Posted on 07/31/2009 5:38:36 AM PDT by Oldeconomybuyer
WASHINGTON -- The U.S. economy slumped in the spring but its decline was mild and much smaller than the contraction over the previous nine months, according to data that gave a powerful signal the recession has eased.
Gross domestic product fell at a seasonally adjusted 1.0% annual rate April through June, the Commerce Department said Friday in the first estimate of second-quarter GDP.
GDP acts as a scoreboard for the economy by measuring all goods and services produced. It fell 6.4% in the first quarter and 5.4% in the fourth quarter, at the pit of the recession.
(Excerpt) Read more at online.wsj.com ...
At which point, it magically becomes “Obama’s Economy.”
printing money that is backed by nothing
True, since the ‘full faith and credit of the United States of America’ has lost its meaning.
I don’t have faith with the looters in DC.
And I’ve cut their credit since I won’t be purchasing any more Treasuries. (That is until the rates reach double digits on 30 years.)
Consider just the percentage of GDP the government will have to ‘capture’ to pay the interest on the debt.
This isn’t going to end well.
oops.... make that “exponentially”.
Correct me if I’m wrong, but wasn’t the decline in GDP slowing just before FDR’s version of “Stimulus” hit?
If our President were Bush or McCain, the headline would give us the number of jobs lost in the quarter. I couldn’t even find this information in the article.
Good point.
Six years into the New Deal, and the unemployment rate was 19%.
It isn’t what you think. The private sector (the part that actually creates all the jobs and wealth) shrunk by 4.3%. Government spending rose by 1.1%. And purchases of imported goods declined by 2.1% (purchases of imported goods are subtracted from the overall GDP number). That’s how you get to -1.1%. It’s worse than you think.
It is quite normal for the GDP to be at it's very strongest during the months of July and August, because the agricultural and industrial sectors are helped out by the usual peak in seasonal commerce, etc.
To say that it is only losing a 1% decline, and is therefore a sign the economy is “roaring” back, when it traditionally should be 5% above it's usual positive average this time of year is completely a juvenile fantasy.
This kind of Lemming/herd mentality is helping me recover my previous losses and I will take everything I can get, but before November, I will head for solid cover and pull everything out of the American markets.
We are losing about half a million jobs per week, on the average. Now of course the SRM won't say a word about these losses that in sheer numbers are double that of what were numerically lost during the great depression.
Instead, the SRM reports this as; “Strong Signs the economy is recovering! Recent figures, (Never given in actual losses or numbers.) indicate that job loses have fallen sharply in the second quarter! Which indicate once again, that the President's Economic recovery plan is WORKING!”
This is the real evil we are fighting. The SRM. (State Run Media)
Obama Stimulus Package working
GDP Starting To Turn Around
Spurred by victims, race industries. Donations way up since Cambridge police comments
I think you'll find this reporting of "Bush's economy" amusing.
Thanks for that old article! There are some gems in there and the tone is depressing even though the economy was rocking!
By JEANNINE AVERSA, AP Economics Writer
Wednesday, August 30, 2006
“The latest snapshot that the Commerce Department provided of the economy on Wednesday showed that economic activity grew at just a 2.9 percent annual rate during the April-to-June quarter.”
“Although that was a slight improvement over the government’s first estimate of a 2.5 percent growth rate, it nevertheless provided vivid evidence of just how much momentum the economy has lost since last winter.”
“Economic growth in the second half of this year is expected to stay subdued, at a pace of around 2.5 percent to 3 percent, according to some analysts’ projections. Economists hope the soft spell doesn’t morph into a more dangerous slowdown.”
“Voters’ perceptions of the economy’s health may influence their choices at the polls.”
“Sen. Jack Reed, D-R.I., worried that a sharper economic slowdown could jack up the unemployment rate, now at a five-month high of 4.8 percent. “Economic growth is starting to slow even before most Americans have received any of the benefits of this recovery,” he said.”
“Bush has been touting his policies but is getting relatively low marks from the public for his economic stewardship”
“On Wall Street, the Dow Jones industrials gained 12.97 points to close at 11,382.91.”
That article says that the economy grew at better than expected then goes on to trash the economy. LOL!!!
MSM is evil!!!
lol damn....isn't unemployment rate under 5% considered to be ideal?
Nice going America. Why don't you vote for more of this in 2008...oh, wait, that's what we did!
America will vote for more of the same in ‘10 and again in ‘12.
I was driving around a mall area tonight, which I don't usually do.
I was ASTOUNDED at the number of empty commercial spaces and closed restaurants...and this is an area with VERY high traffic.
The coming commercial real estate collapse would be enough to tank the economy by itself. Combine that with many other factors...it is sickening that Obammie the Commie and his boot-lickers in the MSM can “report” that the worst of the recession is over and the economy is rebounding.
It really is treasonous at this point, not to inform the American public (and other nations) exactly the trouble we face.
Send me all your worthless paper money. Out of the kindness of my heart I will take it out of your hands.
Of course, the dollar is “backed” by the US economy and its products for which it is legal tender.
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