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The economy is getting worse!
But that Dow sure looks good!
WASHINGTON The U.S. economy unexpectedly shrank from October through December for the first time since 2009, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles. The drop occurred despite stronger consumer spending and business investment.
"...an economy hampered by restrictive tax rates will never produce enough jobs or enough profits" JFK
I cheer for America. We do need some additional stimulus rather than continual congressional brinkmanship, though.
“Close tax loopholes that allow some of the truly wealthy to avoid paying their fair share,” Reagan vowed.
Did you read the article? What does Fox have to do with this?
It says that the contraction is due mostly to a one time cut in spending, particularly defense, and a contraction of inventory. That is not surprising with the fiscal cliff looming at that time. It also points out that Sandy was a drag.
Some quotes from the article:
"Economists said the drop in gross domestic product wasn't as bleak as it looked. The weakness was mainly the result of one-time factors. Government spending cuts and slower inventory growth, which can be volatile, subtracted a combined 2.6 percentage points from GDP."
"The plunge in defense spending in the October-December quarter followed a jump in the third quarter. The fluctuation might have reflected higher-than-usual spending that occurred in the July-September period in anticipation of government spending cuts later in the year. Some defense contractors reported lower government spending at the end of the year."
"Superstorm Sandy likely also dragged on growth by closing factories, disrupting shipping and shutting down retail stores. While the department did not specify Sandy's effect on GDP, it estimated that Sandy destroyed about $36 billion in private property and $8.6 billion in government property."
A key measure of consumer confidence plummeted this month after Americans noticed the reduction in their paychecks, the Conference Board reported Tuesday.
"Several trends, though, are expected to boost growth later this year.
"Home builders are stepping up construction to meet rising demand. That should create more construction jobs.
"And home prices are rising steadily. That tends to make Americans feel wealthier and more likely to spend. Housing could add as much as 1 percentage point to economic growth this year.
"In addition, auto sales reached their highest level in five years in 2012. That's boosting production and hiring at U.S. automakers and their suppliers."
This quote sums it up:
' "Frankly, this is the best-looking contraction in U.S. GDP you'll ever see," Paul Ashworth, an economist at Capital Economics, said in a research note. "The drag from defense spending and inventories is a one-off. The rest of the report is all encouraging." '
Sec13, you love to point out bad economic news in order to blame Obama. It must really bother you that the economy has been doing well for a while now.
The government spending fallacy is running rampant on the left. Even with defense spending being way down the 4Q, overall government spending was UP ($900B) over the 2Q ($825B) and 3Q ($840B). Yet those two quarters showed the mediocre modest growth gains that are becoming the Obama norm.
So what you are saying is the POTUS who won a close election deserves everything he wants? Remember the middle of America did not vote for him and they mean something to many in Congress...
you work hard, you get what you deserve...don't stand there with your hand out
It's Sandy's fault!
"Unexpected"... What planet are people living on!!?
Join the fight for YOUR liberty!
What did swr's post have to do with Obama or the election?
You fail to point out that other than entitlements, spending has not gone up. Entitlement spending has gone up not because of additional programs but because the citizens are aging. It is Obama's fault that the citizens are aging? The baby boomers paid into the entitlements. Unfortunately, it was squandered in earlier presidencies. When we showed a certain deficit, it was actually much higher. The higher deficits were hidden by offsets in extra entitlement contributions. Now, we are paying the price for the huge spending in years past. I.e., the big spending was under Carter and Reagan and we are now feeling the pain. We should have been saving the excess entitlement contributions then for today.
1) The President is the one that brings up Fox news.
2) A good economy / bad economy it doesn't change much for me. I'm more concerned with the millions that haven't been able to go back to work under this President.
3) "The economy has been doing well for a while now"...that's news to me and millions of others.
1) Does that mean it is relevant in every context? If a drunk drive hits a person and kills him, your response will include Fox News? What type of (lack of) logic is it that Obama metioned Fox News, and, therefore, it is correct to bring it up in any context?
2) You previously complained how the economy was hurting your sales. However, I do agree that people that are well off are better able to weather a bad economy.
3) No one has argued that the economy is doing well. Why argue against something no one is claiming. People have been claiming, correctly, that the economy is improving. Was the economy better in late 2008 and first quarter 2009? As people have been saying, it has improved a lot.
1) i don't bring it up on every thing and every time. Just in relation to the economy...like Barry did.
2) First, I own multiple businesses. One that actually may do better in a down economy. Second, I said that I was having to work harder for my sales. My sales are actually up in 2010 to 2011 and 2011 to 2012. But I have to work harder. That was my point.
3) No one has argued that the "economy is doing well"? I just quoted your comments. You said " It must really bother you that the economy has been doing well for a while now." . I just took you at your words...my bad.
Clearly the board liberals hate the truth when printed...it uncovers the facade of their pathetic President and his policies...
1) Nonsense. Obama brought it up in a general context, including gun control. "Barry" brought up in a context where it made sense. You didn't.
2) You used down sales because of Obama as a reason to not go ahead with plans for a wearhouse (I believe in AZ).
3) You're right.
How pathetic. You ignore my response to your post pointing out why it is a distortion. As usual, you run from facts. Instead, you quote your own dishonest post and respond to it claiming that liberals hate the truth. How ironic and typical of your posts.
1) we differing opinions here. But you will admit that Obama brought it up...before I did.
2) I used an unstable economic future (with a leader not pro-business) to stop the leasing of a large warehouse...in CA for a new business venture. This was part of a partnership with others. We originally were going to go with a more conservative approach if Obama got in. That turned to a complete shelving of the project until the middle of this year. My business in AZ does not suffer from a lack of sales. A/R is out a "few" more days than the past. But that is part of the extra work.
3) Remember that!
This post was edited by sec13graphics 15 months ago
Out of curiosity, what do you believe Romney would have done that benefits your business more than what Obama has done or will do?
How cowardly and conservative. No one responds to this post. Apparently, there is no good answer. Instead, because people do not like the facts, they give it two down votes while hiding. Conservatives need to learn to take responsibility for their actions.
He would have exploded the deficit and debt with even more unfunded tax cuts, just like Reagan and George W. Bush. Eurgh.
So, you're the conservative that downvoted me!
Another cowardly downvote. How conservative.
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