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

[Beco]

WASHINGTON — The latest snapshot of economic growth shows the U.S. recovery remains tepid.

Growth in the July-September quarter climbed slightly but was still too weak to stir significantly more hiring. The pace of expansion rose to a 2 percent annual rate from 1.3 percent in the April-June quarter, led by more consumer and government spending.

 

[richard_daily]

WASHINGTON — The latest snapshot of economic growth shows the U.S. recovery remains tepid.

Growth in the July-September quarter climbed slightly but was still too weak to stir significantly more hiring. The pace of expansion rose to a 2 percent annual rate from 1.3 percent in the April-June quarter, led by more consumer and government spending.

A 65% rate of expansion is "a slight climb"?

Where are you C&Ping this from beco? I think they've got an agenda.

 

[Beco]

A 65% rate of expansion is "a slight climb"?

Where are you C&Ping this from beco? I think they've got an agenda.

Washington Post, who endorses Obama. Where are you seeing a 65% expansion?

 

[richard_daily]

Washington Post, who endorses Obama

Link the article.

 

[Beco]

Link the article.

business section, Washington post,.com

 

[RobDownSouth]

Link the article.

It was an Associated Press report.

GDP is down a full half-point due to an unusual drop in agricultural exports late this summer due to drought conditions in the midwest resulting in much lower than average crop yields.

But hey, there's no such thing as global warming. Just ask AJ.

Droughts are directly attributable to President Obama.

 

[phrodeau]

Washington Post, who endorses Obama. Where are you seeing a 65% expansion?

From 1.3% in one quarter to 2% in the next.

 

[Beco]

From 1.3% in one quarter to 2% in the next.

oh....sheesh, god all mighty, you got to be shitting me.....you're cheering 2% growth?

 

[phrodeau]

oh....sheesh, god all mighty, you got to be shitting me.....you're cheering 2% growth?

No matter how much you might want the economy to shrink, the fact remains that it is still growing.

 

[garbage can]

From 1.3% in one quarter to 2% in the next.

Just think of the bragging and cheering if it went from 1% to 2%.

 

[Beco]

No matter how much you might want the economy to shrink, the fact remains that it is still growing.

Thats not really growth, pal. Its more like stagnation....the economy is not growing at all and I wouldnt be proud of that 2% number unless you dont know any different

 

[phrodeau]

Thats not really growth, pal. Its more like stagnation....the economy is not growing at all and I wouldnt be proud of that 2% number unless you dont know any different

You posted the quote full of words like "growth" and "recovery", not me.

 

[Beco]

You posted the quote full of words like "growth" and "recovery", not me.

what???

led by more consumer and government spending.

 

[unregistered]

 

[Beco]

Whooptie god damn doo...you need more than that to stay abreast of attrition let alone affect the unemployment number.

they cheer 2%, I wonder if they even know what prosperity is like.....too young I guess

 

[phrodeau]

Whooptie god damn doo...you need more than that to stay abreast of attrition let alone affect the unemployment number.

The figures are adjusted for attrition.

If we saw 2% losses, you wouldn't be saying "whooptie god damn doo".

 

[Disgustipated]

they cheer 2%, I wonder if they even know what prosperity is like.....too young I guess

Please detail when your old ass experienced "prosperity."

 

[garbage can]

they cheer 2%, I wonder if they even know what prosperity is like.....too young I guess

Remember the "new normal."

 

[Beco]

Remember the "new normal."

that's right

 

[unregistered]

 

[Ham Murabi]

Pretty amazing isn't it, that 65 percent more than almost nothing is wildly applauded.

 

[RobDownSouth]

Pretty amazing isn't it, that 65 percent more than almost nothing is wildly applauded.

http://www.truewoman.com/assets/images/eeyore.jpg

 

[unregistered]

 

[Busybody]

Chronic Fatigue Economy

We borrowed $5 trillion and all we got was this lousy 1.7% growth.

.
The economy plowed ahead at a 2% growth rate in the third quarter, which thrilled more than a few of our liberal friends who think it's enough to re-elect President Obama. We'll soon find out if they're right, but there's no doubt their prosperity standards are slipping. In the third quarter of 1992, growth came in at 4.2% (3.4% for the year) and Democrats called it a catastrophe.

The third-quarter figure means that growth for the first nine months of 2012 has been a paltry 1.7%. That's slower than last year (1.8%), which was slower than the year before (2.4%). The current recovery has had only two quarters, but not a single year, with growth above 3%.


Assistant editorial page editor James Freeman on today's GDP report and corporate earnings reports this week. Photo: Associated Press
.Enlarge Image



As problematic is where the growth came from and where it has gone missing. Consumer spending provided the most lift, perhaps helped by the asset burst inspired by the Federal Reserve's money printing. If Mr. Obama is re-elected, he should buy dinner for Ben Bernanke and the Fed Governors for their in-kind political contributions. The problem is that consumers can't continue to spend if the overall economy doesn't grow fast enough to raise incomes faster than it is.

The other big third-quarter growth driver was federal government spending, which rose 9.6%. Overall government outlays rose 3.7% and accounted for about 0.7 percentage points of the 2% overall GDP increase. Economist David Malpass calculates that growth in private output was closer to 1.3%. So much for the private economy "doing fine" and the government slumming for dollars.

An even bigger worry is that private investment tanked in the quarter. Non-housing related investment contracted by 1.3%. Housing did rally thanks to new home construction. But the decline in business investment at this stage of a recovery signals a capital strike and a return to pessimism. Business investment is a leading indicator of future job and wage growth.


.Comparing this recovery from the bottom in June 2009 with previous rebounds continues to be very unflattering to Mr. Obama. Republicans on the Joint Economic Committee report that the typical growth rate at this stage of the previous nine recoveries (13 quarters) averaged 16.8%, and 19.6% in the Reagan expansion. The figure for this recovery is a meager 7.2%. That's about $1.2 trillion in foregone output. The budget deficit would be half as large today if this were a normal expansion.

The question is whether there is a reason to expect better in 2013. It's hard to see the investment outlook brightening when Democrats want to raise taxes on investment (capital gains and dividends). Higher tax rates (to 41% from 35%) on small businesses and subchapter S firms won't help hiring. The National Association of Manufacturers says its members will shed factory jobs next year if Washington jumps off the tax cliff, and until recent months manufacturing has been one of the economy's few bright spots.

So this is the dreary tale of Obamanomics: Keep borrowing more than $1 trillion a year and keep the Fed printing money at historic levels, in return for mediocre growth and stagnant incomes. The alternative is to stop punishing the employers, investors and workers who are the real source of growth. The Romney plan to cut tax rates, reform the tax code, restrain spending and repeal ObamaCare would be a good start.

Mr. Obama will spend the next 10 days trying to persuade voters that 1.7% growth is the best we can do. If he's re-elected, he's probably right.

A version of this article appeared October 27, 2012, on page A14 in the U.S. edition of The Wall Street Journal, with the headline: Chronic Fatigue Economy.

 

[Busybody]

Tee Hee.....Obama has a PLAN! YIPPEEEE,

Mo Curry vindicated!!!!!!!!!!!!!!!!


Thx CURRY

WHAT

Huh


Its the same plan as ROMNEY

You DONT SAY!!!!!!!!!!


You mean a BLACK guy stole something from a WHITE guy?????????????


Now thats something you dont see very often

Hey yo, CURRY

HO! has a plan

He steals it from Romney




White House Ponders New Tax Cut





by
Rick Moran

If imitation is the most sincere form of flattery, Mitt Romney should be bursting with pride.

Is this the October surprise?





The White House is weighing the idea of a tax cut that it believes would lift Americans’ take-home pay and boost a still-struggling economy, according to people familiar with the administration’s thinking, as the presidential candidates continue battling over whose tax policies would do more for the country.

Obama administration officials have concluded that the economy, while improved, is still fragile enough that it may need another bout of stimulus. The tax cut could replace the payroll tax cut championed by President Obama in 2011 and 2012, which was designed as a buffer against economic shocks such as the financial crisis in Europe and high oil prices. It expires at year’s end.

The new tax cut could provide hundreds of dollars or more a year to workers and show up in every paycheck. It may be similar to a tax cut Americans received in 2009 and 2010, which provided up to $400 for individuals and $800 for married couples, sources close to the administration said.

The administration’s work on the proposal comes as each presidential candidate is under intense pressure to demonstrate he has the better tax plan. During the campaign, Obama has insisted that he wants to keep taxes from rising for the middle class while increasing them on the wealthy as a way of shoring up the country’s finances. His challenger, Mitt Romney, has sharply criticized Obama’s approach, saying any new taxes would crimp economic growth, while also calling the White House’s earlier stimulus efforts a failure.

The Romney campaign and top Republican lawmakers declined Friday to provide comment specifically about the tax cut being considered by the White House.

Romney’s plan would include reform as well as rate cuts so Obama’s cheap trick isn’t so much imitation as it is desperation. And there is nothing being said by the White House about corporate taxes — the highest in the developed world.

Clearly, the Romney tax plan has the Obama campaign worried and feel that they need to counter. It is doubtful many voters would buy into the president’s deathbed conversion on taxes, but any movement toward Obama at this point would be unwelcome.