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What happened to all of the doom and gloom economic threads?
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IrezumiKiss
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Here Is The White House Spin On Today's Disappointing Economic Data
Submitted by Tyler Durden on 09/27/2012 12:57 -0400
BLSBureau of Labor StatisticsGreat DepressionGross Domestic ProductObama AdministrationPresident ObamaRecessionrecoveryWhite House
A massive 13% collapse in durable goods, the biggest since January 2009; a $20 billion miss to annualized Q2 GDP estimates, and well below the lowest estimate, 60+ weeks of constant upward BLS revisions to initial claims "data" and not to mention assorted atrocious economic (note: not to be confused with market - the two are now completely unlinked) data from around the globe. And what does the White House say: the data shows that the "US is making progress." We sure wouldn't want to know what it would look like if after 3 episodes of easing, trillions injected into the economy via the Fed, and of course $6 trillion in extra debt the US was not making progress. Oh and yes, everything else is Bush's fault.
Full statement from the White House's Alan Krueger:
Today's Economic Data
More than the usual amount of economic statistics were released this morning. As a whole, today’s economic news shows that while we are still fighting back from the worst economic crisis since the Great Depression, we are making progress. We lost more than 8 million jobs and GDP contracted by almost 5 percent as a result of the Great Recession. We have more work to do, but incorporating today’s preliminary benchmark revision to the employment figures released by the Bureau of Labor Statistics with their earlier data indicates that the economy has added nearly 5.1 million private sector jobs, on net, over the past 30 months. BLS announced that total employment likely grew by 386,000 more jobs than previously announced during the 12 months from March 2011 to March 2012, and by 453,000 more private sector jobs in that same time period. In the past decade, the absolute difference between the preliminary and final benchmark revision has averaged 37,000 jobs.
We also saw revised data released today showing that real GDP grew in the second quarter of 2012 by 1.3 percent at an annual rate. Real GDP growth in the second quarter was revised down due, in part, to a downward revision to agriculture inventories as a result of the devastating drought our nation faced this summer. The Obama Administration continues to take all available steps to mitigate the impacts of the drought, and has called on Congress to pass a farm bill that would spur growth and provide rural Americans with the certainty they deserve. We also learned today that the advance report of durable goods orders declined in August, largely as a result of a decline in orders for transportation equipment. Excluding the volatile transportation category, durable goods orders fell by 1.6 percent.
Today’s news shows that we must do more to strengthen our economy and promote job creation. Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs. The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation’s infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses.
While we are still rebuilding our economy and working to recover from the worst crisis since the Great Depression, we are making progress and the last thing we should do is return to the economic policies that failed us in the past. The revisions announced in today’s reports are a reminder that economic data are subject to large revisions. As a whole the pattern of revisions suggest that the recession that began at the end of 2007 was deeper than initially reported, and the jobs recovery over the last 2.5 years has been a bit stronger than initially reported, although much work remains to be done to return to full employment.
A
TIX
Here Is The White House Spin On Today's Disappointing Economic Data
Submitted by Tyler Durden on 09/27/2012 12:57 -0400
BLSBureau of Labor StatisticsGreat DepressionGross Domestic ProductObama AdministrationPresident ObamaRecessionrecoveryWhite House
A massive 13% collapse in durable goods, the biggest since January 2009; a $20 billion miss to annualized Q2 GDP estimates, and well below the lowest estimate, 60+ weeks of constant upward BLS revisions to initial claims "data" and not to mention assorted atrocious economic (note: not to be confused with market - the two are now completely unlinked) data from around the globe. And what does the White House say: the data shows that the "US is making progress." We sure wouldn't want to know what it would look like if after 3 episodes of easing, trillions injected into the economy via the Fed, and of course $6 trillion in extra debt the US was not making progress. Oh and yes, everything else is Bush's fault.
Full statement from the White House's Alan Krueger:
Today's Economic Data
More than the usual amount of economic statistics were released this morning. As a whole, today’s economic news shows that while we are still fighting back from the worst economic crisis since the Great Depression, we are making progress. We lost more than 8 million jobs and GDP contracted by almost 5 percent as a result of the Great Recession. We have more work to do, but incorporating today’s preliminary benchmark revision to the employment figures released by the Bureau of Labor Statistics with their earlier data indicates that the economy has added nearly 5.1 million private sector jobs, on net, over the past 30 months. BLS announced that total employment likely grew by 386,000 more jobs than previously announced during the 12 months from March 2011 to March 2012, and by 453,000 more private sector jobs in that same time period. In the past decade, the absolute difference between the preliminary and final benchmark revision has averaged 37,000 jobs.
We also saw revised data released today showing that real GDP grew in the second quarter of 2012 by 1.3 percent at an annual rate. Real GDP growth in the second quarter was revised down due, in part, to a downward revision to agriculture inventories as a result of the devastating drought our nation faced this summer. The Obama Administration continues to take all available steps to mitigate the impacts of the drought, and has called on Congress to pass a farm bill that would spur growth and provide rural Americans with the certainty they deserve. We also learned today that the advance report of durable goods orders declined in August, largely as a result of a decline in orders for transportation equipment. Excluding the volatile transportation category, durable goods orders fell by 1.6 percent.
Today’s news shows that we must do more to strengthen our economy and promote job creation. Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs. The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation’s infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses.
While we are still rebuilding our economy and working to recover from the worst crisis since the Great Depression, we are making progress and the last thing we should do is return to the economic policies that failed us in the past. The revisions announced in today’s reports are a reminder that economic data are subject to large revisions. As a whole the pattern of revisions suggest that the recession that began at the end of 2007 was deeper than initially reported, and the jobs recovery over the last 2.5 years has been a bit stronger than initially reported, although much work remains to be done to return to full employment.
garbage can
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What point would that be, sweetie?
Zumi, the point is.........Obama is killing jobs.
If you agree with his policies..... go with it.
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garbage can
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*laughing*......
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garbage can
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With 250 free minutes.
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RobDownSouth
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Especially when he makes a point.
His point was that employment was somehow more "crucial" now than at other times.
I can see where a hardcore unemployed guy such as yourself might have difficulty understanding that.
IrezumiKiss
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Oh, the Derp Squad® is doing the free phone thing in here, too, eh?
http://25.media.tumblr.com/tumblr_mb0s120Nqq1qz82gvo1_500.jpg
“Hi. I’m Matt Drudge. I’m not a racist, I swear! I just like to not-so-subtly perpetuate racial stereotypes. Also, can you believe all these freeloading minorities voting for Obama? Typical. Not that I’m trying to portray that with my cleverly-juxtaposed framegrab and headline. Again, I’m not a racist! Promise. Kthxbai!”
This “Obama Phone” thing has been all over the internet today.
Just to clear things up a bit, this program was originally started under Reagan for land-line phones as telephone service is considered a basic necessity.
The program for cell phones started in Tennessee in August of 2008 and in Florida in September of 2008 (before Obama was elected).
Here’s the snopes page on the subject.
http://www.snopes.com/politics/taxes/cellphone.asp
http://media.tumblr.com/tumblr_m9wofiCO961qa6g1m.gif
http://25.media.tumblr.com/tumblr_mb0s120Nqq1qz82gvo1_500.jpg
“Hi. I’m Matt Drudge. I’m not a racist, I swear! I just like to not-so-subtly perpetuate racial stereotypes. Also, can you believe all these freeloading minorities voting for Obama? Typical. Not that I’m trying to portray that with my cleverly-juxtaposed framegrab and headline. Again, I’m not a racist! Promise. Kthxbai!”
This “Obama Phone” thing has been all over the internet today.
Just to clear things up a bit, this program was originally started under Reagan for land-line phones as telephone service is considered a basic necessity.
The program for cell phones started in Tennessee in August of 2008 and in Florida in September of 2008 (before Obama was elected).
Here’s the snopes page on the subject.
http://www.snopes.com/politics/taxes/cellphone.asp
http://media.tumblr.com/tumblr_m9wofiCO961qa6g1m.gif
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A Supporter Makes the Case for Obama
By now you’re probably wondering how anyone other than Vladimir Putin could possibly support Obama’s reelection. Let’s get the answer straight from an Obamunist in the crucial swing state Ohio:
“Everybody in Cleveland, low minorities, got Obama phone. Keep Obama in president, you know. He gave us a phone, he gonna do more.”
How did Obama give her a free phone?
“You sign up! If you on food stamps, you on social security, you got low income, you disability…”
As for his opponent,
“Romney, he sucks! Bad.”
Watch for yourself as this apotheosis of our new ruling class explains why she will help flush your future away:
If you work for a living, you are this woman’s slave.
By now you’re probably wondering how anyone other than Vladimir Putin could possibly support Obama’s reelection. Let’s get the answer straight from an Obamunist in the crucial swing state Ohio:
“Everybody in Cleveland, low minorities, got Obama phone. Keep Obama in president, you know. He gave us a phone, he gonna do more.”
How did Obama give her a free phone?
“You sign up! If you on food stamps, you on social security, you got low income, you disability…”
As for his opponent,
“Romney, he sucks! Bad.”
Watch for yourself as this apotheosis of our new ruling class explains why she will help flush your future away:
If you work for a living, you are this woman’s slave.
IrezumiKiss
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http://24.media.tumblr.com/tumblr_mai2c2TpeL1qztsh3o1_500.jpg
Don’t Tell Anyone, but the Stimulus Worked
On the most basic level, the American Recovery and Reinvestment Act is responsible for saving and creating 2.5 million jobs. The majority of economists agree that it helped the economy grow by as much as 3.8 percent, and kept the unemployment rate from reaching 12 percent.
The stimulus is the reason, in fact, that most Americans are better off than they were four years ago, when the economy was in serious danger of shutting down.
But the stimulus did far more than stimulate: it protected the most vulnerable from the recession’s heavy winds. Of the act’s $840 billion final cost, $1.5 billion went to rent subsidies and emergency housing that kept 1.2 million people under roofs. (That’s why the recession didn’t produce rampant homelessness.) It increased spending on food stamps, unemployment benefits and Medicaid, keeping at least seven million Americans from falling below the poverty line.
And as [Michael Grunwald’s new book “The New New Deal”] shows, it made crucial investments in neglected economic sectors that are likely to pay off for decades.
http://diadoumenos.tumblr.com/post/31731197245
Don’t Tell Anyone, but the Stimulus Worked
On the most basic level, the American Recovery and Reinvestment Act is responsible for saving and creating 2.5 million jobs. The majority of economists agree that it helped the economy grow by as much as 3.8 percent, and kept the unemployment rate from reaching 12 percent.
The stimulus is the reason, in fact, that most Americans are better off than they were four years ago, when the economy was in serious danger of shutting down.
But the stimulus did far more than stimulate: it protected the most vulnerable from the recession’s heavy winds. Of the act’s $840 billion final cost, $1.5 billion went to rent subsidies and emergency housing that kept 1.2 million people under roofs. (That’s why the recession didn’t produce rampant homelessness.) It increased spending on food stamps, unemployment benefits and Medicaid, keeping at least seven million Americans from falling below the poverty line.
And as [Michael Grunwald’s new book “The New New Deal”] shows, it made crucial investments in neglected economic sectors that are likely to pay off for decades.
http://diadoumenos.tumblr.com/post/31731197245
garbage can
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Yes RDS, at 8.1% unemployment (U6 at 16%), I consider it a crises.
Perhaps you don't.
Which is why I piss on the regulatory job killing agencies.
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Americans’ Incomes Have Fallen $3,040 During the Obama “Recovery”…
Via Weekly Standard:
Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.
Yet it gets worse. Amazingly, incomes have dropped even more during the “recovery” than they did during the recession. In fact, they’ve dropped more than twice as much as they did during the recession. From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent. From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent. This begs the question: What kind of “recovery” compares unfavorably with the recession from which it’s ostensibly recovering?
Via Weekly Standard:
Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.
Yet it gets worse. Amazingly, incomes have dropped even more during the “recovery” than they did during the recession. In fact, they’ve dropped more than twice as much as they did during the recession. From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent. From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent. This begs the question: What kind of “recovery” compares unfavorably with the recession from which it’s ostensibly recovering?
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mercury14
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What about the unnecessary, preventable illnesses and deaths caused by coal pollutants and toxins? Are those people feeling it when they're in the emergency room at 1 am because their kid's asthma is flared up? Or when we have to have warnings on seafood because fish are now too full of mercury to be safe? Pregnant women are now warned not to eat fish such as tuna because of mercury levels high enough to cause neurological dysfunction in their fetus.
Fish are now unsafe to eat for one major reason: coal-fired power plants. And the problem is getting worse every day. You might not give a fuck about the food supply and the air we breathe going toxic but a lot of people do. And you can bitch about the cost of coal being a given value but your figures will always be badly off because you don't include the cost in healthcare, deaths, and damage that coal inflicts upon various other industries.
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Ulaven_Demorte
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You wouldn't know a Marxist or a socialist if the corpse of old Karl himself rose from the grave and bit you square on the ass.
Just keep spewing your usual tripe, and ignore any and all questions eh Vette.. Or pretend you didn't see it.. twice.. Par for the course.
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