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So what did Americans supposedly spend so much more on compared to the previous revision released one month ago? Was it cars? Furnishings? Housing and Utilities? Recreational Goods and RVs? Or maybe nondurable goods and financial services? Actually no.
In short, two-thirds of the "boost" to final Q3 personal consumption came from, drumroll, the same Obamacare which initially was supposed to boost Q1 GDP until the "polar vortex" crashed the number so badly, the BEA decided to pull it completely and leave this "growth dry powder" for another quarter. That quarter was Q3. Here Is The Reason For The "Surge" In Q3 GDP | Zero Hedge
Nothing to see here mundanes. Move along.
ROFLMAO...Health Insurance drove personal consumption
Total opposite of what was promised.
And rates are due to go up so the GDP should look even better next quarter !!!
Add that to the proposal that the CMS automatically re-enroll anyone on Obamacare that didn't do it themselves will keep the numbers steady.
This "bump" in the economy is due to printing trillions of dollars of debt & zero interest rates. Not the best road to long term growth. Wall St. is doing great, but Main St. not so much.
Last edited by Brave Stranger; 12-23-2014 at 03:38 PM..
Defense spending alone went from .9% to 16% probably thanks to the big ISIS threat of terrorism.
Nothing in the consumer space can even begin to compare to that changed percentage.
The US must stay in a perpetual state of war to drive the economy.
You just stated that the "devil is in the details" THEN you claim you are "not going to nit pick" with me when I show how the DETAILS are that the INCREASE is MORE THAN HALF PRIVATE SECTOR?????
THAT'S THE "DETAILS".
Your claim that "The US must stay in a perpetual state of war to drive the economy" is ignorant nonsense. The cost of fighing ISIS is a tiny fraction of the U.S. defense budget, let alone the budget for the entire U.S. government. The fact is - no matter how you may try to twist it, that MORE THAN HALF of the INCREASE in the GDP is from the PRIVATE SECTOR.
So NO the U.S. does NOT have to "stay in a perpetual state of war to drive the economy". Any such claim to the contrary is ignorant partisan nonsense not backed up by the facts.
You just stated that the "devil is in the details" THEN you claim you are "not going to nit pick" with me when I show how the DETAILS are that the INCREASE is MORE THAN HALF PRIVATE SECTOR?????
THAT'S THE "DETAILS".
Your claim that "The US must stay in a perpetual state of war to drive the economy" is ignorant nonsense. The cost of fighing ISIS is a tiny fraction of the U.S. defense budget, let alone the budget for the entire U.S. government. The fact is - no matter how you may try to twist it, that MORE THAN HALF of the INCREASE in the GDP is from the PRIVATE SECTOR.
So NO the U.S. does NOT have to "stay in a perpetual state of war to drive the economy". Any such claim to the contrary is ignorant partisan nonsense not backed up by the facts.
Ken
Yeah and it turns out due to paying their Obamacare health insurance bills.
Going from .9% to 16% for defense spending ? The left sure do love their military now.
Which immediately in January, will revised back downward.
Obama must think he needs good press, so the books got cooked.
Sure.....
Ken
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