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3% GDP growth projected, with better results still in 2015.
Yes the fear of the Republican Party. Remember Mr.Steal your pension Romney warned them that the Policies of the Pres. were working and if they didnt win in 2012 they might never win again.
3% GDP growth projected, with better results still in 2015.
Any news of growth is welcome news.....my primary concerns are addressing deficits and growing debt that have resulted from the stimulus and how true the growth is. The prime has been pumped heavily and interest rates have been held artifically low for a very long time. The deficits are projected to drop to around 700 Billion for a while and sustain there for a few years but then peak over 1 Trillion within the next decade. IMO, tax rates for both marginal rates and corporate rates should be cut and spending should be cut very hard...both in social services and military expenditures. The federal workforce should be trimmed down substantially. If this is true private sector growth...we shouldn't see significant impacts from the austerity.
So much for the Democratic Lie that the sequestration would wreck America! That any form of austerity would plunge us into a recession! That the "fiscal cliff" would be the end!
What a bunch of ****ing idiots liberals and Democrats are. All of them are liars and demagogues.
Any news of growth is welcome news.....my primary concerns are addressing deficits and growing debt that have resulted from the stimulus and how true the growth is. The prime has been pumped heavily and interest rates have been held artifically low for a very long time. The deficits are projected to drop to around 700 Billion for a while and sustain there for a few years but then peak over 1 Trillion within the next decade. IMO, tax rates for both marginal rates and corporate rates should be cut and spending should be cut very hard...both in social services and military expenditures. The federal workforce should be trimmed down substantially. If this is true private sector growth...we shouldn't see significant impacts from the austerity.
Moodys' opinion is QE is insignificant in terms of economic affect. They expect it to end, and be a big so what towards stopping excellent growth.
So much for the Democratic Lie that the sequestration would wreck America! That any form of austerity would plunge us into a recession! That the "fiscal cliff" would be the end!
What a bunch of ****ing idiots liberals and Democrats are. All of them are liars and demagogues.
And the sequestration will cripple our military, dont forget that one....from the right.
Bottom line though is the sequestration wasn't nearly big enough to really make any sort of difference. The politicions scream and moan about it because the people paying them are upset about it.
Lets watch and see what comes out of the paul ryan negotiations.....I bet he rolls back some of the sequestration.
Austerity now isnt as bad of a thing as it was 2 years ago. Shrug. Austerity is great...at the right time. 2 years ago it was a horrific idea. a year from now...not so bad. right now? dunno.
Let's not forget that the GDP increase resulting from businesses rebuilding inventory (as most of the recent GDP growth has been), it isn't economic growth at all. We also need to recognize that GDP growth attributable to government spending is worse than nothing: it is doubly damaging in both loss of discretionary income and the suppression of future economic growth. America's total tax burden (federal, state and local) hit 27.1% in 2012 (RealClearMarkets - The Federal Government's Increasing Tax Impact On the Private Sector) -- far surpassing the 22.9% "optimal" tax burden, where the benefits of government reach their peak without depressing productive activity (http://www.ncpa.org/pdfs/st188.pdf). To put this in perspective, had the tax burden remained at the optimal rate since 1949 (when we first surpassed it), "the average American family would have had twice as much real income as it has today...on average, this represents over $750,000 in lost income over the lifetime of every American family" (http://www.ncpa.org/pdfs/st188.pdf).
The job creation figures we have seen during Obama's reign are even more pathetic considering we need 180,000 new jobs a month just to keep up with population growth, and almost half the jobs that are being created are government jobs: "Federal, state and local governments hired 41% of the total of 818,000 net additional jobs created in the United States during the month" (41% of Net New Jobs in November Were in Government | CNS News). Translation: even more of your paycheck being confiscated to pay for Big Government, and even more of your potential future income disappearing in the increasingly-crippled economy.
Three rounds of significant currency devaluation, and another $4 trillion added to the national debt for the working class to pay interest on, and we're supposed to be happy with a 3% GDP growth rate?
.
I am delighted we will be 3%, given an EU under 1%, and a global economy, 3% is amazingly great.
Natural rates worked well in the era when the world was round, but economically, as Friedman correctly notes, it is now flat.
The EU's rate is a drag on our economy.
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