What happened to all of the doom and gloom economic threads?

[Busybody]

Food Stamp Use Has Increased 10 Times That Of Job Creation Under Obama




Food Stamp President, it’s a good thing, isn’t it?

Via The Daily Caller:


South Dakota Republican Sen. John Thune and Indiana Republican Rep. Marlin Stutzman introduced legislation Thursday aimed at saving $30 billion in the Supplemental Nutrition Assistance Program over a decade.

Thune and Stutzman said their “Streamlining the Supplemental Nutrition Assistance Program Act” would eliminate waste, fraud, and abuse and close loopholes in a program that, under President Obama, has seen participation increase from 32 million to 47.8 million people and spending double to $80 billion in fiscal year 2012.

“Since President Obama came into office, SNAP participation has increased at 10 times the rate of job creation, the annual spending on SNAP has doubled, and one in seven Americans now participates in SNAP,” Thune said in a statement.

 

[unregistered]

 

[Busybody]

US GDP Will Be Revised Higher By $500 Billion Following Addition Of "Intangibles" To Economy


Those who have been following the US debt to GDP ratio now that the US officially does not have a debt ceiling indefinitely, may have had the occasional panic attack seeing how this country's leverage ratio is rapidly approaching that of a Troika case study of a PIIG in complete failure. And at 107% debt/GDP no explanations are necessary. Luckily, the official gatekeepers of America's economic growth (with decimal point precision), the Bureau of Economic Analysis have a plan on how to make the US economy, which is now growing at an abysmal 1.5% annualized pace, or about 5 times slower than US debt growing at 7.5% annually, catch up: magically make up a number out of thin air, and add it to the total. And it literally is out of thin air: according to the FT the addition will constitute of a one-time addition of intangibles, amounting to 3% of total US GDP, or more than the size of Belgium at $500 billion, to the US economy.

From FT:






The US economy will officially become 3 per cent bigger in July as part of a shake-up that will see government statistics take into account 21st century components such as film royalties and spending on research and development.


Billions of dollars of intangible assets will enter the gross domestic product of the world’s largest economy in a revision aimed at capturing the changing nature of US output.


Brent Moulton, who manages the national accounts at the Bureau of Economic Analysis, told the Financial Times that the update was the biggest since computer software was added to the accounts in 1999.


“We are carrying these major changes all the way back in time – which for us means to 1929 – so we are essentially rewriting economic history,” said Mr Moulton.

What exactly will constitute GDP growth going forward? In a word, intangibles: films, books, magazines and iTunes songs.






“We’re capitalising research and development and also this category referred to as entertainment, literary and artistic originals, which would be things like motion picture originals, long-lasting television programmes, books and sound recordings,” said Mr Moulton.


At present, R&D counts as a cost of doing business, so the final output of Apple iPads is included in GDP but the research done to create them is not. R&D will now count as an investment, adding a bit more than 2 per cent to the measured size of the economy.

Nothing like adding intangibles in the fluid, ever-changing definition of what constitutes an economy.

Naturally, the only reason for this artificial "boost" to the US economy which apparently can be any old arbitrary number agreed upon by a few accountants, and which always goes up post revision, never down, is to make US debt/GDP under 100% once again, if only very briefly. Surely a few months later something else can be "added" to GDP making the US economy appear better than it is once more.http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/04/Commercial%20Bank%20Loans%20and%20Leases_0.jpg

Finally, all of the above is a distraction for idiots.

As most people should know by know (this logically excludes economists), the only factor leading to economic "growth" is the expansion of liabilities of the financial system, whereby new credit (in a healthy environment, not one centrally-planned by several Princeton real-world rejects, where the central bank is forced to create all credit expansion with money that never leaves the banks and the capital markets closed loop) creates new money, creates demand for products and services, and circulates in the economy.

This can be seen in the chart below which shows the nearly perfect correlation between total bank liabilities in the US, as per the Fed's Flow Of Funds report, and total US GDP.



Bottom line: the BEA can capitalize air consumption if it thinks it will make US GDP soar, but unless new credit and bank liabilities are created not due to forced supply but demand, and unless the private financial sector is finally willing to start lending money (which for the entire duration of QE it has not) US growth will stall and then proceed to decline.

Case in point: total US commerical bank loans are still lower than they were the day Lehman filed.



In other words, all the GDP "growth" since the Lehman failure has come on the back of money "created" by the Fed.

And there are still those who think the Fed will ever unwind...

 

[mercury14]

Obviously they didn't get an explanation of Obama care from Merc.


Opthamologists walk out of Obamacare talk at national medical meeting
Posted at 4:30 pm on April 21, 2013 by Twitchy Staff

"Drs are literally walking out of this talk on implementing,complying with Obamacare.We are men and women of the mind not mindless drones.
11:37 AM - 21 Apr 2013

Tweeted by:

Kris Held,MD @kksheld

Good source, Vette!

Kris Held,MD @kksheld

ConservativeChristianPhysician/Patient/Survivor/Wife/Mother of 4 daughters/smallbizowner/on a mission to get govt out of medicine/Texan

 

[Busybody]

Good source, Vette!

so the story isn't true?

they didn't walk out?

tell us!


THE STORY ISNT TRUE?

THEY DIDNT WALK OUT?

 

[unregistered]

 

[Busybody]

HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D): Food stamp growth up 10x job growth, says Thune.

 

[unregistered]

 

[Busybody]

so the story isn't true?

they didn't walk out?

tell us!


THE STORY ISNT TRUE?

THEY DIDNT WALK OUT?

tell us

we'll wait

 

[mercury14]

Merc denies the tweet of a participant. Attack the source, attack the source.

I'm sure she tweeted it. And despite her blather she can't find any evidence that any kind of significant amount of doctors are getting out of the field. Hell, she's even staying in the field.

 

[Busybody]

Merc denies the tweet of a participant. Attack the source, attack the source.

I note the participant is a MOTHER of 4


Werent MOTHERS supposed to be ANGELS?????????

 

[unregistered]

 

[mercury14]

Go read her Twitter feed, it's straight-up Jeninflorida.

"We doctors will not follow the new rules!"

Oh shut the fuck up, you will and in fact you already are.

 

[Busybody]

I'm sure she tweeted it. And despite her blather she can't find any evidence that any kind of significant amount of doctors are getting out of the field. Hell, she's even staying in the field.

did she say ANYTHING about Dr's leaving the FIELD? Did she say she was LEAVING the field?

where?

show us?

Its OK, we got time

We'll wait

 

[Busybody]

Go read her Twitter feed, it's straight-up Jeninflorida.

we must not judge

had we judged

the terror bombers would have been in jail based on their TWITTER FEED

 

[mercury14]

did she say ANYTHING about Dr's leaving the FIELD? Did she say she was LEAVING the field?

where?

show us?

Its OK, we got time

We'll wait

Okay.

Kris Held,MD ‏@kksheld 16h

@NCinquemani That's what many Drs are doing,if they're not leaving medicine altogether.Hope Doc Barack can care 4 all his patients.

 

[unregistered]

 

[Busybody]

Okay.

we all have read many stories like that

is it NOT TRUE?

 

[mercury14]

Kris Held,MD ‏@kksheld 19 Apr

@drnickUSA Our weakness and submission to the oppressive government takeover of medicine has reduced us to complicit enabling minions.

Kris Held,MD ‏@kksheld 19 Apr

@drnickUSA We owe it to our patients and profession to free ourselves of the oppressive unethical forces of Gov-controlled medicine.

And... drum roll please....

Kris Held,MD ‏@kksheld 19 Apr

Obamacare is stealth genocide orchestrated by progressives who believe the world's problems stem from overpopulation.

 

[mercury14]

People are beginning to reject Obama care, Merc doesn't want to face it. people are saying, "fuck this shit."

It's true because you read anecdotes from a conservative propaganda mill, right?

This lady is the misinformed lesbian love-child of Michelle Bachmann and Jeninflorida. Great source Vette!

 

[unregistered]

 

[mercury14]

Conservatives complain that not enough is being done to educate patients and providers about the changes. Okay, legitimate criticism.

Then conservatives turn around and promote walking out on attempts to provide the very education they claim is so necessary.

 

[mercury14]

Truth? Who cares says HillMerc, it's all about the source.

Yes I think your sources should be examined, as should mine. Your source is clearly a misinformed liar as evidenced by her Twitter feed and she provided exactly zero evidence for anything she said. Therefore why are you taking her Tweets as gospel truth - or even seriously at all?

 

[unregistered]

 

[RobDownSouth]

People are beginning to reject Obama care, Merc doesn't want to face it. people are saying, "fuck this shit."

No they're not. That's a lie.

Once again you bring shame to yourself, your family and the United States Marine Corps.