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I'm not deflecting, I'm pointing out how stupid the left is for non stop fear mongering and then celebrating and taking credit when their fears turn out to be not only wrong, but beyond dumb..
And I am pointing out the fact that you make claims you can't back up.
WASHINGTON (MarketWatch) — The U.S. economy expanded in the third quarter at its fastest pace in two years owing to stronger consumer spending and business investment than previously reported, according to newly revised government figures.
Gross domestic product climbed at a 4.1% annual rate from July through September, the Commerce Department said Friday. Previously the increase was reported as 3.6%.
In Friday action, the improved GDP figure helped to push U.S. stock markets higher. Read Market Snapshot.
As long as you're getting pumped off the stock market, who cares how many Americans lost their job.
During that 3rd Quarter of wonderful economic growth you're all fawning over...
'LNU02000000
'(Unadj) Employment Level
145,113,000 July 2013
144,651,000 September 2013
------------ -462,000 Americans lost their job.
'LNU02500000
'(Unadj) Employed, Usually Work Full Time
177,688,000 July 2013
177,308,000 September 2013
------------ -380,000 Americans lost their Full-Time job.
Quote:
Originally Posted by surfman
So basically, the additional costs of Obamacare and energy inflation added to the GDP, as if that's a good thing?
It just might be, but not in this Universe.
Quote:
Originally Posted by texan2yankee
The answer is a $15 billion revised increase inannualized spending, 60% was for healthcare, and another 27% was due to purchases of gasoline. The third largest upward revision: recreation services.
"Annualized spending" kind of went right over their heads, but then they think mounting job losses is a sign of a great economy.
Quote:
Originally Posted by TrapperJohn
Let's see...
Consumer spending is 70% of the GDP. Take $16.66 trillion x .7 and we get $11.66 trillion. There are about 125 million working Americans according to the latest BLS report. According to the IRS stats, total taxable income in 2009 was about $6 trillion and there was about $1 trillion paid in taxes leaving $5 trillion of after-tax income. Assume for argument that property taxes and state taxes were deducted.
Help me find $6 trillion in missing GDP basis. If every working American earned $50k, total is $6.5 trillion. That's pretty close to what IRS reported and $50k is reasonable estimate of average earnings per worker.
For the GDP to grow at 4%, spending would have to increase at a pace that exceeds pay increases and payrolls as reported by the BLS. Maybe one of our resident geniuses can post a graph.
Call me skeptical...
Quote:
Originally Posted by BigJon3475
It means the economy grew 1.025% for the third quarter. It's more government babble to make things seem better than they are. What they failed to mention is that it took $250 billion off the books and $162.5 billion on the books to achieve all that great mediocrity i.e. about a $170 billion increase in GDP.
That's good, right? Spend $412.5 to raise your income $170? Before you know it you'll be a multi-quadrillionaire.
The GDP as calculated was never really a true measure of anything, and it's even less so now...
U.S. economy over $500 billion larger due to new definitions
Really? Linking to an article that uses the worthless indicator GDP? We had a big hole in Texas, not Rick Perry but the super collider, that didn't produce a thing yet GDP rose.
I thought the recovery began last spring or was there another time you said it was recovering? Like in 2011 4th Q where your precious GDP rose higher than now?
Apparently I DO as shown in my quote which you pasted! As singer Paul Simon once said ... "A man hears what he wants to hear, and disregards the rest"
Regarding stocks .... 52% of Americans have money in the stock market.
That's a heck of lot of Americans who watched their retirement portfolios climb to new highs this week!
If you do care and think things are getting better then why are we in a 30 year low on the labor participation rate and we have so many on food stamps?
If you do care and think things are getting better then why are we in a 30 year low on the labor participation rate and we have so many on food stamps?
The nation's unemployment rate continues to drop .... month after month.
The nation's unemployment rate continues to drop .... month after month.
The economy IS getting better!
People people GAVE UP LOOKING for work..
An you think thats bettter then people workin?
If these figures quoted by Mircea are correct, whats better about them?
'LNU02000000
'(Unadj) Employment Level
145,113,000 July 2013
144,651,000 September 2013
------------ -462,000 Americans lost their job.
'LNU02500000
'(Unadj) Employed, Usually Work Full Time
177,688,000 July 2013
177,308,000 September 2013
------------ -380,000 Americans lost their Full-Time job.
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It is fueled by consumer spending and business investment, which is good. 
