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Started By
Message
re: First Quarter GDP Down 2.9%, Not 1%
Posted on 6/25/14 at 9:43 am to CptBengal
Posted on 6/25/14 at 9:43 am to CptBengal
quote:
Negative growth with the kind of stimulus the fed has enacted for the past six years is a sobering reality.
yeah, that Keynesian economics are a failed theory.
keynsian economics works awesome. The problem is that its only supposed to be applied for short bursts, and we have had deficit spending for 30 years. The problem is not the theory, its politicians.
anyway, i don't think the economy is in as bad shape as it looks from this report. Didn't New orleans close down for a few days due to snow? That was the case across the country. This does impact GDP.
Our economy has long term structural problems but this report is probably indicative of the weather related issues more than those structural problems.
eta: I can see republicans fricking this up.
This post was edited on 6/25/14 at 9:44 am
2
Posted on 6/25/14 at 9:47 am to Hawkeye95
quote:
Our economy has long term structural problems but this report is probably indicative of the weather related issues more than those structural problems.
quote:
US GDP has never fallen more than 1.5% except during or just before an NBER-defined recession since quarterly GDP records began in 1947.
It will take 3% growth every other quarter in 2014 to achieve 1.5% for the year. Good luck with that.
Posted on 6/25/14 at 9:54 am to Hawkeye95
Monetary stimulus is not "Keynesian economics"--that's fiscal stimulus. Neither is the deficit spending of "the last thirty years" Keynesian. Deficit spending (under Reagan and Bush) was based on the false belief that lowering taxes would make the economy just great.
Posted on 6/25/14 at 9:59 am to Bayou Sam
Luckily, Obamacare drove up health care spending 10% (the biggest increase in 35 years) which added 1.1% to GDP 
Posted on 6/25/14 at 10:02 am to MFn GIMP
quote:
I also don't remember these cnn type articles that say 2.9% contraction isn't a bad thing when Bush was in office. I remember articles about how horrible 1% growth was.
Hell - Clinton got away with running against 'the worst economy in 50 years' while the economy was growing at 2.3% = and the medial carried his water all the way thru the election, and then helped him claim the economy was good because the public trusted him to get elected and 'fix' things.
Posted on 6/25/14 at 10:13 am to UncleFestersLegs
quote:
Luckily, Obamacare drove up health care spending 10% (the biggest increase in 35 years) which added 1.1% to GDP
Sorry, but according to BI, this is not correct. That was the old forecast.
quote:
As expected, healthcare spending was revised down sharply. It went from adding 1.01 percentage points to subtracting 0.16 from the headline GDP growth number.
BI
From personal experience, those with the new high deductible plans are not going to the doctor. What used to cost $25 co pay is now $80 plus.
Posted on 6/25/14 at 10:19 am to Blakely Bimbo
quote:
Sorry, but according to BI, this is not correct. That was the old forecast.
quote:
between the second and final revision of Q1 GDP something dramatic happened: instead of contributing $40 billion to real GDP in Q1, Obamacare magically ended up subtracting $6.4 billion from GDP.
Watch for the "lost" $40 billion to be magically found in the next 2-3 quarters. Oct-Nov would make a nice headline dont you think?
Posted on 6/25/14 at 10:20 am to CollegeFBRules
quote:
It will take major league incompetence for Republicans to not sweep Dems out of office this cycle.
Like throwing their weight behind a guy like Thad Cochran?
Posted on 6/25/14 at 10:23 am to Blakely Bimbo
quote:Stimulus!
What used to cost $25 co pay is now $80 plus.
Posted on 6/25/14 at 10:24 am to Bayou Sam
quote:
Monetary stimulus is not "Keynesian economics"--that's fiscal stimulus. Neither is the deficit spending of "the last thirty years" Keynesian. Deficit spending (under Reagan and Bush) was based on the false belief that lowering taxes would make the economy just great.
Keynesian economics embraces both monetary and fiscal stimulus. Most prominent Keynesians have been arguing for more action on the fiscal side for years many criticising the stimulus as too small before it was even enacted.
And those attempting to say that the past few years show some sort of proof that Keynesian economics have failed: explain why. Inflation is low, the government can borrow at extremely low rates. If anything one should argue that more should have been done, especially from the fiscal side.
Posted on 6/25/14 at 10:26 am to CollegeFBRules
Economy is doing fine. We're in recovery. Republicans playing politics.
GDP being swiftboated
GDP being swiftboated
Posted on 6/25/14 at 10:30 am to VOLhalla
quote:
And those attempting to say that the past few years show some sort of proof that Keynesian economics have failed: explain why.
quote:How predictable!
If anything one should argue that more should have been done, especially from the fiscal side.
This post was edited on 6/25/14 at 10:31 am
Posted on 6/25/14 at 10:33 am to Taxing Authority
Those White House estimates were based on CBO estimates which severely underestimated the size of the recession. You're being deliberately deceptive.
Posted on 6/25/14 at 10:38 am to VOLhalla
quote:
Those White House estimates were based on CBO estimates which severely underestimated the size of the recession.
government incompetence is the justification for more government action? Brilliant. quote:Thera nothing deceptive about it.
You're being deliberately deceptive.
Posted on 6/25/14 at 10:39 am to EZE Tiger Fan
I call it main stream media bias.
The scym bastards are like the Pharisees vs Jesus, they are always looking to set traps for republicans.
I never thought our media would become such propagandist arms of one party.
The scym bastards are like the Pharisees vs Jesus, they are always looking to set traps for republicans.
I never thought our media would become such propagandist arms of one party.
Posted on 6/25/14 at 10:43 am to CollegeFBRules
YAY!!! Our chocolate rations have been increased from 30 grams to 25 grams! 
Posted on 6/25/14 at 10:50 am to Taxing Authority
quote:
government incompetence is the justification for more government action? Brilliant.
The CBO fails to accurately predict the size of a future recession so we should abandon any stimulus attempts when the recession occurs? Im glad you don't have any direct control over US fiscal or monetary policy. We would be screwed.
quote:
Thera nothing deceptive about it.
If it doesn't show deception then it certainly shows ignorance.
Posted on 6/25/14 at 10:53 am to Taxing Authority
quote:
government incompetence is the justification for more government action? Brilliant.
Government is the only answer to all of our problems comrade!
Posted on 6/25/14 at 11:08 am to VOLhalla
quote:
The CBO fails to accurately predict the size of a future recession so we should abandon any stimulus attempts when the recession occurs
Newly minted presidents have ALL pushed heavily for a stimulus the minute they are elected. Seems we are ALWAYS in a recession every 4th november
It has nothing to do with the economy. It's just paying back benefactors. Wake up.
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