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Old 07-29-2011, 10:43 AM  
HonestChieffan HonestChieffan is offline
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ObamaNomics FAIL: Q2 GDP Comes In At Only 1.3%, Q1 Revised Down To A Scant 0.4%…

Fail at every level.


WASHINGTON (AP) — The economy expanded at meager 1.3 percent annual rate in the spring after scarcely growing at all in the first three months of the year, the Commerce Department said Friday.

The combined growth for the first six months of the year was the weakest since the recession ended two years ago. The government revised the January-March figures to show just 0.4 percent growth — down sharply from its previous estimate of 1.9 percent.

“These numbers are extremely bad,” said Nigel Gault, an economist at IHS Global Insight. “The momentum in the economy is clearly very weak.”

The sharp slowdown means the economy will likely grow this year at a weaker pace than last year. Economists don’t expect growth to pick up enough in the second half of the year to lower the unemployment rate, which rose to 9.2 percent last month.
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Old 07-29-2011, 12:48 PM   #16
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Originally Posted by dirk digler View Post
Depressing, depressing, depressing.

I would be almost willing to try anything at this point to get us out of this hole we are in.
Something tells me that supporting a Republican to defeat Obama in 2012 doesn't make your broadened list of things you'd try.
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Old 07-29-2011, 02:55 PM   #17
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Originally Posted by RINGLEADER View Post
Not pointing fingers (well, I guess I am) but the left (and yes, as BEP points out, some on the right as well) has refused to listen to the many business leaders and economic experts who have been saying for years now that you can't keep heaping taxes, uncertainty, and regulation on business and expect it not to react negatively.

I believe that we're starting to see a) the effects of Obama's policies take root, and b) a refusal of business to "buy-in" to his solutions. None of this is surprising to anyone who questioned the validity of the stimulus or the huge deficit spending binge that Obama and the Dem congress thought would fix the problem.

When the next president is elected (hopefully next year) the sigh of relief and the economic expansion that will come with a real change in course will be stunning IMO. It won't be because of any one policy or even because the new president is skilled -- it will be because the economy if finally thrown free of the weight of Obama's policies.

When you watch that clip where Obama talks about "shovel ready not really being shovel ready" you can hear the disappointment in his voice. It sounds like he really thought it work. Again, say what you want about the guy, but Rush was right when he voiced his desire that Obama fail -- he unfortunately succeeded in much of what he set out to do to "transform" America and the proof is in the (curdled) pudding of this economy...
You maybe right RL but then when you look at what he has passed I just don't see anything that would stop businesses from hiring with the exception of Obamacare.

Maybe I am missing it but heck the stimulus was 40% tax cuts and they extended the Bush tax cuts again at the end of last year. It seems all he has done is cut taxes and the corporate tax rate is the same now as it was under Bush.

Am I just missing something?
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Old 07-29-2011, 02:56 PM   #18
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Quote:
Originally Posted by dirk digler View Post
You maybe right RL but then when you look at what he has passed I just don't see anything that would stop businesses from hiring with the exception of Obamacare.

Maybe I am missing it but heck the stimulus was 40% tax cuts and they extended the Bush tax cuts again at the end of last year. It seems all he has done is cut taxes and the corporate tax rate is the same now as it was under Bush.

Am I just missing something?

no doubt
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Old 07-29-2011, 02:57 PM   #19
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Originally Posted by dirk digler View Post
Am I just missing something?
Literally LOL
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Old 07-29-2011, 02:58 PM   #20
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Originally Posted by fan4ever View Post
Including how you vote?
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Originally Posted by patteeu View Post
Something tells me that supporting a Republican to defeat Obama in 2012 doesn't make your broadened list of things you'd try.
Yes. My vote is now officially up for grabs.
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Old 07-29-2011, 02:59 PM   #21
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Originally Posted by HonestChieffan View Post
no doubt
Quote:
Originally Posted by patteeu View Post
Literally LOL
Explain to me I honestly want to know.
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Old 07-29-2011, 02:59 PM   #22
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Originally Posted by dirk digler View Post
Yes. My vote is now officially up for grabs.
I read your words but I remain confident that you, oldandslow, and Amnorix will find a reason to pull Obama's lever in the end.
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Old 07-29-2011, 03:03 PM   #23
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I read your words but I remain confident that you, oldandslow, and Amnorix will find a reason to pull Obama's lever in the end.
I have my limits of course. I will never support:

Bachmann
Cain
Santorum
Paul
Palin
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Old 07-29-2011, 03:04 PM   #24
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Originally Posted by dirk digler View Post
I have my limits of course. I will never support:

Bachmann
Cain
Santorum
Paul
Palin
I don't think any of those will be obstacles.
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Old 07-29-2011, 03:05 PM   #25
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The broken window fallacy assumes a closed system. But if you break a bunch of windows in Europe while bombing all the European window repair companies to smithereens it can be great for the American window repair business.

I'm not saying that WW II got us out of the GD, but our economy derived some benefits from the war.
Nope. It all depends on the standard one is using.

If you use unemployment stats, as the orthodox but false point-of-view uses, you can't claim that as a REAL statistic to see if an economy has recovered because it's false and misleading because the unemployed were sent off to fight the war. For one, it's a duty to many who volunteer and it's slavery if they're drafted. Then when the men were gone the women took their jobs in a command economy where the govt dictates what needs to be produced for the war. It's all just displacement and private investment and growth has not improved. It's not much different than the make-work projects of Obama except that we were in a legal state of war and that was needed for the war. However, it's also temporary because when the war or public works project is over there are layoffs. This is why Obama's bought jobs did not stimulate or lead to a real recovery. The same is true for WWII because the layoffs were massive when it was over.

None of these jobs created products for consumption by the private sector which lead to an improvement in their standard of living—except for industries that benefit from manufacturing products for the war. It all goes to the war effort aka the govt. Furthermore, people were still poor and many goods were rationed—again for the war effort and govt. That's not the REAL economy which is the creation of wealth and prosperity for those participating it. Just ask a grandmother who lived through it. I asked and the answer I got was the economy was horrible because you couldn't buy much of anything. Investment also dropped significantly during the war.

It's nothing but a camouflaged hole.

As to Keynesians who use the GDP statistic, that includes govt spending which was way up.

A war economy is not a real economy and does not lead to real economic growth. That came after WWII when there were massive govt cuts in spending and a rise in investment.
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Old 07-29-2011, 03:12 PM   #26
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Originally Posted by dirk digler View Post
You maybe right RL but then when you look at what he has passed I just don't see anything that would stop businesses from hiring with the exception of Obamacare.

Maybe I am missing it but heck the stimulus was 40% tax cuts and they extended the Bush tax cuts again at the end of last year. It seems all he has done is cut taxes and the corporate tax rate is the same now as it was under Bush.

Am I just missing something?

Yes.

Tax cuts don't cost anything first of all. Unless you believe that all revenue is the property of the US Government (or you're counting on legislation that hasn't passed).

Secondly, there has been an avalanche of regulation on finance, banking, health care as well as massive deficit spending and economic policy (not all Obama's fault, either, but he hasn't advocated for changing it) that has depressed the value of the dollar and created uncertainty that won't abate until it either starts working (which it won't) or goes away (which won't happen for at least two more years).
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Old 07-29-2011, 03:12 PM   #27
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Unlike most presidential cabinets, which usually hover around 50% from the private sector, Obama's is around 27%, not taking into account his many "czars". So you have an administration that's relied heavily on "theory" from a bunch of guys and gals with letters after their names, but not much real life experience.
Yeah, his advisors are mostly academics—the Ivory Tower types that concoct things like socialism which look good on paper but deny the natural laws of economics.
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Old 07-29-2011, 03:13 PM   #28
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I have my limits of course. I will never support:

Bachmann
Cain
Santorum
Paul
Palin
I will never support any of them either.
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Old 07-29-2011, 03:17 PM   #29
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This shouldn't be a surprise for anyone. I've been saying that we have a strong chance for a double dip. I was a little early on the second dip but it appears we're headed back to a slight recession.

That being said after financial crises this is your typical recovery (small sample of occurences but almost all are the same check Reinhardt and Rogoff's paper on the subject).
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Old 07-29-2011, 03:20 PM   #30
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Nope. It all depends on the standard one is using.

If you use unemployment stats, as the orthodox but false point-of-view uses, you can't claim that as a REAL statistic to see if an economy has recovered because it's false and misleading because the unemployed were sent off to fight the war. For one, it's a duty to many who volunteer and it's slavery if they're drafted. Then when the men were gone the women took their jobs in a command economy where the govt dictates what needs to be produced for the war. It's all just displacement and private investment and growth has not improved. It's not much different than the make-work projects of Obama except that we were in a legal state of war and that was needed for the war. However, it's also temporary because when the war or public works project is over there are layoffs. This is why Obama's bought jobs did not stimulate or lead to a real recovery. The same is true for WWII because the layoffs were massive when it was over.

None of these jobs created products for consumption by the private sector which lead to an improvement in their standard of living—except for industries that benefit from manufacturing products for the war. It all goes to the war effort aka the govt. Furthermore, people were still poor and many goods were rationed—again for the war effort and govt. That's not the REAL economy which is the creation of wealth and prosperity for those participating it. Just ask a grandmother who lived through it. I asked and the answer I got was the economy was horrible because you couldn't buy much of anything. Investment also dropped significantly during the war.

It's nothing but a camouflaged hole.

As to Keynesians who use the GDP statistic, that includes govt spending which was way up.

A war economy is not a real economy and does not lead to real economic growth. That came after WWII when there were massive govt cuts in spending and a rise in investment.
Your long response has nothing to do with my post as far as I can tell.
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