Skip to comments.Obama Gets GDP Bassackward
Posted on 06/25/2014 6:14:31 PM PDT by Kaslin
This country is a bunch of lions led by donkeys, as the Germans said about the English Army in the first war.
The latest Obama-related bray is the revised GDP numbers for the first quarter. Economists expected the economy to grow by 1.9% even after a discount for the cold weather.
Instead the initial estimate saw a contraction of 1%.
As we approached the revision to the initial estimate, we began hearing that perhaps things would be even worse in the next estimate.
The revision came in at a contraction of 2.9% for the first quarter.
But hey, the markets are making new highs because with things this bad, the government will continue making money, as in printing it.
At least those poor Wall Street traders and bankers are making money.
Economists missed the estimate by 5%.
If this were a miss to the upside it would be like posting GDP growth of 7%--which happens neverwhen the forecast was 1.9%.
How exactly do economists keep their jobs?
Isnt economics just another social science scam at this point? (I mean at least the Keynesian version of economics.) Theres more proof that global warming is man-made than there is that the Obama version of economics has helped anyone*.
Never in the annals of human history have so many been so wrong about so little growth.
Oh, I can already hear the excuses coming out of Washington.
Its Bushs fault, its sequester, were not taxing enough, were not spending enough, this is what happens with austerity.
Only in DC, where they are already spending too much money, would a $200 billion increase in spending since 2009 be considered austerity.
Remember 2009? Summer of Love Me Some Greenbacks?
Yeah, we were supposed to get all those shovel-ready jobs through the ingenious use of your credit power by the greatest president in history of the last two months.
Today we spend even more money, despite not throwing away a trillion dollars on shovel-ready jobs, DOE Loans, green graft and it gets us nothing.
A jackass braying at night.
Oh, and dont think Im picking on Democrats exclusively-- just mostly.
There certainly is a fair share of RINOs who look amazingly like jackasses right now.
And of course there is Paul Krugman, the columnist who plays economist, politician and God for the New York Times.
Maybe its time to get Krugman to make a revision to the Keyensian canon law.
Because the Messiah has not returned yet.
It turns out that the new New Deal, is pretty much the old New Deal.
Unless you are a captain of industry, a union boss, or a special pleader with an amount of cash in your pocket to match your gullibility, this economy has left you behind.
And with the usual Obama-related irony, I calculate that number of Americans to be about 1%.
The rest of us 99%-ers have to make do with the shrinking economic pie, which both Obama and his friends are either shrinking on purpose, or they are shrinking it by mistake.
Its all over now, except for the braying.
If one man says to thee, Thou art a donkey' pay no heed, says the Talmud. If two speak thus, purchase a saddle.
Thats a spending program Id get behind.
Its time to send the Messiah out of town, the way he came: On an ass.
Or rather a bunch of them.
*Anyone for the purposes of this illustration is defined as people who were not donors of $1,000 or more to Obamas campaigns in election cycles 2008 and 2012, including their affiliates, employees or members of their immediate household. This definition is void in California, Michigan and Illinois
It’s not a 5% miss, it’s a 500% miss.
I can see the conversation now ........
Economic Advisors: “Mr. President, the GDP is -2.9%.”
Obama: “Is that bad?”
With Obumbo as POTUS, GDP means “Gross Domestic Poverty”.
The beginning of the impact of 0 Care.
Yea, but he’s articulate and bright and clean.
U.S. Treasury bonds have now become a risky investment.
When a government makes such an enormous mistake calculating its latest quarterly GDP number that it has to announce a revision from -1% to -2.9%, no serious bond investor should have anything to do with such a government and its debt.
Not only are our numbers inaccurate, but the world has been discovering that our government can’t run computers competently. The ObamaCare sign-up debacle has now been followed by the loss of significant e-mails caused by computer crashes at the IRS and the EPA.
We’re a banana republic. It’s only a matter of time till investors understand this and start to demand high interest rates for buying our risky bonds. Then there’ll really be some crashes.
What I’ve read elsewhere is since the quarter was going to be negative the government accountants decided to put as much of the bad news as they could into the same quarter so that the second quarter wouldn’t also be negative. That is pulling shortfalls from Q2 and placing them in Q1 since it was already negative. That way they could avoid the recession definition of two negative quarters in row.
this marxist m f-er obammy sure has done a bang up job as leader of the free world.
I read somewhere this morning that 2 quarters in a row isn't technically the definition of a recession. Its the NET negative for 2 quarters in a row.
For example, if Q4 of 2013 was +2.4% and Q1 of 2014 was -2.9% then the total for the two consecutive quarters is -.5% which would be a recession.
SO, THE ECONOMY DECLINED BY 3 PERCENT IN THE FIRST QUARTER. DEMOCRATS SAY THE YEAR’S COLD WEATHER WAS TO BLAME.....IN THE SAME BREATH THEY SAY, THIS WAS THE HOTTEST YEAR EVER. ......I GUESS THATS WHY THEY NOW CALL IT CLIMATE CHANGE ........if only cows would stop farting intermittently and all fart during the same time of the year
Liberals always have lame excuses