Booming Obama economy....update...GDP contracts in first quarter

[LordBalfor]

Originally Posted by Crossfire600

GDP Revisions Make Recovery Look Better, Recession Not as Bad - Real Time Economics - WSJ

It's worse than folks realize. Very few liberals understand how they changed the numbers not only for the GDP but unemployment and other critical indicators. Obumbler has destroyed the working class and put us on an ugly downward spiral.

Ignorant bullsh*t.
Changes to the way the GDP is calculated happen from time to time to reflect changes in the economy. It is reasonable and proper to include them properly. If we never made such changes important aspects of the economy would not be properly accounted for. Had the previous changes not been done for example, PC software development and sales would never have been included in the GDP. Do you really think that developing all that PC software that you are using NOW doesn't affect the economy?
Really?
REALLY?
Tell that to the richest man on the PLANET - who MADE his fortune in that industry.


Same thing is true for the change this time around. Intellectual property is a REAL THING and accounts for a certain part of the economy. It is a growing industry, and as such it's appropriate that it's included in the proper manner - not just for economic measurements made TODAY, but for those measurements in the decades to come.

Ken

[VTHokieFan]

Originally Posted by Old Gringo

Oh, no!

More good economic indicators!

It must have been the good weather we're having.

[BigJon3475]

Originally Posted by marcopolo

Sure, if the worst and weakest economic recovery in sixty years floats your boat, go ahead and celebrate. A curious set of "good economic indicators" it is, with incomes LESS than they were at the economic bottom in 2009.

The guy that never owned a business or managed a business or worked in a business or even had a paper route, turns out his economic illiteracy is not really working out for the rest of us. And the poor and miniority groups are getting the worst of it, ironically.

But you go ahead and whoop it up.

It will be a growth rate of about 1.5% for the entire year at the pace we're going. That's pathetic...

[LordBalfor]

Originally Posted by BigJon3475

It will be a growth rate of about 1.5% for the entire year at the pace we're going. That's pathetic...

Get real. It won't be 1.5% for the entire year.

The ONLY reason the current measure of the entire year is that low right now is because of the particularly hard winter weather in the 1st quarter. Winter quarter is over now - and so is negative GDP growth. GDP growth rate for the year will likely end up around 2.5% - which would beat the average yearly GDP growth rate for both Bush's (2.17% and 2.09% - for Bush elder and junior) and just about match that for Nixon/Ford (shared term at 2.6%).

Ken