Posted on 07/30/2015 8:01:33 AM PDT by AngelesCrestHighway
The economic expansion—already the worst on record since World War II—is weaker than previously thought, according to newly revised data. From 2012 through 2014, the economy grew at an all-too-familiar rate of 2% annually, according to three years of revised figures the Commerce Department released Thursday. That’s a 0.3 percentage point downgrade from prior estimates. The revisions were released concurrently with the government’s first estimate of second-quarter output. Since the recession ended in June 2009, the economy has advanced at a 2.2% annual pace through the end of last year. That’s more than a half-percentage point worse than the next-weakest expansion of the past 70 years, the one from 2001 through 2007. While there have been highs and lows in individual quarters, overall the economy has failed to break out of its roughly 2% pattern for six years.
(Excerpt) Read more at blogs.wsj.com ...
“When libs are in charge” they just redefine failure as “the new normal” and declare victory. Then they go on all the MSM shows and pat each other on the back and declare themselves to be super-smart and call anyone who disagrees “a racist.”
Well then, according to lib logic, we should raise the minimum wage to $50.
How much expansion comes from the real economy when government expenditures are taken out of the equation? Government expenditures as a measure of economic activity are a false indicator. Consumer activity is also misleading as higher numbers there go along with lower savings rate which rate is the basis of future real expansion, rather than a liability as it is now portrayed.
Government expenditures as a measure of economic activity are a false indicator...Yes that’s them spending our tax money. What kind of silly ass indicator is that? Oh what I see...just raise taxes and we have more economic activity...WHAT CRAP!
Let’s not forget the government understates inflation by at least 2%...that means there has been no growth at all, other than asset bubble inflation in the stock market and real estate market.
A lot more than 2% if one uses the measures as used thirty years ago. Over the years the criteria have bebn jiggered and lowered in order to make the numbers better. That has happened several times so the rate has been artificially reduced several times. I have seen several educated estimates that put the real average annual rate of price-level rise at 6-10% over the last eight years or so.
6-10% over 8 years is way too high. That’s an 85% increase in prices. Over 9 years, it would be 100%. Yeah, some things have gone up that high, like ground beef, but car prices haven’t doubled. Clearly prices are increasing faster than the government/Fed say but overall its closer to 2-3%.
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