Skip to comments.U.S. economy collapses in first quarter, but growing again
Posted on 06/25/2014 10:55:36 AM PDT by Oldeconomybuyer
(Reuters) - The U.S. economy contracted at a much steeper pace in the first quarter than previously estimated, turning in one of its worst-ever non-recession performances, but growth already appears to have rebounded strongly.
The economy was held back by an unusually cold winter, the expiration of long-term unemployment benefits and cuts to food stamps, which curbed consumer spending. It was also weighed down by a slowdown in the pace of restocking by businesses.
All these temporary factors have since faded, lifting growth early in the second quarter.
(Excerpt) Read more at reuters.com ...
At least until the hard numbers come in.
Then read his prediction at the end:
Don’t worry thought: this is actually great news! Because the brilliant propaganda minds at the Dept of Commerce figured out something banks also realized with the stub “kitchen sink” quarter in November 2008. Namely, since Q1 is a total loss in GDP terms, let’s just remove Obamacare spending as a contributor to Q1 GDP and just shove it in Q2.
Stated otherwise, some $40 billion in PCE that was supposed to boost Q1 GDP will now be added to Q2-Q4.
And now, we all await as the US department of truth says, with a straight face, that in Q2 the US GDP “grew” by over 5% (no really: you’ll see).
1984 By George Orwell (Audiobook) Part 1
Listen to this and you wont even be able to tell where the fiction ends and our reality starts!
Yep, I bookmarked that post.
“but growth already appears to have rebounded strongly.”
SUMMER OF RECOVERY!!
We are at war with Eastasia.
I thought that only racists that hated the idea of a black president thought the economy collapsed in the 1st quarter.
My TV told me so.
“its growing... its growing!”
Sounds like a teenager with an unimpressed girlfriend. Can these economists get any more praetorian?
Until it too is revised when????
There has been no cut in food stamp funding. A temporary bump up came to its sunsetted end and funding is back to normal.
VanDeKoik: With regard to your post about 1984:
Last year, I was sitting with my wife watching Atlas Shrugged, Part 2. There was a part where Sean Hannity and Juan Williams, on their fictional counterpart of the real Hannity Show, were discussing the latest directive restricting companies and workers (the infamous “Directive 10-289”). At that moment, the doorbell rang, so I put the Tivo on pause.
Once we came back to the TV, the Tivo switched off the movie, right onto the channel that we had it on, which was Fox News. Coincidentally, the Hannity show was on, and he was discussing Obamacare with Juan Williams. My wife and I were basically floored, as there was virtually NO DIFFERENCE between the way the implications of Directive 10-289 and Obamacare was discussed between the fictional and real Hannity and WIlliams.
Economic doctors noted that after 7 months of watching the corpse, the stench of rotting flesh is starting to dissipate, giving then renewed hope for a full and complete recovery.
Don't Hesitate - The Obama Train Is leaving The station Right Now !!!
The writer must have had to tie down his arms to keep from adding “unexpectedly” in the first line.
He did, however, manage to get in “an unusually cold winter” so not all was lost.
For those of us that learned to count,read,write.. all that worthless crap they taught us in the 60’s before we realized the only important thing in school is proper condom placement and use.
There has not been a POSITIVE QUARTER in 30 years if you DEDUCT GOVERNMENT DEFICIT SPENDING. Nor has there been one since The Moneychangers began QE(Theft by Dilution),ie.giving WALL St $85 Billion per month which you must subtract out giving a NEGATIVE GROWTH RATE for a long long time.
And in other news... why high gas prices are good for you. LOL! These people are so predictable. They can never report bad news for Obama without spin.
Clearly this writer did not get the message that the earth is warming "faster than expected".
“Rooters straps on the knee pads.”
They’ve been wearing the same knee pads for years,they never bother to take them off anymore.
It snowed! Yeah, that's the ticket!
This is exactly what North Korea does when it's explaining the latest famine.
Drunk falls on face. Gets up.