"Emperor's New Outfit Declared 3.5% More Wonderful than Bush's"
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 10/29/2009 10:28:05 AM PDT by arkadyka
Green shoots are blossoming, Obama is smiling and somewhere Bernanke is patting himself on the back. Folks, I am pleased to announce that things are looking very rosy and judging by the crooks traders driving the stock market it would appear they agree. BEA's report confirms the speculation well at least the headline that so many idiots economists on TV have predicted, things are getting better; GDP increased at an annual rate of 3.5 percent. Time to put that 401K back to work and buy another house.
Let's look at the report:
Real federal government consumption expenditures and gross investment increased 7.9 percent in the third quarter, compared with an increase of 11.4 percent in the second. National defense increased 8.4 percent, compared with an increase of 14.0 percent. Nondefense increased 6.8 percent, compared with an increase of 6.1 percent.
Yay. Glad to see our government is hard at work spending like the drunken sailors that they are. They should be reducing spending not increasing it, are are broke!
Current-dollar personal income decreased $15.5 billion (0.5 percent) in the third quarter, in contrast to an increase of $19.1 billion (0.6 percent) in the second.
So we are making less money now, substantially less in comparison to the previous quarter. Not good.
(Excerpt) Read more at rightcondition.com ...
Our elite globalist masters are once again laughing at our expense.
its not piss poor - it is tragic.
Those numbers include all that government debt spending which is actually bad for the economy.
Although the GDP is usually the best indicator of how the economy is going....there is no way that GDP grew 3.5%....even including all the TARP and Stimulus.
Americans are losing jobs, homes, livelihoods. There is still too much Economic Anti-Americanism going on...which is killing the real American economy.
The GDP growth is absolutely bogus
Well it might have grown, but if you look at the guts of the report you can see where the growth is coming from. Generally yes, the number is bogus.
You are correct, this is nothing more then putting a bow tie on a turd and calling it a tuxedo.
The 3.5% figure being touted is kind of a hollow one. Auto sales saw huge jump in 3rd QTR due to cash for clunkers, since the program has ended, auto sales have dropped. Factor auto sales out of the mix, and GDP only grew by about 1.75%. So about half of 3rd Qtr GDP growth came from Auto sales driven by cash for clunkers.
Hidden in this report we see that personal income declined in the 3rd qt while personal current taxes increased. Not good when taxes are going up as income is coming down. Another number I think is important, apparently nobody else does, is the savings rate as percentage of disposable income. In the 3rd QTR it was 3.3%, in the 2nd QTR it was 4.9%. So we have a decreasing savings rate, a rising tax rate, and falling personal income, while our currency is debasing. So not only do we lose bang for our buck, we lose standard of living too…Yeah the recession is over...Yeah Stimulus /s
I believe the report was issued with flawed information that will be corrected once the Nov. 3 elections are done. Well, I won my bet that we would see more than 3% and we did!
"Emperor's New Outfit Declared 3.5% More Wonderful than Bush's"
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