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The US Recovery Has Been Astounding And Now Here Comes Its Final Huge Test
TBI ^ | 11-14-2012 | Joe Weisenthal

Posted on 11/14/2012 6:09:25 AM PST by blam

The US Recovery Has Been Astounding — And Now Here Comes Its Final Huge Test

Joe Weisenthal
Nov. 14, 2012, 6:55 AM

It's of no comfort to the millions of Americans who are unemployed, but the fact of the matter is that the US economic recovery has been extraordinary.

From the dark days of late 2008/early 2009, the economic recovery has been surprisingly strong, given the crash conditions that went into the slump.

As this chart rom Carmen Reinhart and Ken Rogoff makes clear, the US GDP recovery is well above historical systemic crises.

Reinhart/Rogoff

Even on the employment front, the US recovery has been impressive.

Oregon economist Josh Lehner made this chart comparing the employment trajectory of the US recovery vs. other financial crises in recent history.

In the chart, the US recovery is the bright red line. We've recovered job losses faster than any other post crisis economy, with the exception of Japan.

Josh Lehner

And of course on a global basis, the comparisons look great.

It's been uneven, but compared to Europe and China, the US economy (blue line) has been a workhorse.

Business Insider

It's because of this impressive performance, that hedge fund manager Ray Dalio has called this the 'Beautiful Deleveraging'.

And make no mistake, there has been deleveraging. While some people like to talk about how we've only "kicked the can" because government debt is up so much, the truth is that total debt-to-GDP (when you include all private and public debt) has declined nicely in recent years. It's now at a 6-year low.

How did the US accomplish this extraordinary feat?

(snip)

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: collapse; economy; recession; recovery

1 posted on 11/14/2012 6:09:29 AM PST by blam
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To: blam
It's of no comfort to the millions of Americans who are unemployed, but the fact of the matter is that the US economic recovery has been extraordinary.

What an amazing piece of doublethink in that one sentence.

2 posted on 11/14/2012 6:13:08 AM PST by Flick Lives (We're going to be just like the old Soviet Union, but with free cell phones!)
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To: blam

And all it took was electing the right anti-American racist freak president twice to achieve this STUNNING success.


3 posted on 11/14/2012 6:13:29 AM PST by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: blam

The links didn’t work for me ... this one did:

http://www.businessinsider.com/the-fiscal-cliff-is-the-first-huge-test-for-the-us-recovery-2012-11


4 posted on 11/14/2012 6:14:00 AM PST by MissMagnolia ("It is when a people forget God that tyrants forge their chains" - Patrick Henry)
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To: blam

...whistling past the graveyard.


5 posted on 11/14/2012 6:15:29 AM PST by rashley (Rashley)
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Comment #6 Removed by Moderator

To: blam
ALBERT EDWARDS: Here's Why The Market Has Been Tanking
7 posted on 11/14/2012 6:16:25 AM PST by blam
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To: blam

I have an economics degree & these graphs are so convoluted I can’t understand their significance.


8 posted on 11/14/2012 6:16:33 AM PST by skeeter
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To: blam

this is a joke, right?


9 posted on 11/14/2012 6:16:43 AM PST by GeronL (http://asspos.blogspot.com)
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To: sport

I am with you 100%.

That said, we need to hire Americans or we are done.

Hire Americans.

Now.


10 posted on 11/14/2012 6:17:39 AM PST by Cringing Negativism Network
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To: blam
So if you try to link to the rest of the story you get WHOOPS

Seems like some April fool's joke. I don't get it.

11 posted on 11/14/2012 6:17:44 AM PST by lbryce (BHO:"Now, I am become Death, the destroyer of worlds by way Oppenheiner at Trinity NM)
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To: blam

This article is absolute horsecrap.


12 posted on 11/14/2012 6:17:55 AM PST by jimt (Fear is the darkroom where negatives are developed.)
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To: Flick Lives

That dude is smoking some serious dope. I “aint been” that messed up in 40 years.


13 posted on 11/14/2012 6:18:10 AM PST by cpdiii (Deckhand, Roughneck, Mud Man, Geologist, Pilot, Pharmacist. THE CONSTITUTION IS WORTH DYING FOR!)
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To: blam
Now, subtract the Federal spending component of GDP for the last three years and US GDP is contracting. The only thing growing is government spending. Real economic growth has been non-existent:


14 posted on 11/14/2012 6:18:48 AM PST by andy58-in-nh (Cogito, ergo armatum sum.)
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To: GeronL
this is a joke, right?

Satire?

15 posted on 11/14/2012 6:19:39 AM PST by BluH2o
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To: blam

Reminds me of th;eir statements that putting more people on welfare will increase spending and lead to the recovery. I applied for welfare but was told I make too much on Social Security and so I cannot improve the economy. Bummer. (sarc)


16 posted on 11/14/2012 6:20:39 AM PST by ProudFossil (" I never did give anyone hell. I just told the truth and they thought it was hell." Harry Truman)
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To: GeronL
this is a joke, right?

From businessinsider.com? That would make it a "yes."

17 posted on 11/14/2012 6:23:58 AM PST by 1rudeboy
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To: blam
Blam, forgot to close yer tag . . .


< /world-class fofl >



18 posted on 11/14/2012 6:24:09 AM PST by tomkat (a million tiny cuts .. add yours daily .. be creative)
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To: blam

The links don’t work.


19 posted on 11/14/2012 6:24:22 AM PST by WashingtonSource
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To: blam

What a load of bull poop!

Subtract out government spending and our GDP has actually contracted from 2008 to current.

As Bugs Bunny would say what a Maroon!


20 posted on 11/14/2012 6:25:03 AM PST by Syntyr (Happiness is two at low eight!)
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To: andy58-in-nh

bttt


21 posted on 11/14/2012 6:26:00 AM PST by Luigi Vasellini (End the political class.......TERM LIMITS NOW!!!!!!!!!!)
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To: blam

Why, in Chart 2, they even managed to make the Great Depression look like a strong and vigorous employment recovery compared to the rest of the world. But why didn’t they compare this Obama ‘recovery’ to other recoveries during the many prior recessions here in the US?

This entire ruse of comparing the US economy to different types of economies around the world is nonsense.


22 posted on 11/14/2012 6:26:07 AM PST by Will88
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To: blam
What alternate universe is this report from?

23 posted on 11/14/2012 6:27:20 AM PST by BitWielder1 (Corporate Profits are better than Government Waste)
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To: Flick Lives

What do you expect from Business Insider?

TBI is possibly the worst source for financial and economic news and insight.


24 posted on 11/14/2012 6:27:33 AM PST by hkusp40
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To: BluH2o

“These aren’t the droids you’re looking for.”


25 posted on 11/14/2012 6:28:08 AM PST by mkboyce
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To: blam

Figures lie when liars figure.


26 posted on 11/14/2012 6:28:32 AM PST by teletech (Say NO to RINOS!)
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To: blam

27 posted on 11/14/2012 6:32:04 AM PST by dfwgator
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To: blam

And I thought Biden had delivered the whole load.

This is total and complete nonsense. Charting statistical lies don’t make them facts.


28 posted on 11/14/2012 6:34:09 AM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: treetopsandroofs

What recovery? Anything we have “recovered” is not because of, but in spite of, all the “stimulus” that has been applied since 2008.

The pipes froze up, and as is the circumstance that often accompany this event, they split open in several places. The “stimulus” thawed out the pipes, but did nothing for the newly developed leaks from the damaged integrity of the plumbing. There is no incentive, apparently, to stop the leaks, but the supply is such that so far, some output is being delivered at the outlet, but WAY more is being wasted in the leaks.

The one saving grace we have right now, and the major factor that has kept the situation from exploding entirely, is that we have a vast and growing supply of natural gas now available, that was not there ten years ago. The natural gas is substituting for coal in power generation plants, and that has helped keep the price of electricity, on average, from skyrocketing out of sight. Because of the great and burgeoning supply, we should be converting many more homes to natural gas for home heating and cooking purposes, there should be many more motor vehicles converted to burning natural gas, and the infrastructure for the retail distribution of bottled and off-the-tap natural gas should be getting put in place.

Industry as a whole needs no other incentive than it is cheaper and more flexible to use natural gas directly as an energy source.


29 posted on 11/14/2012 6:34:17 AM PST by alloysteel (Bronco Bama - the cowboy who whooped up and widened the stampede.)
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To: mkboyce

30 posted on 11/14/2012 6:35:59 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: blam
...the fact of the matter is that the US economic recovery has been extraordinary

That just pegged every BS meter in the world.

31 posted on 11/14/2012 6:40:32 AM PST by tbpiper
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To: blam

This was published by The Onion, right?


32 posted on 11/14/2012 6:40:51 AM PST by txrefugee
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To: blam

Notice that he doesn’t compare the 2008 US recession with previous non-socialist US recessions. He compares us with Europe, and with the 1929 SOCIALIST US recovery.

So, the real message here is: Since the US still has the imprint of free market thinking, we still outperform SOCIALIST recoveries. When we have completed the task of transformation, we can expect the mediocrity which appears - empirically as least - to be a defining characteristic of socialism. The side benefit of the transformation will be the suspension of God given liberties and the establishment of a corrupt, despotic, totalitarianism.


33 posted on 11/14/2012 6:40:51 AM PST by LucianOfSamasota (Tanstaafl - its not just for breakfast anymore...)
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To: Will88

Now we compare ourselves with Finland and Sweden.


34 posted on 11/14/2012 6:41:51 AM PST by ecomcon
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To: blam

So the US is better off than Greece but not so good as France? That is like a leper rejoicing that his VD test was negative.


35 posted on 11/14/2012 6:50:53 AM PST by The Great RJ
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To: ecomcon

“Now we compare ourselves with Finland and Sweden.”

Which is exactly where zero wants us for now. By the end of his 2nd term, we may be compared to Armenia and Guinea. This article is just pure propaganda.


36 posted on 11/14/2012 6:50:58 AM PST by babyfreep
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To: skeeter

Jooe McKenna was my professor and adviser at UMSL. He told me that simpler is always better; their reasoning is not. People are deleveraging but the government is not. Things suck. This article has all to do with being an “insider” and nothing to do with “business”.


37 posted on 11/14/2012 6:52:33 AM PST by steve8714 (Obama's evil shown actual size.)
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To: blam

Facility with such doublethinking implies a psychopathology...


38 posted on 11/14/2012 6:55:15 AM PST by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: Flick Lives

The key thing to realize, is that they ARE admitting that this is the second worst depression in US history.

They are comparing the Great Depression with stuff that looks far worse.

If hiring continues to be flat for another two years - this will actually be WORSE than the Great depression.


39 posted on 11/14/2012 6:55:25 AM PST by JCBreckenridge (They may take our lives... but they'll never take our FREEDOM!)
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To: blam
Comrades! I have glorious news for you! Chocolate rations have been increased 300%.
40 posted on 11/14/2012 7:11:15 AM PST by tumblindice (America's founding fathers: All armed conservatives.)
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To: skeeter
I don't have a collage degree, but I do speak BS pretty good, and these graphs translate to:

“I drew up these graphs that mean absolutely nothing to fool the idiots into believing I know what I'm talking about”

Translation by BS speakers may vary

41 posted on 11/14/2012 7:12:38 AM PST by IMR 4350
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To: blam

It is “astounding” that anyone could call what is going on a recovery.


42 posted on 11/14/2012 7:24:33 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: blam

As the doctor said: Other being in critical condition you’re in good health.


43 posted on 11/14/2012 7:58:38 AM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: blam

I am glad to see the economy is doing so well. I can’t wait for unemployment to go higher because then we will be doing even better! I just wish we could get that pesky GDP number to get back into the negatives so we can all enjoy the best U.S. economy ever!

Luckily, the Christmas season is almost upon us and perhaps November and December retail sales will plummet! Wouldn’t that be great?!! A Christmas miracle!

Ladies and gentlemen, we have finally fulfilled the Orwellian doublethink prophesy.


44 posted on 11/14/2012 8:03:05 AM PST by FerociousRabbit
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To: blam

More Crack-induced utter BS from TBI and Weisenthal who have been nothing but shills for Obama. This is worse than the crap Krugman peddles.


45 posted on 11/14/2012 8:07:12 AM PST by Solson (The Voters stole the election! And the establishment wants it back.)
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To: jimt

I think it says we are better than Greece. WOW.


46 posted on 11/14/2012 8:15:47 AM PST by SC_Pete
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To: blam

Would I spoil this cheerleading if I point out that none of those other countries has the currency standard for the world and the “benefit” of $2+ trillion (it’s probably much more) in money creation over the past 4 years? Just a thought.


47 posted on 11/14/2012 8:20:07 AM PST by ReleaseTheHounds ("The problem with Socialism is that eventually you run out of other people's money." M. Thatcher)
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To: blam

Gee, we’ve got more than 10% effective unemployment, and the GDP is not quite as horrible as Europe’s. What a great recovery. (snicker)


48 posted on 11/14/2012 8:53:46 AM PST by driftless2
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