Posted on 07/30/2010 5:25:29 PM PDT by Kaslin
Economy: Disappointing GDP growth of 2.4% in the second quarter signals that our "recovery" isn't what it's cracked up to be. But then, how could it be when politicians have been trying to kill it for years?
How do you keep an economy from digging itself out of a major recession? One surefire method is massively expanding a government whose major programs are already on their way to bankruptcy, then sitting idly by as major tax increases arrive.
The Democratic Congress has spent a trillion dollars on a failed Keynesian stimulus that promised millions of jobs that never materialized. They added a massive new entitlement in the form of a government takeover of health care when the entitlements already burdening us are going broke. And they are letting the Bush tax cuts expire at the end of this year.
Why in such a chancy economic environment would investors invest? Why would entrepreneurs take risks? And why would businesses expand and hire new employees? By extension, why would consumers spend?
The normally cautious Conference Board reacted to the tepid second quarter figure by warning that "The post-recession rebound is history." And its forecast was for GDP to "slow even more markedly, to a 1.6% annualized rate in the second half of the year."
The tepid new 2.4% figure follows 3.7% GDP growth in the first quarter of 2010, and 5% growth in last year's fourth quarter.
But the Associated Press's quarterly survey of 42 private, corporate and academic economists, released just last week, finds the numbers crunchers worried on a number of fronts.
(Excerpt) Read more at investors.com ...
They will correct that number down within 2 weeks...
80%+ of these politicians will be re-elected this fall.
The economy is crashing because no one cares.
I hope for better but don’t expect it.
You’re right but only part so, most don’t care.
As long as my Facebook is updated, my life is complete. Me me me me me.
Wow. Is this the cynics forum? 80%? Seriously? You haven’t been paying attention if you think 80% of them will be re-elected in November. The American people are WIDE awake and they are pissed.
Actually, a turnover of 20% translates to 107 seats in the Senate and the House.
I'd take it...
Bingo!
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