Real economic growth…didn’t exist in the first quarter:
Real gross domestic product — the output of goods and services produced by labor and property
located in the United States — decreased at an annual rate of 1.0 percent in the first quarter according to
the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP
increased 2.6 percent.
The GDP estimate released today is based on more complete source data than were available for
the “advance” estimate issued last month. In the advance estimate, real GDP was estimated to have
increased 0.1 percent. With this second estimate for the first quarter, the decline in private inventory
investment was larger than previously estimated.
Some lefty pundits are blaming the “tough winter”.
I remember some tough winters in ’83-85. The economy kept on recovering, somehow. Perhaps shovel and snowblower factories and shoveling crews were hiring?
The real answer? It goes beyond President Obama. “Progressivism” destroys economies and lives.
The Obama “recovery”: bad for the poor, bad for the working class, bad for the middle class, great for millionaires, billionaires, and employees of the federal government.
Mitch, I’m betting this news will make the Page 4 of the Strib – next month sometime. Maybe, provided there’s any space left not already dedicated to light rail, minority children or contraception.
The details of the report are ghastly. Consumer spending was okay, but long term investment was in the shitter. This bodes poorly for future growth.
One day, perhaps, the MSM will take note that Obama has vocally and repeatedly repudiated US economic policy after 1980, and that this included the highest periods of U.S. economic growth since WW2.
Remember when Obama said his policy was to grow the economy from the bottom up and the middle out? The exact opposite has happened, despite unprecedented levels of federal government spending and Obama’s adoption of “rule by decree”.
The brainless fool actually believes what most MSM journalists believe — that regulation creates jobs and the federal government is the engine of the economy.
A few more reports like this — and there will be more reports like this — and Obama will began to host press conferences for the purpose of denouncing the “wreckers” and “gusanos” who are holding the economy back.
President job-smasher strikes again!
http://www.latimes.com/nation/politics/politicsnow/la-na-nn-climate-change-power-plant-20140528-story.html#page=1
Mr. trillion-dollar-deficits is enacting this rule by decree because he’s concerned for the future.
Recall Obama admin sued Cargill….more liked fined them very heavily…because they ran a plant in Arkansas that had 82% minority employment. The problem? Obama didn’t like witch minorities made up that 82%. There was no sign of any wrong doing on Cargill’s part, but the gov’t gave them a very heavy fine anyway.
So if you run a business, wouldn’t you say “screw this. I don’t have to deal with things like this if I outsource to India”.
“3,000-page rule is expected to spark lawsuits, claims of job losses and charges by critics that Obama has launched a new “war on coal.”
Yet, with the 1,000 or more copies of this nonsensical and stupid bill from the Commiecrats, how many trees, that suck up the Co2, were sacrificed?
Libidiots are the most intellectually dishonest and morally bankrupt beings on earth!
Shutting down coal-fired power plants won’t affect me. My lights come on when I flip the switch on the wall.
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Gross Domestic Product (Y) is the sum of consumption (C), investment (I), government spending (G) and net exports (X – M). The formula is: Y = C + I + G + (X − M).
Back out $60 Billion Per Month of government stimulus spending and GDP would be through the floor. The private sector economy is NOT doing well.
And now consumer spending decreased: U.S. Consumer Spending Falls 0.1%–Update
http://online.wsj.com/article/BT-CO-20140530-706352.html
Perhaps, one day, the 47% will note a connection between their voting for a guy who promises to hit them in the head with a hammer and their persistent headache.