Posted on 08/26/2010 7:53:09 PM PDT by Bigtigermike
Growth figures are expected to show the economy is almost at a standstill, but the government is running out of options to rebuild momentum.
The widening consensus that the U.S. economy has slowed to a crawl will be hammered home Friday with the government's expected announcement that the nation's second-quarter growth was far more anemic than previously estimated.
Many economists believe the Commerce Department will revise its estimate of growth in gross domestic product to 1.3% or lower, down from 2.4% — a dismal performance, especially as the country struggles to rebound from recession.
A bad GDP number would cap a week's worth of troubling developments in the housing and financial markets, and ratchet up the pressure on President Obama and congressional Democrats heading into November's midterm elections.
But just as there is widespread agreement that the economy is faltering, there is also a sense that the federal government is running out of options to rebuild momentum.
"Housing is in the tank. Confidence is going down. The stock market is going down. It's hard to imagine how consumers will spend," said Sung Won Sohn, an economics professor at Cal State Channel Islands and former chief economist for Wells Fargo.
(Excerpt) Read more at latimes.com ...
This is the point where they invent an adversary and rally the country to war.
I do feel sorry for the English. They’ll never know what hit them.
Um, how about cutting taxes and spending?
>> I do feel sorry for the English. They’ll never know what hit them.
Why not the Canadians? :-)
“Running out of options” is a bit optimistic.
I say they will announce 0.8-1 and revise it down later to 0.5.
Now is the time to buy the home of your dreams ~ if you could borrow money.
Thank God, Obama will be back next week.
Things just fell apart while he was not there to guide the country. /s
yah...except to date, the only adversary The Regime has been interested in actively pursuing is the local Citizenry...
thinking a 2-2.2% drop in the markets tomorrow.
Simple, revise the “expectations” downward so you can announce “better than expected”.
But what about those 3 million jobs the GAO just said were created by the Stimulus?????
ROFL
Mexico’s closer... and we have justification for that war.
I've always been suspicious about those Canadians.
No doot aboot it, eh?
1.3% I laugh at your inane figures.
Try this one on for size.
They will do a snapshot window, three months from now and it will end up being less than 1%.
It’s all yours Barry.
You made bad decisions, dealt yourself three extra hands and then doubled down.
None of your policies, that is your policies have worked.
It’s all you.
>>Um, how about cutting taxes and spending?<<
UTTER MADNESS!! [so say our overlords & masters]
Then again, if I were running for office [age currently prevents me] it’d be on an “Extreme Constitutionalist” platform, meaning:
a) No Department of Energy
b) No Department of Education
c) No Department of Agriculture
d) No NASA (some claim it necessary for defense, if so put it under the appropriate military branch)
e) No BATFE
f) No Air Force (fold them into the Army from whence they came: the Army Air Corp; or amend the Constitution to allow an Air Force — Marines are under the Navy which is Constitutionally authorized.)
g) Reduction in the Department of Transportation to little more than maintaining federal roads, rails & bridges.
h) No Department of Labor
i) No Environmental Protection Agency
j) No Center for Disease Control
k) No Medicare
l) No Medicaid
m) No Social Security
n) No Department of Health and Human Services
o) No Department of Housing and Urban Development
p) No Drug Enforcement Administration
q) No Equal Employment Opportunity Commission
r) No Bureau of Industry and Security
s) No FEMA
t) No Federal Communications Commission
u) No Federal Student Aid
v) No Food and Drug Administration
w) No Internal Revenue Service
x) No Securities and Exchange Commission
y) No Selective Service System
z) No Occupational Safety & Health Administration
...and I ran out of letters.
Heres a clue : Cut government spending.
"Surrender pronto, or we bomb Toronto" -President Alan Alda in "Canadian Bacon"
Wrong target! Israel first!!
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