Posted on 01/29/2010 8:17:05 AM PST by GOP_Resurrected
Hopefully Limbaugh will not try to beat this drum again, as is his usual way to pooh-pooh good economic news. His economic commentary has gotten extremely lazy since Obama took office.
I suppose Obama will be picking up the Nobel prize in economics next year.
Look at the real data, such as state income tax inflow and state sales tax inflow. Both numbers continue to drop. Income is down, and purchases are down. There can be no real growth while that continues to be the case.
/sarc
Calling this a ‘weak recovery’ is optimistic. Much of the American economy is cheynes-stokes breathing, waiting for the next crash.
These numbers are entirely unrelated to the devalued dollar of course.
When Keynesian run treasury departments print more money, it doesn’t have that effect.
Tell us more.
I suppose Obama will be picking up the Nobel prize in economics next year.”
Don’t forget his literature prize which will be forthcoming for his amazing books and mesmerizing speeches!
It would be so dreamy if he got the eco and lit prize in the same year!!!
It had NO effect on a negative economy. The nationalization of the auto industry, the still being attempted takeover of 1/6th of the economy through socialized medicine, and the still languishing and unresolved real estate market due to Dodd, Frank, Fannie and Freddie have blighted the economy. Banks don't have to loan money to make money with Fed rates at zero.
There is always a sight upturn in spending per 3 quarter due to college spending. The national debt is staggering, social security is collapsing, fraud and waste are everywhere in the government, small businesses will NOT hire because there is an insane man in the White House and no one can predict what new taxes and regressive policies will be foisted upon small business. There are two active wars, we are bailing out Haiti and every 3rd world dictator in sight.
China owns so much of our debt we will probably both collapse simultaneously. The goal of OZero is to create the largest welfare society in the history of the world, to punish the successful people in our society, and to redistribute wealth from the producers to lazy welfare scum who produce nothing! We spend a fortune every minute on foreign energy when we could be drilling and producing our own energy. Cap and Trade (Tax!) will ruin this country!
And you sit there like a toadstool relishing our INCREDIBLE economy that actually shrank 2% in 2009! You sir, are a MORON!
Ahh, yes, the "real data." Actually tax revenue is about the least-used measure of economic strength I can think of. Being that tax revenue is lagged from last year and dependent on income taxes, payroll taxes, property taxes, and other activities, which were collected off of very shrunken base, OF COURSE, tax revenues are still showing very weak.
The Bush recovery technically began in late 2001, but that didn't prevent tax revenues from reaching a 50 year low of 16.3% of GDP in 2003. 2003 was also the year employment finally turned positive. Jobs are indeed a "lagging indicator." This might be a big administration talking point, but sometimes talking points happen to be true.
Would you sourpusses lighten up? I'm not posting this to make Obama look good. I detest the man and his agenda, but I'm not going to talk myself into the idea we're in the middle of armageddon when the trends are pointing up.
I don't credit him for a bit of this, and yes, he's probably restraining growth with the pervasive uncertainty among businesses of how his health care and tax plans will burden them. But economies DO recover, it's a fact of life.
You're right. These are the indicators people should look at. The federal government statistics have become less and less reliable. The third qtr results were revised down and I expect the fourth qtr results to be revised down also. If sales are down and stores are closing there will be less inventory. This is what happens during an economic contraction.
Look at the real data, such as state income tax inflow and state sales tax inflow. Both numbers continue to drop. Income is down, and purchases are down. There can be no real growth while that continues to be the case.
While I am not onboard completely that this marks recovery, the data you are focusing on are all trailing indicators not leading indicators. I think the big question for investors, consumers, and employers is how much will bammy/nancy/harry cost me? Until that is known, either through their defeat or success, the economy will not prosper. Basically, I sense that all the economic engines will remain on idle (trading water) until they know their costs/future. This most likely translates to gridlock in congress until 2010 which the economic engines would view as a positive for growth. Any legistlative success on healthcare and capntrade would be viewed as a negative and a drag on future sales (less descretionary dollars available to compete for).
Did you bother to notice the economy is still shedding jobs?
Hate to burst the bubble of wishful thinking but this quite probably is the high point as we slide into the 2nd part of a W shaped recession.
I’d suspect the numbers as well.
MA reported a shrinking economy in the same period, and I don’t think they’re that much worse off than the rest of the country: http://www.boston.com/business/ticker/2010/01/mass_economy_sh.html
Looks like Hussein will have to redouble his efforts to destroy the US economy. Free enterprise is tougher than he/Sorros thought.
It’s a recession when your neighbor loses his job, it’s a depression when you lose your job, and it will be a recovery when Obama, Pelosi, and Reid lose their jobs.
We can all relax...there will not be any vindication of Obama's policies because they don't work.
Obama's policies will have the same effect on economic recovery that filling your truck's gas tank with H2O will have on its performance.
And for those of you who are afraid the economy might recovery IN SPITE OF Obama, just ask yourself "are you afraid that the UAW might actually be able to run GM or Chrysler profitably and efficiently?" Of course, not (my cats could sooner run GM...at least they're not crooked).
There's nothing to worry about when it comes to an unwarranted recovery.
OTOH, there is the significant possibility that Obama may cause the economy to crash (I think that is the reason he wanted his national security force...to maintain order after he has destroyed our capitalist system).
If Obama is the Marxist we all know he is, he will have to create a national emergency in order to implement his system. That's what we should be afraid of.
Until we clear out most of the bubble debts and ponzi finance, at best this economy will go sideways.
Next stop inflationville, now somebody dust off the misery index. Were going to need that thing again.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.