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really intelligent people would use one measure of the economy, one that isn't even that bad, and use it draw to broad conclusions about the entire state of the economy....well done
Oh, that's bad - really bad...for these reasons......
2
The extra 500 BILLION deficit represents, just in itself, a 2.5% yearly increase. In other words, by giving money away free (and it gets spent), that would be the "goose" just from the Deficit Tax cuts.
THEN, we have to look at another .5% at least from artificially lowered interest rates - in others words, not from organic growth. Again, free money. So that's 3% before we even add any actual production.
Worse of all, the anemic growth is mostly in health care and similar services - WHICH COSTS US EACH MONEY. In other words, if health care costs and military spending go up, GDP goes up...but you and I don't see anything except higher costs.
Basically the economy is stagnant. Add in the 6.5% yearly growth in the stock market for 2+ years (WAY less then normal) and the failing Real Estate Market in many places (NYC has actually crashed, coastal RE in New England is stagnant, etc.) and it certainly isn't an economic miracle.
I was just on the phone today with a friend who manages 10+ million worth of Real Estate in Coastal RI. The market sux. He just took 200K less for a house than he bought it for 3 years back. Another property simply won't sell at all. We have a luxe place for sale nearby....on the market for 6 months and not selling (and I looked...nothing else is either)....
This is the Big Lie - among many Big Lies...that things are going well. Some things are OK.....the many trillion in new debt and deficit will prop up consumers and businesses.
But, all in all, this is not a sustainable economy. We cannot be borrowing more and more and lowering interest rates in "boom times" to eek out 1.9%.
Well your anecdote settles it, it’s great economy.
At least here in MI it is. And really, that is what effects me the most. Especially after what happened in '07 here...the steady increase is definitely welcomed. Regardless of whom is to blame.
At least here in MI it is. And really, that is what effects me the most. Especially after what happened in '07 here...the steady increase is definitely welcomed. Regardless of whom is to blame.
Unemployment has been dropping for a decade, certainly we are better off than 2008 but that's not the point. The GDP is a prime indicator of the economy but it has been less than predicted while the deficit has been greater than expected, certainly not an indicator of a hot economy.
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