by successive governments and the Congress. It is almost as if they want the US to fail, in fact I can really see no other logical explanation.


11 posted on 07/27/2012 6:41:00 AM PDT by UKrepublican
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To: ClearCase_guy

12 posted on 07/27/2012 6:43:53 AM PDT by EEGator
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To: VideoPaul

Wow “never before been”....I guess one might call that....Unprecedented.


13 posted on 07/27/2012 6:44:42 AM PDT by rod1 (CTLY)
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To: nobamanomore

I guess nobody built it.


14 posted on 07/27/2012 6:52:17 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: skeeter

So far what I’ve seen is the upward revision of the previous quarter highlighted by “the news.”


15 posted on 07/27/2012 7:03:36 AM PDT by John W (Viva Cristo Rey!)
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To: scooby321
What happened to “My plan worked!”?

It DID work, just as he planned; fundamentally transforming America!

16 posted on 07/27/2012 7:03:51 AM PDT by NRA1995 (I'll cling to my religion, cigars and guns till they're pried from my cold dead fingers!)
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To: Perdogg; UKrepublican

You both hit the nail on the head. The point is that in a nation rich in resources, nobody is building anything. Our government refuses to let us use them whenever it can.

We have a treasure trove of oil, gas, and valuable metals just waiting for us to tap into them. There is no reason we could not return to our status as the economic, manufacturing and financial powerhouse of the world.

The only excuse for not doing so is a stupid electorate that keeps voting it’s own impoverishment.


17 posted on 07/27/2012 7:07:22 AM PDT by henkster (We're the slaves of the phony leaders...)
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To: henkster

“Wall Street rose on Friday following a report on economic growth which met expectations and on hopes for further stimulus from the Federal Reserve and the European Central Bank.”-Reuters


18 posted on 07/27/2012 7:09:14 AM PDT by John W (Viva Cristo Rey!)
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To: kristinn

This news is worth +400 on the Dow. Hey, the private sector is doing fine...


19 posted on 07/27/2012 7:11:29 AM PDT by Mashood
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To: kristinn
The blue line represents the GDP adjusted by an inflation rate that measures the cost of a set standard of living, not a declining standard of living.

Just image if government spending were removed!


20 posted on 07/27/2012 7:11:45 AM PDT by khelus
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To: John W

More Monopoly money instead of creating real wealth. Yeah, that ought to work.


21 posted on 07/27/2012 7:12:08 AM PDT by henkster (We're the slaves of the phony leaders...)
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To: Perdogg

Must be nobody offered somebody no hep!


22 posted on 07/27/2012 7:16:17 AM PDT by Fightin Whitey
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To: kristinn

Sluggish? Without inflation there would be no growth at all!


23 posted on 07/27/2012 7:22:54 AM PDT by Senator_Blutarski
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To: khelus; All

Great chart! Thanks!

There are a lot of things now that are at or near 1 to 2 %, IMHO.

For example: 10 year Govt. Bonds, Inflation rate, GDP, Federal money supply, etc.

By cursory inspection, all things added together is approximately Zero, flat, stagnant.

Your blue line shows that about 1 % GDP loss per decade has been occurring since 1985.

Thus, we need to be thinking and writing about the cause of this long term trend as well as the sorry economics of Obamanation.


24 posted on 07/27/2012 7:43:06 AM PDT by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: VideoPaul

I have lived it. Have seen a sharp decline in sales since April. Each month is slower. July has been the worst. I think if we aren’t in recession now we will be by the 4th quarter. I personally feel that obama is toast in this election.


25 posted on 07/27/2012 7:49:53 AM PDT by albionin (A gawn fit's aye gettin.)
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To: kristinn

Somebody slap that smile off his face.

26 posted on 07/27/2012 8:00:30 AM PDT by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: Senator_Blutarski
Sluggish? Without inflation FedGov deficit spending there would be no growth at all, GDP it would be negative 8 percent!

Fixed.

27 posted on 07/27/2012 8:08:32 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: albionin

What type of business are you in? Mine is not reflective of the economic trends, and my revenues are longer term contracts, so I do not see month to month swings.


28 posted on 07/27/2012 8:11:16 AM PDT by ilgipper ( November cannot come soon enough)
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To: kristinn

The folks who are getting the free stuff don’t like the folks who are paying for the free stuff, because the folks who are paying for the free stuff can no longer afford to pay for both the free stuff and their own stuff.

And the folks who are getting the free stuff want even more free stuff on top of the free stuff they are already getting!


29 posted on 07/27/2012 8:11:28 AM PDT by mandaladon (PalinGenesis)
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To: kristinn

“And most economists don’t expect growth to pick up much in the second half of the year. Europe’s financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further. “

Uh, not to mention that Marxists are in charge of the economy, so no one in their right mind is going to risk investing in U.S. economic growth. Even if a new business were to succeed in this hostile business environment, any profits would simply be stolen and redistributed to the other folks who didn’t help build that business. Best to simply hunker down, try to hold on to whatever pittance that hasn’t yet been stolen by the Marxists and hope the voters have enough sense to change things by un-electing the Marxists in November


30 posted on 07/27/2012 8:33:26 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: mandaladon
The folks who are getting the free stuff don’t like the folks who are paying for the free stuff, because the folks who are paying for the free stuff can no longer afford to pay for both the free stuff and their own stuff.

All I would like is a Thank YOU!

And they wonder why people like me hate their guts!

31 posted on 07/27/2012 8:36:38 AM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: albionin

“Each month is slower. July has been the worst. I think if we aren’t in recession now we will be by the 4th quarter. I personally feel that obama is toast in this election.”

I’m really starting to feel some optimism now; the longer this goes on the less an “October surprise” will work on ignorant American voters. It will be rightly seen as a gimmick to save a disastrous presidency by an incompetent semi-literate affirmative-action token.


32 posted on 07/27/2012 9:01:31 AM PDT by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: khelus

Shadow statistics is a great site. I think the manipulation of the GDP figures by understating inflation began with Johnson.


33 posted on 07/27/2012 9:01:56 AM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: kristinn; All
The U.S. economy has never been so sluggish this long into a recovery.

Could it be Obama's policies DID NOT WORK?

God help us, if McCain was in the White House now with these results, there would be riots in the streets. The Democrat screaming faces would be raising hell up and down the dial.

Just look at Clinton's "full employment" news coverage vs. Bush's "worst economy since Herbert Hoover" for the SAME unemployment rate.

34 posted on 07/27/2012 9:33:55 AM PDT by newzjunkey (Pontius Pilate 'voters' are arrogant, delusional, lilly-livered collaborators.)
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To: khelus
The media keeps saying there is growth. NO Way as you show if you take inflation into account there is a depression. So inflation is now growth to these liars. If things cost 10% then we grew by 10% according to these propagandists.

You should send this to Rush, Drudge etc.

Because of inflation you can see there is just great decline not growth. We are in a depression.

So just keep printing more money and consumers spend that and use inflation and call that growth. And the media doesn't point this out so the will get elected again.So when this monopoly money is worth 50% less then they say growth is 200% . these lying morons the media have no shame and they fool the sheep into voting.

Also if you add population growth , take away government spending and borrowing and printing money , welfare etc. you see we are not producing but in a great depression.

Also what they call the economy or GDP, almost all of that is consumer spending and then they say government spending is also part of GDP . And it's all in dollars. NO the economy should be what Americans actually produce in constant dollars not inflated dollars and adjusted for population growth to see if economy is really growing.

35 posted on 07/27/2012 9:55:17 AM PDT by rurgan (Sunset all laws at 4 years.China is destroying U.S. ability to manufacture,makes everything)
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To: khelus
As we can see from this graph . If you take inflation into account then we are in a depression -2% GPD not 1.9% growth. But the media lies.We should keep posting this graph. There is no economic growth because the liars in the media don't take inflation into account. So things costs 10% more which is bad and lowers our standard of living and so they say consumers are spending 10% more and so we have “growth” . Inflation is not growth. They keep printing money and borrowing which lowers the value of money and to call this growth is the biggest lie ever


36 posted on 07/27/2012 10:02:14 AM PDT by rurgan (Sunset all laws at 4 years.China is destroying U.S. ability to manufacture,makes everything)
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To: ilgipper

What type of business are you in? Mine is not reflective of the economic trends, and my revenues are longer term contracts, so I do not see month to month swings.

Online retailing. I know that summer is traditionally a slower time but I believe it is more than that. We have had lots of lookers but no one is pulling the trigger. I sense a change since the springtime. Of course this is anecdotal from one online shop but I do sense a change in that people seem more inclined to just look and hold onto their money.


37 posted on 07/27/2012 10:13:11 AM PDT by albionin (A gawn fit's aye gettin.)
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To: Graewoulf
Great chart! Thanks!

There are a lot of things now that are at or near 1 to 2 %, IMHO.

For example: 10 year Govt. Bonds, Inflation rate, GDP, Federal money supply, etc.

By cursory inspection, all things added together is approximately Zero, flat, stagnant.

Your blue line shows that about 1 % GDP loss per decade has been occurring since 1985.

Thus, we need to be thinking and writing about the cause of this long term trend as well as the sorry economics of Obamanation.


Thanks for the thoughtful response.

Here are two more charts you might find interesting.
38 posted on 07/27/2012 10:39:01 AM PDT by khelus
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To: nobamanomore

Barack Hussein Obama..Um Um Um. EPIC FAIL FOR AMERICA..


39 posted on 07/27/2012 10:44:48 AM PDT by Shady (The Tea Party is the Party of the American People, Working and creating wealth in SPITE of OBAMA!)
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To: rurgan; Graewoulf
cc: Graewoulf

rurgan, Yup ... There's reason why BLS stats have been heavily 'improved' since the mid 1980's under both D's and R's, i.e. to hide the erosion of wealth from the US and the American middle class. See my post below


40 posted on 07/27/2012 11:04:29 AM PDT by khelus
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To: Sam Gamgee
Shadow statistics is a great site. I think the manipulation of the GDP figures by understating inflation began with Johnson.

Yes it is. Back to Johnson wouldn't surprise me at all.
41 posted on 07/27/2012 11:10:08 AM PDT by khelus
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To: khelus

Yeah Obama prints so much money that soon a gallon of milk will cost a million dollars and so then they’ll call this consumer spending growth(GDP) and say that we are growing so much and that we are all millionaires. Yeah when an apartment costs a billion $ to rent , bread costs a milion $ .so inflation is called growth. Amazing these liars get away with it.


42 posted on 07/27/2012 12:03:40 PM PDT by rurgan (Sunset all laws at 4 years.China is destroying U.S. ability to manufacture,makes everything)
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To: Sam Gamgee

” - - - began with Johnson.”

Johnson, Johnson - - - ? Do you mean “Great Society” Johnson?

THAT Johnson? The LB Johnson and renowned “Credibility Gap” Johnson?

The Johnson who sold America down the river with his creation of Medi”care?”

The Johnson who declared a “War On Poverty?”

BTW, I heard on Fox yesterday that after 15 TRILLION dollars have been spent on LBJ’s “War on Poverty” there are more people in poverty in the USA than before the War on Poverty began.

Yeah, I remember that Johnson - - - .


43 posted on 07/27/2012 12:42:52 PM PDT by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: khelus

These charts/graphs are even better! Thanks!


44 posted on 07/27/2012 12:45:53 PM PDT by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: kristinn
I see they wait until the final paragraph to mention that the 2009 GDP contraction (or what the libs call the near-economic collapse) wasn't as bad as initially reported.

I guess that means maybe Obama didn't really bring the U.S. economy from the brink after all! /s

45 posted on 07/27/2012 2:31:31 PM PDT by mellow velo (Oxymorons: jumbo shrimp, rap music, liberal think-tank)
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To: PA-RIVER

Some of the commercials are beating the snot out of the Communist thug.

It Worked and You didn’t build that.

Hopefully Romney has not peaked. I want 57 states.

Why stop at 57? :)


46 posted on 07/27/2012 3:46:38 PM PDT by 1035rep
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To: kristinn

Will continuing to follow the “We’re moving in the right direction” Obamaidiot-Cloward and Piven-failboat road lead to an America that lives in economic destructive hell? I see the real answer more and more each day, each, week, each month.....=.=


47 posted on 07/27/2012 8:37:23 PM PDT by cranked
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To: mandaladon

http://www.youtube.com/watch?v=bEZB4taSEoA


48 posted on 07/29/2012 1:27:45 PM PDT by sf4dubya (I rebelled against my parents by becoming a conservative)
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