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The Obama Economy Stinks and It's Going to Get a Lot Worse
Townhall.com ^ | March 29, 2014 | Donald Lambro

Posted on 03/29/2014 6:01:46 AM PDT by Kaslin

WASHINGTON - The news media was ecstatic when the government said in January that the economy grew by 3.2 percent in the last three months of 2013. It was convincing proof, they said on the nightly news, that the economy had finally recovered from its chronic lethargy.

But according to a revised estimate released Thursday by the U.S. Commerce Department's Bureau of Economic Analysis, that 3.2 percent figure was a wild exaggeration.

The U.S. gross domestic product (GDP), the broadest measure of our country's entire economic output, grew no more than 2.6 percent in the fourth quarter -- a pitifully low growth rate for the largest economy in the world.

"Averaged across the four quarters of last year, real GDP added 1.9 percent in 2013 from 2012," said Forbes web site reported.

You didn't hear about this on the nightly network news on Thursday? I'm not surprised. More often than not, the network news tends to ignore poor economic data, while exaggerating the significance of occasional numbers that they say proves the Obama economy is turning around.

But 1.9 percent growth for all of last year is dreadful by any comparison, and economists aren't expecting anything much better than somewhere around 2 percent in the first quarter and maybe beyond.

By any relevant comparison, this is another sign that the U.S. economy continues to stumble along at a weak, sub-par pace in the sixth year of Barack Obama's economically unfulfilled presidency.

It's "hardly the 4 to 5 percent [growth rate] needed to provide enough jobs and restore housing prices to pre-recession levels," says Peter Morici, an economist at the University of Maryland's School of Business.

That's the kind of robust economic growth rate we need to produce 350,000 jobs a month to boost employment to pre-recession levels.

Instead, the economy is producing up to, and often far less than, 200,000 jobs a month -- nowhere near what is needed to put Americans back to work.

Obama's underperforming economy created a little over 100,000 jobs in January, and a disappointing 175,000 in February, with little expectations of significantly larger job numbers in the months to come. Indeed, the jobless rate inched up last month to 6.7 percent because of the weak jobs numbers and a growing number of discouraged long term job seekers who have quit looking for work.

If all of these uncounted discouraged workers began looking for a job again, the real unemployment rate would be 9.6 percent, Morici says.

With the fourth quarter economic growth rate running in the anemic 2 percent range, economists aren't expecting GDP to improve much in the first half of this year, either.

"We've had a significant fall off," global economist Euler Hermes told Forbes.

A chief reason economic growth has slowed, he says, can be found in a separate Bureau of Economic Analysis report which shows that personal income "hasn't grown in several months, making it unlikely consumer demand will pick up in the months ahead."

While some economists are forecasting GDP growth may reach 3 percent later this year, even that would be sub-par for our economy. "The U.S. is not on the verge of a boom. GDP growth of 3 percent would be the fastest rate since 2005, [but] it is still well below the average of 4 percent in the 1990s," Hermes said.

That was in President Clinton's second term after he had cut the capital gains tax rate, triggering a wave of new venture capital investment that led to stronger economic growth and a job boom, especially in the high tech sector.

Under Obama, on the other hand, the capital gains tax has risen for high income investors, reducing risk taking and shrinking job growth. That's why investors have grown more pessimistic about the direction of our economy and why the stock market has been in decline.

"As it stands right now, the first quarter 2014 growth rate is likely to be slower than" the fourth quarter in 2013, says Steve Blitz, the chief economist at ITG Investment Research.

Why was 2013 such a lackluster year for the economy? Business economist Peter Morici, in an analysis last week, spelled out what happened during the course of the year. And in a nutshell, he says, government tax increases were largely to blame.

"Throughout 2013, higher taxes on all income classes -- President Obama's levies on the wealthy, higher local taxes on the middle class, and reinstatement of Social Security taxes on lower income workers -- depressed consumer spending."

The remaining three years in Obama's economy are unlikely to get much better, if the latest economic figures and studies are any forecast of the future.

In a Washington Post article headlined "Future bleak for long-term jobless," a study presented last week to the liberal Brookings Institution told why millions of jobless Americans can't expect to find work anytime soon.

Former White House economic adviser Alan Krueger, the author of the study, calls "people who have been out of a job for six months or more an 'unlucky subset of the unemployed' who exist on the margins of the economy -- with faint hope of returning to productivity," the Post said.

Interest rates are headed up, driven higher by the Fed's grossly mistaken belief that the economy is improving, and thus it can take its foot off its stimulus pedal. That will likely wreak havoc with the housing industry, shrinking home sales and the availability of construction jobs.

The average rate for the 30-year mortgage rose to 4.40 percent recently, according to government mortgage buyer Freddie Mac. And it's likely to go higher.

The number of Americans who signed contracts to buy existing homes fell for the eighth month in February. That's the lowest level since 2012, says the National Association of Realtors.

This economy stinks. And even though it's not getting reported on the evening news, the American know that our country has been moving in the wrong direction ever since 2009.


TOPICS: Culture/Society; Editorial
KEYWORDS: 0bamaeconomy; jobsloss; kenyanbornmuzzie; keystonexl; obamarecession; obamataxhikes; taxtherich
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1 posted on 03/29/2014 6:01:46 AM PDT by Kaslin
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To: Kaslin


2 posted on 03/29/2014 6:06:38 AM PDT by Iron Munro (The future ain't what it use to be -- Yogi Berra)
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To: Kaslin

The cheerleader know nothings on CNBC were all beating the recovery drums yesterday.


3 posted on 03/29/2014 6:12:37 AM PDT by headstamp 2 (What would Scooby do?)
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To: Iron Munro

I find even a 3.2% growth to be abysmal, considering that GDP includes government spending.


4 posted on 03/29/2014 6:16:03 AM PDT by Right Brother
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To: Kaslin
It's "hardly the 4 to 5 percent [growth rate] needed to provide enough jobs and restore housing prices to pre-recession levels," says Peter Morici, an economist at the University of Maryland's School of Business.

Economists have a way of "letting the cat out of the bag" when they make statements like this. In a normal, well-functioning economy, why would there be any urgency in restoring housing prices to "pre-recession levels" that were grossly inflated to begin with?

The answer is that there's absolutely no good reason to monkey around with "housing prices" in a sound economy. The reason housing prices are so important here in the U.S. is that our economy is constructed around massive debt, and high housing prices are a boon for the banking industry.

5 posted on 03/29/2014 6:19:27 AM PDT by Alberta's Child ("I've never seen such a conclave of minstrels in my life.")
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To: Kaslin
But 1.9 percent growth for all of last year is dreadful by any comparison

Especially considering the tens of billions in printing and bond buying the Fed is doing to prop up the economy.

6 posted on 03/29/2014 6:20:27 AM PDT by TwelveOfTwenty (See my home page for some of my answers to the left's talking points.)
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To: headstamp 2

I think a lot of the weaker minded public is FINALLY starting to realize the MSM blows smokescreens and distributes the outright lies put otu by the 0 administration from conversation with some younger people lately. Sadly they had to become his victims before they “got” it (no jobs and the reality of what 0’Care really means when it comes to their dwindling paycheck which isn’t enough to live on by your own even with another additional income anymore. Thanks to Obamacare.


7 posted on 03/29/2014 6:20:43 AM PDT by jsanders2001
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To: Right Brother

Add that government changed the way the GDP is calculated, and they still aren’t fooling everyone, just Democrat supporters.


8 posted on 03/29/2014 6:23:42 AM PDT by Son House ( Economics: Settled Science, the more Taxed from the Private Sector, the Smaller the Private Sector.)
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To: Kaslin

High oil prices, gross uncertainty caused by gov’t meddling/dithering/selective enforcement, 0bamaCare.


9 posted on 03/29/2014 6:27:31 AM PDT by Paladin2
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To: Kaslin

The current issue of Forbes is all about global billionaires. Alongside each name is a little icon. A triangular green icon points up . A triangular red icon points down.

There are lots, perhaps moredown pointing red icons......

Lesson........ it’s bad all over


10 posted on 03/29/2014 6:30:24 AM PDT by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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To: Paladin2

Hubby and I were going to buy a house, but not now.


11 posted on 03/29/2014 6:31:40 AM PDT by Cowgirl of Justice
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To: Kaslin

The inflation rate is calculated without the increase in food or energy prices. WTF? Sure, lets quick chalk the books so the average person can’t see the truth.


12 posted on 03/29/2014 6:32:18 AM PDT by vetvetdoug
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To: Kaslin

I don’t believe even that growth percentage—given how we undercount inflation.


13 posted on 03/29/2014 6:33:00 AM PDT by 9YearLurker
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To: vetvetdoug

Like most numbers generated by these guys they are suspect at best. They use all kinds of manipulations to make themselves look better. This is but another example, reality, where we all live, leads us to other conclusions.


14 posted on 03/29/2014 6:37:23 AM PDT by phormer phrog phlyer
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To: 9YearLurker

Correct. The GDP reminds me of BMI when evaluating obesity. BMI does not factor in things like muscle weight, bone density, etc. It is a seriously flawed measurement. Likewise, so is GDP, when inflation and government spending is not factored in.


15 posted on 03/29/2014 6:43:14 AM PDT by Right Brother
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To: headstamp 2

It never ceases to amaze me that the liberal press can hammer a GWB 24/7 and tout low approval numbers but when they prop up a complete incompetent like Obama, 24/7, and his numbers dip as low they can only lie and make excuses.


16 posted on 03/29/2014 6:59:23 AM PDT by spudville
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To: jsanders2001

I have an atty friend in the islands. He works full time and his gorgeous wife stays home. He is on a fixed and moderate salary for an attorney. He is also a cancer survivor and she has a myriad of problems. Both are around sixty.

Their insurance just went from a tough but affordable $600.00 per month to a disastrous $1,600.00 per month with much higher co pays.

They quite literally cannot afford to go out on Friday night for a beer thanks to o care. Multiply that story by millions like it and you have a fairly clear picture of the problem Dems have in November only I am not sure yet that some of them “get it”. They seem like lambs being led to the slaughter.

Anyway, my friends hate for Dems is white hot (no republican voted for o care) and they quite literally, no exaggeration, would not vote for a Dem for DOG CATCHER and they are pretty liberal. Neither EVER voted for zero.


17 posted on 03/29/2014 7:05:58 AM PDT by Cen-Tejas (it's the debt bomb stupid!)
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To: Kaslin
Interest rates are headed up, driven higher by the Fed's grossly mistaken belief that the economy is improving, and thus it can take its foot off its stimulus pedal.

The author apparently does not understand that the Great Recession was created by low rates which created a grossly inflated housing bubble which had to crash. The main effect of low rates is to discourage long term investment in favor of short term speculation. Most of the low rate money has gone into carry trades which create booms and busts in the rest of the world and destroy those economies and then ours. It is a giveaway to the big banks who do the carry trading. Most of the rest goes into funding political pork projects. We are literally printing money and giving it to politicians to spend. Most of those projects do not help long term economic growth but rather use up resources that are needed by the private sector.

18 posted on 03/29/2014 7:08:03 AM PDT by palmer (There's someone in my lead but it's not me)
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To: jsanders2001

I deal with these struggling young people everyday. I am a landlord of $525 a month apartments. Recently I lost a renter due to the government garnishing 75% of his full time wages( one of the few that have a job)so he could not pay his rent.
We tried to work out a payment plan but in the end he did not have enough money for life after the government seized 75% of his paycheck!! He and his wife and child are now on the streets.


19 posted on 03/29/2014 7:10:22 AM PDT by thirst4truth (Life without God is like an unsharpened pencil - it has no point.)
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To: Cen-Tejas

> Dems have in November only I am not sure yet that some of them “get it”. They seem like lambs being led to the slaughter.

I hope it is an epic slaughter come November. We are going to post people at the polls to watch or illegal voter activity to document it and take notes. I recommend that every polling place has voting integrity checkers come November.


20 posted on 03/29/2014 7:13:12 AM PDT by jsanders2001
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To: Right Brother

Good analogy!


21 posted on 03/29/2014 7:15:24 AM PDT by 9YearLurker
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To: thirst4truth

> I deal with these struggling young people everyday. I am a landlord of $525 a month apartments. Recently I lost a renter due to the government garnishing 75% of his full time wages( one of the few that have a job)so he could not pay his rent.

We tried to work out a payment plan but in the end he did not have enough money for life after the government seized 75% of his paycheck!! He and his wife and child are now on the streets.

And that’s not even high dollar rent. Therein lies the problem. The government forgets all the differnt ways they tax us (sales tax, luxury tax, phone fees, property taxes, income tax, all these damn regulatory fees we pay when we have our oil changed or receive services , and NOW Obamacare). Its like a patient that goes to several different doctors and they all prescribe him medicine and aren’t aware of each other’s meds so the poor guy ends up taking 5 or 6 (or more) pills a day and ends up OD’ing on them when they kill his liver.


22 posted on 03/29/2014 7:21:15 AM PDT by jsanders2001
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To: vetvetdoug
The inflation rate is calculated without the increase in food or energy prices.

No. The government reports both numbers (doesn't mean that they're not fabricated, anyway, but you should know the facts).

23 posted on 03/29/2014 7:23:02 AM PDT by 1rudeboy
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To: Cowgirl of Justice

Don’t let your fears keep you from buying. Remember that while the national economy sucks, there are places with booming economies (Texas, ND, etc). Make the decision based on your own economic situation.


24 posted on 03/29/2014 7:27:36 AM PDT by rstrahan
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To: 1rudeboy

and the media reports only one of them.


25 posted on 03/29/2014 7:37:04 AM PDT by sgtyork (Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy)
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To: sgtyork
I see both core and headline reported.

Inflation Below Fed Target for 22nd Month in a Row, The Wall Street Journal, March 28, 2014.

26 posted on 03/29/2014 7:41:13 AM PDT by 1rudeboy
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To: Iron Munro

He’s helping the hard working middleclass, how long is it before this chump is out of office and in leg irons? Not to worry if the GOP ever gets in they will prop him up like clinton and save his a## for the record


27 posted on 03/29/2014 8:03:42 AM PDT by ronnie raygun (Im missing a jumbo jet with 235 passengers has anyone seen it?)
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To: thirst4truth
I just returned from getting my truck inspected, same guy for the last 12 years in Central NH.

He wants to expand his business but he can't draw enough customers with money to do it.

People have bald tires, can't afford heat, it gets cold up here, and are having problems feeding themselves.

He is thinking about a different type of business, he employs about 10 people and it is starting to be a burden.

28 posted on 03/29/2014 8:06:24 AM PDT by Little Bill (EVICT Queen Jean)
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To: Cen-Tejas

My rate went fromm $347/month to $879/month and the deductible increased by $1300 to $6300 thanks to ocare. But as a 62 y/o man I can now get free prenatal care, pediatric dental, sex change operations and pregnancy benefits. Is this a great country or what?


29 posted on 03/29/2014 8:20:33 AM PDT by redangus
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To: 1rudeboy

Wrong. Food and energy have not been included in the CPI since Clinton was in office.


30 posted on 03/29/2014 8:23:13 AM PDT by redangus
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To: redangus
Here is the latest Bureau of Labor Statistics press release (for the CPI in February). It is called the Consumer Price Index Summary. Please count how many times food and energy are mentioned.
31 posted on 03/29/2014 8:26:51 AM PDT by 1rudeboy
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To: redangus

My timing was about perfect as I turned 65 about the same time zero care got up and running.


32 posted on 03/29/2014 8:28:07 AM PDT by Cen-Tejas (it's the debt bomb stupid!)
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To: jsanders2001

We do here but “urban” America and Amish country is where it needs to happen.

I do think the Dems just outright stole the last election from gullible, stupid GOPe’s.


33 posted on 03/29/2014 8:30:35 AM PDT by Cen-Tejas (it's the debt bomb stupid!)
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To: 1rudeboy

The WSJ in an exception with a focus on high information voters. Usually when we say the media we are talking about the whole industry.

http://www.deseretnews.com/article/865597264/Latest-measure-of-US-inflation-remains-low.html?pg=all

http://abcnews.go.com/Business/wireStory/us-consumer-spending-modest-03-percent-23096506

Fed focus shifting to stubbornly low US inflation

http://www.wtop.com/628/3527455/Fed-focus-shifting-to-stubbornly-low-US-inflation


34 posted on 03/29/2014 8:50:22 AM PDT by sgtyork (Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy)
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To: sgtyork

No, it is not an exception, and two of your (weak) examples mention it, and the second is about consumer spending.


35 posted on 03/29/2014 9:09:26 AM PDT by 1rudeboy
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To: Iron Munro

BHO, living proof that you can destroy the American economy if you try hard enough.


36 posted on 03/29/2014 9:12:58 AM PDT by Georgia Girl 2 (The only purpose o f a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Georgia Girl 2

He hasn’t sunk it like the Great Depression. Yet. I believe I observe that a frank fiend is kinder to the economy than a false friend is.


37 posted on 03/29/2014 9:13:58 AM PDT by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: HiTech RedNeck

Well he’s got 3 more years so hunker down.


38 posted on 03/29/2014 9:16:42 AM PDT by Georgia Girl 2 (The only purpose o f a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Kaslin

Amnesty will solve this. I heard from yet another democrat that all illegal immigrants will become super rich job creaters but just can’t because some reason.


39 posted on 03/29/2014 9:17:49 AM PDT by Organic Panic
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To: Organic Panic

They’ll create super rich nanny jobs


40 posted on 03/29/2014 9:18:27 AM PDT by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: 1rudeboy

The second specifically says this…

“”An inflation gauge tied to consumer spending was up just 0.9 percent in February””

Sounds like they are trumpeting the one, low, Obama-sycophantic inflation rate as I said.

Please quote to me in any of those articles where a second non-core inflation rate was actually documented.


41 posted on 03/29/2014 10:04:03 AM PDT by sgtyork (Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy)
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To: sgtyork

When the next inflation article is posted, from Marketwatch, CNBC, Reuters, or AP on April 15th, do you want me to ping you? They’re usually in Breaking News.


42 posted on 03/29/2014 10:07:31 AM PDT by 1rudeboy
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...

Gosh, must be the stimulus wasn’t big enough — which is hard to explain, considering that DC was an all-Demwit show at the time it was passed.

If you look around at the leftist scumbags online, you’ll find that Obama *never* had both houses. Why? Because he didn’t have 60 or more votes in the Senate, meaning, 60 Demwits sitting there to rubberstamp his agenda.

IOW, all leftist scumbags are baldfaced liars.

Thanks Kaslin.


43 posted on 03/29/2014 10:15:51 AM PDT by SunkenCiv (http://www.freerepublic.com/tag/alreadyposted/index)
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To: Cen-Tejas

> We do here but “urban” America and Amish country is where it needs to happen.

I do think the Dems just outright stole the last election from gullible, stupid GOPe’s.

On every level from activating / fooling demographics into voting to outright fraud for which there were little mechanisms in place to detect it. They saw advantages that their asleep at the wheel politicians missed. If that didn’t hurt enough they probably paid off politicians to assist them


44 posted on 03/29/2014 10:53:13 AM PDT by jsanders2001
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To: thirst4truth
Wow! Why are the Feds garnishing 75% of his paycheck? Student Loans? IRS problems?

Just Wow!!!!

Ronald Reagan quotes live on and on:

“The nine most terrifying words in the English language are, ‘I'm from the government and I'm here to help.’”

“I hope we have once again reminded people that man is not free unless government is limited. There's a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts.”

“A taxpayer is someone who works for the federal government but doesn't have to take a civil-service exam.”

45 posted on 03/29/2014 11:12:01 AM PDT by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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To: jsanders2001; expat_panama; catfish1957; 1rudeboy
And that’s not even high dollar rent. Therein lies the problem. The government forgets all the differnt ways they tax us (sales tax, luxury tax, phone fees, property taxes, income tax, all these damn regulatory fees we pay when we have our oil changed or receive services.............

You, know I think all taxes (local, state and fed) should be part of the CPI. There I said it!

46 posted on 03/29/2014 11:23:50 AM PDT by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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To: palmer
Dead on. The politicians give out our money, much of which is designed to maintain the employment of govt bureaucrats, who tend to retard economic development rather than enhance it. Even Keynes believed that stimulus money should be used to drive the private sector.
47 posted on 03/29/2014 11:39:06 AM PDT by expat2
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To: Iron Munro

There’s also a difference between 2% growth when the economy has been doing well, and 2% growth on the tails of the economy continuing to fail to recover.


48 posted on 03/29/2014 12:46:10 PM PDT by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: 1rudeboy

Why certainly! Please ping me on that date to prove to me that FINANCIAL media outlets aimed at the 1rudeboys of the world provide both measures of inflation. That will be a stunning insight!

Meanwhile, you couldn’t find the quotes in my links to document that the Atlanta Journals, New York Times, DesertNewses Pioneer Presses, Valley Buglers, Peoria Pissants, the local CBS affiliates of the media world provide BOTH inflation measures. Even some of those bozos must wonder about CPI staying low when gas is back to $4 per gallon.

C’mon, its obvious that the “Media” obscures from the Obama voters of the world that there are realistic inflation measures which would diminish the One’s popularity.


49 posted on 03/29/2014 12:47:05 PM PDT by sgtyork (Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy)
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To: sgtyork

Fair enough, I’ll leave you to get your economic news from non-financials sources, that write the same thing that you choose to ignore.


50 posted on 03/29/2014 12:50:12 PM PDT by 1rudeboy
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