Posted on 05/29/2015 12:20:50 PM PDT by Kaslin
RUSH: You see the stories on the US economy, the first quarter. I predicted this. I predicted there'd be a revision. What was the original report of the first quarter? Two percent, .2% growth or something. I said it's not gonna be that when they revise it. They're gonna revise it three or four months from now when everybody's forgotten it. Here it goes. The US economy fell. It went backwards. It slowed down, 0.7% growth rate. That's not growth, folks. That's a contraction. "The US economy shrank at a 0.7% annual rate in the first three months of the year." You know why? Yeah, cold weather. That's what it says right here in the AP, wintertime out there. That's right, cold weather and a widening trade deficit.
"The government's revised estimate for last quarter was weaker than its initial estimate --" Here it is, 0.2%, that's what they originally reported, 0.2%. Obama's out there hailing economic growth at the same time. Obama's out there lauding it, applauding it, and how great the economy's just chugging along, and everybody knows it was BS. You can see, I mean, those of us of a certain age we've been alive long enough to know when an economy is really growing, when it's really percolating, when it's really humming.
There's an associated uptick in mood when that happens, and of course there isn't any perception or actual economic growth going on. It is contracting. It's shrinking. And there is a complementary mood, which is down in the dumps, depressed, 93 million Americans not working. I don't know how in the world anybody can talk about economic growth when you got 93 million Americans it is not working.
So, anyway, we're contracting now. But it's not a big deal. It's just the weather. All the Drive-Bys are saying it's not anything to worry about. It really isn't, it's just the weather, it's climate change, and of course a little problem with the trade deficit in the first quarter. But no big deal. "Steady gains in employment are expected to fuel healthy growth for the rest of this year." It's what it says right here in the third paragraph, after reporting we contracted at nearly 1%. Don't sweat it, gang.
"Steady job gains are expected to fuel modestly healthy growth for the rest of 2015. The harsh winter, which kept many consumers home and businesses closed, and a labor dispute that slowed trade at West Coast ports are both over." Again, they insult our intelligence. Here's the truth of the matter, and you find it in the Washington Post: "Americans are starting fewer businesses, new companies are going out of business more quickly, and the new firms that do get off the ground are creating fewer jobs. None of that bodes very well for an economy still trying to find its footing.
In other words, more businesses are closing than starting. And this, just to remind you, this is not a story from today. This is a story from September 17th, 2014. I just wanted to remind you, September 17th, last year, Americans are starting fewer businesses, new companies are going out of business more quickly, and the new firms that do get off the ground are creating fewer jobs.
"None of that bodes very well for an economy still trying to find its footing." And, lo and behold, about six months later when we got the report for the first quarter, they told us growth was at 0.2%. Today they tell us it's down 0.7%.
John Dearie, executive vice president of the Financial Services Forum, a trade organization in Washington, D.C., said, again, this is September last year, "America’s entrepreneurs need help." This is all right here. A truthful story back in September. There isn't any economic growth, and there's no indication that there will be any.
BREAK TRANSCRIPT
RUSH: You know, checking the economic stories, got the AP, got one from Reuters here, and it says "US Housing Data, Sturdy Jobs Market Buoy Growth Outlook."
You know, it's amazing. Every damn economic article in the last six years under Obama could just be summed up as "prosperity just around the corner." For six years this is what we've been told. Six and a half years. The economy's been tanking. There's no doubt the economy's tanking. It couldn't do anything but tank with all the things that Obama has added to it and taken from it. The tax burdens and the commandeering of the health care industry, there's no way this economy can be growing.
And the damn media every time, every quarter, when the jobs news or the economic growth news is bad, every damn story is prosperity just around the corner, all the signs are there, all the indicators. We're just sitting here waiting for a massive explosion that never happens. It's all journalistic malpractice.
I know we’re not spending on anything extra, not even home repairs unless necessary. I’m shifting a little more into the various retirement savings options I have going but the job picture is just too uncertain for anything major. I believe we are at best stagnant.
Hey Rush, did you predict that shipping our economy to China would reduce our economy here?
Well duh...look who is in charge...
Don’t have to be a rocket surgeon to realize his polices don’t/won’t/can’t work...They have been trying in Venezuela now for what 10 years.
Still Bush’s fault after your 6 years there quota boy?
With Obamacare giving people medical coverage even if they don’t work, and other subsidies covering food, housing, cell phones, Internet, and everything else they need, why aren’t more people looking for work? With the costs of hiring rising to cover Obamacare and all the other new regulations, why aren’t more employers creating jobs? Who would have guessed that the fundamental change Obama promised from freedom to socialism would work out like this? It’s unexpected.
No Borders Michael Medved routinely says that we have just as much manufacturing now as we ever did. We need to find out what flavor koolaid he’s drinking.
Actually Rush did indeed explain, back in the 90’s, that buying production from China would set us back. He talked at great length about how Walmart’s shift to chinese-made would initially hold down inflation-—and it did. For my own part I’ve pointed out since the mid 70’s that hand labor was going overseas and that we had to modernize heavy industry and high speed manufacturing to hold our place in the world economy. The weak spot in it all is that US folks are far too happy to buy cheapass foreign krap.
My oldest bumper sticker says: “Hungry, out of work-—eat your import”.
Amen to you!
Reports surfacing that the Chinese economy is shrinking and close to it's own bubble collapse. How ironic.
Our leaders have been and are now freakin traitors to their country.
Quote from Rush:”And the damn media every time, every quarter, when the jobs news or the economic growth news is bad, every damn story is prosperity just around the corner, all the signs are there, all the indicators. We’re just sitting here waiting for a massive explosion that never happens. It’s all journalistic malpractice.”
Rush is almost right. The MSM is in a perfect dance with the Obama administration. The regime has taken control of the dissemination of data. They get to choose the baloney unemployment numbers, inflation numbers, growth numbers, etc. and report it for a quarter. The MSM does their drive by job on reporting the fake data and never, ever circle back to discover, low and behold, that it was fake.
Tell me again why the media isn’t a bigger enemy than anything domestic or foreign?
Yes. China has our economy, our jobs, and our Treasuries and some crapheads want to start another war. We first have to rebuild America or for us it’s existential.
That, in effect, was what I wrote to all those CEOs who were stampeding down to Mexico in the early NAFTA years - all they were doing was laying off each others customers and that at some point (later than I thought) it would come back and bite them.
If they answered at all, it was a boilerplate reply that "Global Competition" was good. I reminded them that Global Competition were code words for "A race to the bottom." Silence.
Our heroic Comrades need to get their stories straight.
Funny story for ya. I wuz sitting in a meeting with my director. He made the comment in dismay, something along the lines, “why wouldn't they do business in China? It's much cheaper”, speaking of an ODM we do business with. The company tried to keep Americans working.
So, my director was sitting reclined back in his chair, in his hands was an Iphone with one of those decorative covers...you know the ones. He was speaking and all the while twirling this Iphone...I couldn't help but notice. The cover over his Iphone was a waving American flag.
Pissed me off. I couldn't concentrate on anyone or anything in the meeting from that point. My head was racing with thoughts like....I would really like to slap the crap out of that traitor b@st@rd.
My bad?
At least they have quit using that word “unexpected”.
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