The Conservative Cave
Current Events => Breaking News => Topic started by: BlueStateSaint on January 30, 2013, 08:29:15 AM
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I also posted this in the "Own It" thread in the DUmpster.
GDP Shows Surprise Drop for U.S. in Fourth Quarter
Published: Wednesday, 30 Jan 2013 | 8:11 AM ET
(http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2013/01/30/100419404-knight-trader-nyse-getty.240x160.jpg?v=1359554097)
The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.
The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.
The surprise contraction could raise fears about the economy's ability to handle tax increases that took effect in January and looming spending cuts.
Still, the weakness may be because of one-time factors. Government spending cuts and slower inventory growth subtracted a total of 2.6 percentage points from growth.
As I put in that thread: :ownit:
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"Surprise" my ass.
More MSM bullshit covering for Teh Won.
possibly providing incentive for more Federal Reserve stimulus.
That worked so well last time. :thatsright:
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"Surprise" my ass.
More MSM bullshit covering for Teh Won.
That worked so well last time. :thatsright:
:werd:
It wouldn't be a surprise to just about anybody who wasn't cooking the country's economic books to support their Keynesian economic theories.
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No, the "surprise" is that it isn't tanking WORSE.
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No, the "surprise" is that it isn't tanking WORSE.
There's no guarantee that these are the REAL numbers. Perhaps it is.
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Surprise to whom?
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There's no guarantee that these are the REAL numbers. Perhaps it is.
I'll tell you what--if it's anything like this administration thus far, they'll revise the numbers downward in a month or so, nice and quiet on a late Friday afternoon, and the MSM will dutifully ignore it.
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No, the "surprise" is that it isn't tanking WORSE.
It's only a surprise to those that live in the Liberal bubble...detached from reality.
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It's only a surprise to those that live in the Liberal bubble...detached from reality.
e.g.
In response to the news today that the economy contracted -.1 percent in the final quarter of last year, Democrats are touting the claim that this is "the best-looking contraction in U.S. GDP you'll ever see." The claim was originally made by chief U.S. economist for Capital Economics Paul Ashworth.
"The drag from defense spending and inventories is a one-off. The rest of the report is all encouraging," Ashworth also claimed.
The claim was quickly seized upon by Democrats, looking to share good news about a contracting economy.[/b]
See: http://www.weeklystandard.com/blogs/dems-tout-claim-best-looking-contraction-us-gdp-youll-ever-see_698863.html (http://www.weeklystandard.com/blogs/dems-tout-claim-best-looking-contraction-us-gdp-youll-ever-see_698863.html)
Down is up and up is down, negatives are positive and positives are negative!
Sound familiar to you Orwell fans out there?
And this will be a "surprise" to everyone, something NOBODY could ever have predicted, and I suspect the Leftists will blame capitalists, the weather/global warming, W. Bush, Reagan, and the Easter Bunny for this otherwise negligible contraction.
Because EVERYONE knows that the situation inherited from the (shhh! Democrat-catalyzed) Financial Crash was WORSE than ANYONE knew, and it takes time to sort these things out.
It takes time to drain more money out of the economy and into Government Coffers for redistribution!
Get ready for the following speech:
"So folks just gotta be patient!
You folks out there understand what I'm talkin' about! Now some folks say we got to cut Social Security to the grandmas and grandpas of America, and student loans to the teachers and firefighters and business people of the future, and disability payments to folks injured on the job in unsafe factories, right when things are bad and people are needin' more money!
Well, we can't let that happen! We're just askin' folks at the top to pay a little more so that we can get this economy movin' again!"
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The 3rd Quarter had a lot of increased federal spending to make the numbers look better before the election. After the tax increases, next quarter will probably be in the negatives too, making it another Bush-induced recession. Unexpected *drink*
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If sequestering take place in March, the Defense Dept . will lose 1 million jobs. That should whack the hell out of the economy. Obama and his economic advisors, the ones that are still left, do not know their @ss from the whole in the ground. The stock market will take a big hit also.
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If sequestering take place in March, the Defense Dept . will lose 1 million jobs. That should whack the hell out of the economy. Obama and his economic advisors, the ones that are still left, do not know their @ss from the whole in the ground. The stock market will take a big hit also.
I read an article saying that Boehner may have pulled the wool over the Dems eyes by postponing the debt ceiling argument past that time.
If Boehner has any balls, which is unlikely imo, he could force them to make some spending cuts short of sequestration levels.
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I read an article saying that Boehner may have pulled the wool over the Dems eyes by postponing the debt ceiling argument past that time.
If Boehner has any balls, which is unlikely imo, he could force them to make some spending cuts short of sequestration levels.
I do not think Bonehead could whip his way out of a paper bag. The Democrats have pulled the wool over this dunce eyes so many times on future budget cuts that will never take place. WTF, how stupid can he be. He is up against liberal pros that kick his ass on a regular basis.
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I do not think Bonehead could whip his way out of a paper bag. The Democrats have pulled the wool over this dunce eyes so many times on future budget cuts that will never take place. WTF, how stupid can he be. He is up against liberal pros that kick his ass on a regular basis.
And the GOP just recently voted to keep him as speaker. :banghead:
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[quote author=thundley4 link=topic=83438.msg1032747#msg1032747 date=1359602201]
And the GOP just recently voted to keep him as speaker. :banghead:
[/quote]
Many of them are mushy Repubs or it could be they want to keep their cushy committie assignment. Play ball with the speaker and you move up....don't play ball and you lose that assignment and wind up on a shit wagon committie. After these critters get up there, they learn how the game is played and whose ass to kiss. A few of them with strong principals and ethics can not stomach the place and retire after a few years.
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Apparently the MSM is soberly treating this as a "Good news, the chocolate ration has been increased to 25 grams from 35 grams!" kind of story.
:banghead:
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Apparently the MSM is soberly treating this as a "Good news, the chocolate ration has been increased to 25 grams from 35 grams!" kind of story.
:banghead:
The shit is really going to hit the fan when Obamacare fully kicks in, new taxes are implemented and if sequestering takes place.
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The shit is really going to hit the fan when Obamacare fully kicks in, new taxes are implemented and if sequestering takes place.
Imagine the amount of growth there will be then, comrade! So much growth, you won't be able to see the unemployment office because of the long lines (which the MSM tells us is good, cuz that means people are being hired)!