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Obama official: Reduced gov't spending to blame for slowdown
The Hill ^

Posted on 04/28/2011 5:02:34 PM PDT by Sub-Driver

Obama official: Reduced gov't spending to blame for slowdown By Michael O'Brien - 04/28/11 04:40 PM ET

A top economic aide to President Obama blamed reductions in government spending for a slowdown in U.S. economic growth in the first quarter.

Austan Goolsbee, the chairman of the Council of Economic Advisers, said that a slowdown in government spending was mostly responsible for the 1.8 percent growth in gross domestic product (GDP) between January and March, down from 3.1 in the fourth quarter of 2010.

"It was an expected slowdown," Goolsbee said in an interview on Bloomberg television. "The biggest driver was a reduction in government spending at the federal level, a big negative from defense spending."

The slowdown had largely been predicted by outside observers, and the Commerce Department, which released the first-quarter statistics, blamed a variety of factors — chiefly higher consumer prices, along with reduced spending.

Still, observers who predicted a slowdown are more optimistic about the chances of a recovery in later quarters — something the Obama administration is counting on as it begins the president's reelection effort.

"Nobody likes a growth slowdown," Goolsbee said. "We've got to have faster growth, but 2011 and 2012 are still looking fairly positive."


TOPICS: Business/Economy; Front Page News; Politics/Elections
KEYWORDS: morons
It's ours to lose...........
1 posted on 04/28/2011 5:02:36 PM PDT by Sub-Driver
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To: Sub-Driver

what reduced spending? Nothing even got cut until the 2nd quarter.


2 posted on 04/28/2011 5:03:21 PM PDT by ilgipper
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To: Sub-Driver

They are satirizing themselves. Do they actually listen to what spews from their own lips?


3 posted on 04/28/2011 5:05:30 PM PDT by madison10
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To: Sub-Driver
I was laughing out loud like some dumbass when I read the title, to the point where my 3 year old asked "what's so funny daddy."

"Reduced government spending." You can't make this stuff up. Then he goes on to say that's what causes the slowdown.

4 posted on 04/28/2011 5:07:39 PM PDT by AAABEST (Et lux in tenebris lucet: et tenebrae eam non comprehenderunt)
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To: Sub-Driver

“Austan Goolsbee”....just his name alone screams “idiot”.


5 posted on 04/28/2011 5:07:46 PM PDT by kevslisababy
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To: Sub-Driver

Let them continue their idiocy. They are digging their own graves. This kind of nonsense is proof they think we are either not paying attention or we are stupid.


6 posted on 04/28/2011 5:07:46 PM PDT by cld51860 (Lies, lies, all lies!)
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To: madison10

A top economic aide to President Obama blamed reductions in government spending for a slowdown in U.S.

and they wonder why there’s a TEA Party.


7 posted on 04/28/2011 5:11:43 PM PDT by Recon Dad (I have never killed a man, but I have read many obituaries with great pleasure)
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To: Sub-Driver

More rantings of another Harvard idiot.


8 posted on 04/28/2011 5:13:19 PM PDT by iamweasle
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To: Sub-Driver
Austan Goolsbee, the chairman of the Council of Economic Advisers, said that a slowdown in government spending was mostly responsible for the 1.8 percent growth in gross domestic product (GDP) between January and March, down from 3.1 in the fourth quarter of 2010.

This Jackwad thinks he is an economist
because he majored in Marxism.

There are two ways to see through a telescope.

This jackwad thinks everything is rosy.


9 posted on 04/28/2011 5:13:25 PM PDT by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: cld51860
Let them continue their idiocy. They are digging their own graves.

Unfortunately, they're digging ours too.

10 posted on 04/28/2011 5:13:50 PM PDT by Maceman (Obama -- he's as American as nasi goreng)
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To: Sub-Driver

This iQuarter ncluded the month of February.... He month with the biggest deficit spending in history...what was it? $225 billion?


11 posted on 04/28/2011 5:14:03 PM PDT by ilgipper
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To: Recon Dad

These idiots can say anything. The Ministry of Truth backs them up.


12 posted on 04/28/2011 5:14:07 PM PDT by Luke21
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To: Sub-Driver
I'm reading this book.

Photobucket

The parallels to this current mob are striking.

13 posted on 04/28/2011 5:14:23 PM PDT by Crawdad
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To: Sub-Driver

This Quarter included the month of February.... ThE month with the biggest deficit spending in history...what was it? $225 billion?


14 posted on 04/28/2011 5:14:34 PM PDT by ilgipper
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To: Sub-Driver

Even if this nonsense were true, so what? An economy that depends on government spending to prop it up isn’t going to make it. Government sponsored, debt based wealth is a one way ticket ruin.


15 posted on 04/28/2011 5:20:24 PM PDT by pallis
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To: Sub-Driver

Snicker. The Obamoids are lapsing into self-parody.


16 posted on 04/28/2011 5:23:56 PM PDT by surely_you_jest
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To: Sub-Driver

Nothing got cut. I am not sure anything has less of an increase than planned.


17 posted on 04/28/2011 5:26:48 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: Sub-Driver

Funny, I got a Fox ‘breaking news’ alert on my phone this morning that said the economic slow down was due to fuel prices and the weather.


18 posted on 04/28/2011 5:31:17 PM PDT by Frogtacos (If you don't stand behind our troops, please, feel free to stand in front of them.)
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To: Sub-Driver

So if we Quadrupled Federal Spending to 100% of GDP, a la North Korea, we’d be rich!


19 posted on 04/28/2011 5:32:32 PM PDT by Uncle Miltie (0bamanomics: Trickle Up Poverty.)
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To: Sub-Driver

Welcome to Obamaland! Where up is down, wrong is right, and spending is saving.


20 posted on 04/28/2011 5:37:09 PM PDT by Rodm
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To: Sub-Driver


21 posted on 04/28/2011 5:40:06 PM PDT by Iron Munro (The purpose of fighting is to win. There is no possible victory in defense. -- John Steinbeck)
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To: Rodm

bttt


22 posted on 04/28/2011 5:40:24 PM PDT by BenLurkin (This post is not a statement of fact. It is merely a personal opinion -- or humor -- or both)
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To: Sub-Driver
The masses have been conditioned to believe GDP is a measure of economic activity. Nothing could be further from the truth.

GDP includes all government spending AND all "investment" activity to include the Fed purchase of US Treasuries, CDOs and other "vehicles" no matter what they are.

The bailout of GM counted in GDP. TARP. QE-1, QE-2 and whatever else the Fed has been up to.

The "real" economy is down at least 30% from 2007.

You know, the economy that pays for everything else.

23 posted on 04/28/2011 5:44:58 PM PDT by Mariner (USS Tarawa, VQ3, USS Benjamin Stoddert, NAVCAMS WestPac, 7th Fleet, Navcommsta Puget Sound)
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To: Sub-Driver

What slowdown?

Washington is spending more than ever!


24 posted on 04/28/2011 5:48:28 PM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; ColdOne; Convert from ECUSA; Delacon; ...

Thanks Sub-Driver. The real story? Obama is to blame for the high gasoline prices. Period. He's encouraged the disintegration of what passed for the societies and political stability of the Middle Eastern OPEC members while simultaneously and single-handedly bringing US drilling and exploration to a dead halt. In addition, he's pissed off the Saudis and helped shut down Libyan production. His only use of gasoline since taking office has been to incinerate all US alliances and diplomatic standing throughout the world.


25 posted on 04/28/2011 5:48:28 PM PDT by SunkenCiv (Thanks Cincinna for this link -- http://www.friendsofitamar.org)
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To: Sub-Driver

Hey Obama, why don’t you send all the sheeple that money instead of you spending it?

We can do that as well as you can, and hey, we, and future generations are the ones footing the bill.

Sheesh Obama, you are a big azzhole.


26 posted on 04/28/2011 5:49:51 PM PDT by dforest
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To: SunkenCiv
"His only use of gasoline since taking office has been to incinerate all US alliances and diplomatic standing throughout the world."

You forgot to add his wholesale incineration of EVERYTHING that made America a great nation.

If this guy gets re-elected...and is opposed by only this crop of Republicans...this nation will fail.

Fail.

27 posted on 04/28/2011 5:51:41 PM PDT by Mariner (USS Tarawa, VQ3, USS Benjamin Stoddert, NAVCAMS WestPac, 7th Fleet, Navcommsta Puget Sound)
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To: Sub-Driver

Riiiiiiight - nearly a million people apply for 69,000 minimum wage, part time jobs at McDonalds - and its due to reduced gov’t spending.


28 posted on 04/28/2011 5:51:41 PM PDT by Godzilla (3-7-77)
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To: Rodm
USS Drydock

USS Drydocked
Obama: ''Millionaires don't have a right to keep any of their hard-earned
cash. I do think at a certain point you've made enough money. And trade in
that gas-guzzling SUV.''

These progressives can't understand the concept of freedom. It has been demonized for years in the schools and the piss-stream media. The silent majority of the USA are not the impressionable young students Zer0 loves to preach to. We are sick and tired of your communist, bull-crap analysis of everything from Big Macs to what light bulbs to buy.

Countdown until Obama leaves Office: 632 days as of April 28, 2011.

The Tea Party1
29 posted on 04/28/2011 5:57:06 PM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: ilgipper
what reduced spending? Nothing even got cut until the 2nd quarter.

In order to make sense of the statement, it helps to know how things work in La-La Land East. Over in that environ, Congress passing and the President signing a spending bill automatically means credit for its advertised effects is dished out...even if a single penny hasn't been disbursed as yet. They said it means they did it.

So: parsing that statement using La-La Land East rules, the Republicans talked about lowering spoending, so spending had to have been lowered as soon as the words left Republican mouths!

30 posted on 04/28/2011 5:58:22 PM PDT by danielmryan
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To: Sub-Driver

Let’s offer a deal. They get to spend as much as they want and tax as much as they want for 5 years. If we are then at 5% unemployment and 4.5% growth, we will turn in our voting cards, but if not, they must all leave the country for North Korea immediately, or be shot.


31 posted on 04/28/2011 6:03:25 PM PDT by SampleMan (If all of the people currently oppressed shared a common geography, bullets would already be flying.)
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To: Sub-Driver

Another a-hole who’s will to condemn future generations to debt servitude so that he can save face.


32 posted on 04/28/2011 6:16:13 PM PDT by yup2394871293
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To: Crawdad
The parallels to this current mob are striking.

Indeed. Amity Shlaes' book is excellent. Her book and Alinsky's Rules for Radicals tell you just about eveything you need to know about this administration.

Have you read the Alinsky book yet?

33 posted on 04/28/2011 10:02:38 PM PDT by foxfield (Sarah Palin, America's "girl next door".)
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To: Mariner
Absolutely correct. No one understands economics. We are proping up what is left of our economy with the QE’s etc.
The thing we need to look at also is China. Their GDP is also propped up by government spending. Looking at those youtube vids. of those deserted cities gets me worried that their house of cards will fall also. Their economy is not shot like ours but their gov’t spending is a huge % of their GDP.
34 posted on 04/28/2011 10:45:33 PM PDT by prof.h.mandingo (Buck v. Bell (1927) An idea whose time has come (for extreme liberalism))
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To: pallis
yesSir, if our economy is dependent on a gubmint that is 'too big to fail' ...we ARE already crispy critters...

and that giant will crush us either intentionally, or accidently, but its all the same to us...

35 posted on 04/29/2011 6:12:19 AM PDT by Gilbo_3 (Gov is not reason; not eloquent; its force.Like fire,a dangerous servant & master. George Washington)
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To: kevslisababy
“Austan Goolsbee”....just his name alone screams “idiot”

I think his "real" name is Clyde Dipsh*t

Has this buffoon ever answered a question directly?

36 posted on 04/29/2011 2:03:20 PM PDT by dearolddad
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To: SampleMan

After another five years of that they may as well stay here, this country will be in worse shape than North Korea!


37 posted on 04/30/2011 6:23:12 AM PDT by RipSawyer (Trying to reason with a liberal is like teaching algebra to a tomcat.)
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