Skip to comments.GDP shrinks 2.9%; Obama's economic growth gap grows to $1.6 Trillion
Posted on 06/26/2014 4:09:07 AM PDT by IBD editorial writer
Shrinkage: Economists are writing off the sharp 2.9% drop in first-quarter GDP as a temporary contraction. Maybe. What isn't temporary is President Obama's massively subpar growth record over the past five years. [snip]
In the nearly five years since the Obama recovery started just months into Obama's first term real gross domestic product has increased only 10.2%. That's less than half the average growth rate for every other economic recovery since World War II, and almost a third less than the pace set during the Reagan recovery.
Looked at in dollar terms, if the Obama recovery had merely been average, GDP today would be $1.6 trillion bigger than it is. If growth had kept pace with the Reagan recovery, GDP would be $2.2 trillion bigger.
(Excerpt) Read more at news.investors.com ...
So, with one quarter of negative growth, we are half way into a recession
Of course, the goal for those other recoveries was, uh, recovery. Obama’s goals are: contract, belittle, downsize, except expand government for the war he is waging on American citizens.
It’s all about getting whitey.
What’s up with the “revised” (way off the original) number? Too hard to cover up lies and looting?
What about green chutes? (funneling $ to failed greenies)
What about the TARPS, stimulus, bailouts, etc., etc.?
Where’s the jobs & money, Barry CONgre$$?
Socialism Is Legal Plunder - Bastiat
DEPOPULATE socialists from the body politic. DISMANTLE their deceptive agencies.
Some are getting rich. BIG GOVERNMENT IS CRONY SOCIALISM.
“Its all about getting whitey.”
That worked well; many whites have nothing left. What’s the next step? All they did was swell the welfare rolls; now many whites are as dependent (and savage and unpredictable) as the urban underclass.
Obama’s goal is to create an economy guided by a government invisible hand.
We are in the new normal of a command and control economy.
The ‘Progressives’ really believed that they would change the rules with regulation and taxation and those who understand value creation would work harder for less. Surprise!
Apparently, Obama is claiming the cold environment is the cause for the “shrinkage.” Reminds me of an old Seinfeld episode - Obama must of saw it too in using that same excuse.
Obamanomics = significant shrinkage.
This type of “News” is not reported in my local Official Offal Obama Orifice and Outlet(OOOOO) newspaper, the Times Union (Albany NY).
However they were able to get in a quarter page of “news” that “Fracking, Quake Worries” in Texas. maybe causing tremblors. Even had a picture where there was a 1-2 inch space beneath a poured concrete foundation.
HEAD FOR THE HIGH GROUND!! DON’T WORRY, CUOMO WONT LET IT HAPPEN IN NEW YORK STATE!
The problem is unstable radicals and an autoimmune disorder that if ignored can be deadly.
Autoimmune disorder is a condition that occurs when the governing system both mistakenly and deliberately attacks and destroys healthy body politic.
It is caused by unstable radicals.
The system gets overwhelmed by aged 1960s Marxist-Alinsky campus radical, psycho spoiled brats and their ideological litters.
We must act quickly.
Void the bowels of Washington, D.C. 2014 - 2016
Obamacare will be seen as the largest tax increase in US history - its diminution of consumer discretionary spending is just getting started. Consumer spending is 71% of the US economy.
“Shrinkage: Economists are writing off the sharp 2.9% drop in first-quarter GDP as a temporary contraction. Maybe. What isn’t temporary is President Obama’s massively subpar growth record over the past five years. [snip]
Degrowth is an essential economic strategy to pursue in overdeveloped countries like the United Statesfor the well-being of the planet, of underdeveloped populations, and, yes, even of the sick, stressed, and overweight populations of overdeveloped countries.
From the article
Now that it turns out the economy contracted 2.9% in the first three months of the year the largest drop since 2009 and the sharpest downward revision in the government’s history of making such estimates
“Everything about socialism is sham and affectation.” - 23.11 Ch23 Evil; Economic Harmonies; Frederic Bastiat
Great link. Thanks. The “new normal”? Lies and deceit will take us to the new normal. Totalitarians know best. /sarc
I see what they’re doing. They didn’t want two quarters of negative growth in a row because that would officially be called a recession. So they lumped all the negative growth in one quarter and will have a modest quarter of positive growth for the quarter just ending. Even though the number to be announced will initially look great, it will be revised to a very modest, yet positive number, later this year when no one’s looking.
It’s nice to have the whole government covering for you when you’re doing such a crappy job as president.
If we suffer a complete financial collapse, I’m sure it’ll be totally unrelated to our nation’s love for all things depraved. /sarc
DISMANTLE deceptive agencies (socialist constructs). BIG GOVERNMENT IS CRONY SOCIALISM.
You would use the law to oppose socialism? But it is upon the law that socialism itself relies. Socialists desire to practice legal plunder, not illegal plunder. Socialists, like all other monopolists, desire to make the law their own weapon. And when once the law is on the side of socialism, how can it be used against socialism? For when plunder is abetted by the law, it does not fear your courts, your gendarmes, and your prisons. Rather, it may call upon them for help. - Socialism Is Legal Plunder; The Law; Frederic Bastiat
Listened to a radio finance guy last night saying he thinks they shifted obamacare money from Q1 to Q2 and interest from Q2 to Q1 to make Q1 worse (since it was already known to be bad) and to prevent Q2 from being booked as a recession (2 negatives quarters in a row). I’m leaning toward this.
Reminds me of the market manipulators on Wall Street who do the same, under the guise of legality.
The common denominator is a God-given conscience that won't let them sleep at night if they think they are doing something “illegal.”
A curse on all of them and their houses for covering themselves with their man-made laws, yet breaking God's laws in the process.
Life Is a Gift from God
We hold from God the gift which includes all others. This gift is life physical, intellectual, and moral life.
But life cannot maintain itself alone. The Creator of life has entrusted us with the responsibility of preserving, developing, and perfecting it. In order that we may accomplish this, He has provided us with a collection of marvelous faculties. And He has put us in the midst of a variety of natural resources. By the application of our faculties to these natural resources we convert them into products, and use them. This process is necessary in order that life may run its appointed course.
Life, faculties, production in other words, individuality, liberty, property this is man. And in spite of the cunning of artful political leaders, these three gifts from God precede all human legislation, and are superior to it. Life, liberty, and property do not exist because men have made laws. On the contrary, it was the fact that life, liberty, and property existed beforehand that caused men to make laws in the first place.
Property and Plunder
Man can live and satisfy his wants only by ceaseless labor; by the ceaseless application of his faculties to natural resources. This process is the origin of property.
But it is also true that a man may live and satisfy his wants by seizing and consuming the products of the labor of others. This process is the origin of plunder.
The Law - Frederic Bastiat