Posted on 02/28/2013 8:22:32 AM PST by Mad Dawgg
WASHINGTON (MarketWatch) - The U.S. economy grew in the fourth quarter - but just barely - instead of contracting for the first time in three and a half years, the Commerce Department said Thursday. The U.S. expanded at a 0.1% annual rate in the last three months of 2012, better than the initially reported 0.1% drop but well below the third quarter's 3.1% pace.
(Excerpt) Read more at marketwatch.com ...
The Commerce Department is lying.
More lies from the government. Government issued economic statistics have become nothing but disinformation. Kind of like it was in the former Soviet Union. Or like it is in North Korea.
And, this during the HOLIDAY Season????
And this is when the Obama economy is doing the best it can.
Just wait until the Obama economy runs into a problem
“And, this during the HOLIDAY Season????”
Exactly, the most retail heavy time of the year.
This is the “Dorothy” economy. Click your heals together and wish for a better one like all the CNBC idiots do.
See, that is the point of this revision. IIRC two quarters of negative growth = the dreaded "R" word. Now if 1st quarter 2013 is negative well then we still aren't in a recession.
Magic Numbers, easypeasy japaneesy, no Recession!
...at least until the NEXT revision. IIRC it took THREE revisions to finally settle on the lie that was quoted for Q4 2011.
0.1% Gee thats exactly what my CD’s are paying, and I am getting rich off of them.
The headline is wrong. The economy grew .025% last quarter [assuming the number is accurate]. They multiply the quarterly GDP figure by 4 to “annualize” it.
What does it matter now? The Marxist have total control. There is no opposition party. Pray.
AKA higher interest rates.
Interest rates are being kept artificially low by the Fed buying government securities to the tune of 85 billion dollars.
We know they are among the lowest interest rates in history.
We also know that the cost of our interest payment is about 350 billion a year. The interest bubble will soon burst, though, and if that even doubles to about 4%, that makes our interest payment more than the cost of the entire Dept of Defense including the war in Afghanistan.
If it goes to a normal 6-7%, then it’s as costly as the social security/Medicare program.
In other words, we’re screwed.
The Fed is riding this big interest bubble now, and they MUST have a lousy economy to keep inflation in check. If inflation increases, then the interest bubble is going to burst.
“And, this during the HOLIDAY Season????”
Consumer spending was up 2.1% during this period.
That’s standard procedure. The initial is a “flash” view which is filled with estimates. There are always two additional revisions. They already have the date for the next one. From the BEA press release:
Next release — March 28, 2013 at 8:30 A.M. EDT for:
Gross Domestic Product: Fourth Quarter and Annual 2012 (Third Estimate)
Tune in next week for a downward adjustment of 0.2%
Yeah. Which would make two down quarters, and an official recession. Gee, isn't Obama lucky?
Word.
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