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."
bttt
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.
What slowdown?
Washington is spending more than ever!
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.
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.
Riiiiiiight - nearly a million people apply for 69,000 minimum wage, part time jobs at McDonalds - and its due to reduced gov’t spending.
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.
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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!
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.
Another a-hole who’s will to condemn future generations to debt servitude so that he can save face.
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?
and that giant will crush us either intentionally, or accidently, but its all the same to us...
I think his "real" name is Clyde Dipsh*t
Has this buffoon ever answered a question directly?
After another five years of that they may as well stay here, this country will be in worse shape than North Korea!
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