Posted on 09/30/2010 9:39:41 AM PDT by markomalley
US economic growth rose only slightly in the second quarter of 2010, the government said Thursday, confirming that the pace of the economic recovery has slowed.
Gross domestic product, which measures the output of goods and services in the United States, increased at an annual rate of 1.7 percent in the second quarter, the Department of Commerce said.
The figure marks a sharp decline from the first quarter, when real GDP increased 3.7 percent.
(Excerpt) Read more at news.yahoo.com ...
After election, they will come back with correction, same they did before NJ and Virginia election.
They understate inflation, which skews the growth numbers. I don’t think we have growth.
That’s OK. Tax hikes, Obamacare, and more regulations will get us back on track. /s
This was the second, and final revision (first revision was 1.6%, initial reading was 2.7%).
No more revisions - 1.7% is for the books.
Fat fingers - initial reading was 2.4%
And the Recovery Summer just keeps rolling along.
Quick, let's have a TAX INCREASE!!!
Yeah, that'll fix it.
So we have a jobless non-recovery.
Unexpected, I take it?
Recovery Summer, baby!!
“The Labor Department said Thursday that first-time claims for unemployment benefits fell more than economists had predicted last week. Applications are still at levels that indicate employers aren’t necessarily ramping up hiring, but at least the pace of firings seems to be slowing.”
The above is what passes as good economic news. Read carefully and assess for yourself.
What this says is that unemployment continues to rise, hiring is frozen, and employees are still being fired. To the libs and progs this is considered good news.
Obama’s message this is the new norm and its all Bush’s fault, consider yourself lucky that your not in soup lines I stopped that from happening and give me more time and I will continue to confiscate wealth from those that have and give it to those that don’t have.
Subtract the effect of Federal deficit spending and the GDP is shrinking, not growing.
That is always the case - companies get hit first when things go south and then lay off employees. Likewise, when things turn for the better, companies experience the uptick first and then, only after they are confident do they start hiring.
Going back through past recessions, unemployment typically didn’t peak until up to 18 months AFTER the recession ended. It is a lagging indicator. Always was and always will be.
My guess: In a year and a half, things will be significantly better regardless of what Washington does. Shipping and logistics show more goods are moving and the manufacturing index, which was supposed to fall, actually rose. Companies have the strongest balance sheets since they have since the mid-1950’s.
Part of the problem is people who lack a higher education and rely on physical labor for work WILL NOT see a recovery even when things are growing again because the growth is coming in areas like Silicon Valley and pharmaceuticals. We’ve reached the tipping point. If you don’t have rare skills that satisfy the market or you can’t build your own business to meet a demand, you’ll never be able to get above the poverty line.
The United States will NEVER be able to go back to a time when a guy could graduate high school, get married, have kids and earn a decent living right out of school. That was possible when most of the world was illiterate and couldn’t feed itself. Now, the 300 million Americans need to compete with 6.2 billion other people in the world. They don’t just get a free pass because we are American. If someone in China or India is better or cheaper at their job, they are going to get the contract. To think it is going to change given the structural constraints and relationships that have been developed over the past century is delusional.
The phrase “good job” will only exist for people who can do things like code CSS and PHP in seconds or a geologist who can help convert shale to energy. Software automation means that the only jobs available to people who don’t fall into categories like that will be asking, “Do you want fries with that?” People will either have to accept it or be willing to retrain themselves to meet the free market’s needs.
Arbusto’s fault.
That is crazy, it must be an adulterated figure in some way. I was astonished to see 1.7%
I know it seems that way and it can be discouraging, but it isn’t as bad as the media makes it seem. A vast majority of millionaires in America are small business owners, with the rest being made up of doctors, lawyers, accountants and dentists. More than 90% did *not* inherit their wealth - they made it first generation. Go look at research such as that done by Dr. Thomas J. Stanley, in Georgia, who specializes in studying America’s rich.
These same classes make up most of the top 50% of income, too. For every 1 Brad Pitt or LeBron James, there are literally thousands of Steven and Anthony Markels, who built Markel Insurance from almost nothing and own a combined $110 million in stock, or Robert Stiller, who owns nearly $480 million worth of Green Mountain Coffee, which was a tiny startup only a few short years ago.
It’s easy to think of the Paris Hilton’s or the Tom Cruises. The reality is, they are a statistical aberration but they stand out because you know about them. 1 out of every 25 Americans is a millionaire. It’s just they are driving (again, statistically) a Toyota or Ford, not a Bentley. If you, like most Americans, know 250 people, that means that you personally know 10 millionaires in your own life. The odds are also that you have no idea they are rich because they probably own a local restaurant or are a professor at the local community college.
Most of this is the media. They have kids in the inner cities of America convinced that they need to become a rapper to be successful when, if they were a heart surgeon instead, they would be in the top 1% of wealth in the United States. There are a lot of successful heart surgeons - if you make the cut and live wisely, the odds are good you’ll retire rich - but only a handful of rappers that can feed themselves. How many heart surgeons are on MTV or endorsing sneakers, though? It has to do with exposure. Yet, most of the homes in Beverley Hills and Palm Springs are owned by those same “boring” people.
Despite all of our current challenges, The United States of America is still the best hope in the world when it comes to converting your dreams to reality. It just happens that the rift between the “have” and the “have notes” is going to blow wide open because technology makes the “have notes” unnecessary from a labor viewpoint.
Man, you have drank the elitist Kool Aid. Wake up. The situation we are in is because of big government and because corporate welfare is available through politicians for sale to the highest bidder. Need a tax change to move operations overseas . . . okee dokee . . . thanks for the contribution. Get rid of those problems and we will be fine. There is always work to do . . . in a sane system.
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