Moling done correctly: -2.9% GDP

[dutch508]

This is a good mole job. It is forcing the DUmpmonkiez to comment on something the Barryhouse doesn't want discussed.

Spaldeen (157 posts) http://www.democraticunderground.com/10025152627

Can somebody explain this -2.9% GDP thing to me?
I've been getting hammered by text messages from my sister all day over this GDP number. I haven't said anything back to her because I don't know what I am talking about, so I came here for some help.

In person on the street terms what is GDP? I mean I sort of know what it is, but not enough to defend myself.

Why is this number the -2.9% number getting tossed around good, bad, wrong, right, upside down, right side up? I'm not an economist!

I'm getting a little tired of my sister sending me this stuff, and I want to shut her up when we go out for lunch this weekend! This GDP thing is all I have heard from her all day! 

If this is not the right forum can someone please move this thread?

bradla (54 posts)
1. Gross domestic product.

Negative gross domestic product means the economy shrank in the first quarter which is not a good thing. Unfortunately for your sister and many other people, they are jumping their guns. You should be asking your sister why she is talking about something that is now almost 3 months old.

[youtube]https://www.youtube.com/watch?v=CMZmoZwkgaQ[/youtube]

Then tell her if she is so anti-Obama, she will not be liking the number coming out for next quarter. I will give you a hint, it will not be a negative GDP. You should never ever look at one quarter of a year and make an assumption about the direction of the economy. Two quarters of negative growth would be a better indicator of an economy that is going into or is in a recession.
Well that is my take anyway.

davidpdx (14,808 posts)
5. Well two of those are pretty easily explained (for the OP)

There was a big cut in defense spending (as there should be). Everyone knows how brutal last winter was especially in the east. If we don't get our house in order and start making significant strides toward curbing climate change things will get worse.

 

Motown_Johnny (16,851 posts)
7. We had the worst winter in US history.
People got snowed in. Entire cities were shut down. Work didn't get done. The economy shrunk.
The economy also grew at ~2.6% in the fourth quarter of 2013. Projections have it growing at somewhere between 2.5% and 3.0% for each quarter for the rest of this year.
My suggestion is to go ahead and give ground on this one bad quarter. Then hammer her with text messages all day when we get the positive GDP numbers.
It was a blip.

Deny deny deny...

[JohnnyReb]

Deny deny deny...

....and then flat out lie, it's the democratic way.

[fatboy]

If this is not the right forum can someone please move this thread?

Nice touch. Got to appreciate a mole that pays attention to the fine details.

[67 Rover]

Six years of horrible weather to explain this stagnant economy?  Yea that's the ticket.

[HawkHogan]

Canada's economy didn't shrink.  Doesn't it snow in Canada?

[JohnnyReb]

Canada's economy didn't shrink.  Doesn't it snow in Canada?

Only in the summer time because it's warmer then.....climate change and all, you know.

[DumbAss Tanker]

I don't think there is any likelihood of it happening, but another quarter of GDP decline would result in a technical recession and the DUmmie exploding heads would be priceless.

[thundley4]

I don't think there is any likelihood of it happening, but another quarter of GDP decline would result in a technical recession and the DUmmie exploding heads would be priceless.

Yeah, it won't happen, because the way they release the real results and not their estimates would put the timing right before the elections.  That isn't going to happen. Obama will keep the numbers fudged.

[JohnnyReb]

I don't think there is any likelihood of it happening, but another quarter of GDP decline would result in a technical recession and the DUmmie exploding heads would be priceless.

Why should they get excited, they're getting government freebies. Are they afraid the free ride may be coming to an end?

[DumbAss Tanker]

Yeah, it won't happen, because the way they release the real results and not their estimates would put the timing right before the elections.  That isn't going to happen. Obama will keep the numbers fudged.

All other factors aside, the 2.9% drop was so huge that no matter how stagnant the economy is, there has to be enough of a dead-cat bounce to make the following quarter positive.  Of course, after a drop like that, the real story is that it would take three more quarters of 3% growth just to make for an unimpressively slack year.

[GOBUCKS]

Six years of horrible weather to explain this stagnant economy?

That's how North Korea explains its perpetual famine.

[Cats]

davidpdx (14,808 posts)

-snip-

If we don't get our house in order and start making significant strides toward curbing climate change things will get worse.

Climate change might be more believable to people than global warming... Course that's assuming they don't find out global warming has to happen in order to have Al Gore's version of climate change.

[I_B_Perky]

davidpdx (14,808 posts)
5. Well two of those are pretty easily explained (for the OP)

There was a big cut in defense spending (as there should be). Everyone knows how brutal last winter was especially in the east. If we don't get our house in order and start making significant strides toward curbing climate change things will get worse.

Global warming   climate change climate disruption caused it now? Yes it was daggone cold this winter, dummie. Just like winters back in the mid 70's to mid 80's were.  Same in the early 90's. GDP didn't fall then. Wonder why?

Is there any excuse ya all won't use to deflect blame for obumbles? Seems not.