Adjustment of GDP … US Economy Shrunk By Most in Five Years in First Quarter, Commerce Dept Says – 2.9%
RECOVERY, WHAT OBAMA ECONOMIC RECOVERY?
Obamanomics at its finest … The Obama economy is worse than first reported. The GDP for QTR 1 for 2014 was not -1.0%, it was -2.9%!!! This marks the biggest decline since early 2009 when the Great Recession was winding down.
The U.S. economy contracted at a worse pace than previously estimated in the first quarter, marking its sharpest pullback since the recession ended five years ago.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 2.9% in the first three months of the year, according to the Commerce Department’s third reading released Wednesday. That was the fastest rate of decline since the first quarter of 2009, when output fell 5.9%.
Commerce had previously estimated output fell by 1% in the first quarter as manufacturers drew down inventories rather than produce new goods and as unusually harsh weather kept consumers at home and shut down work sites. Exports also declined after a surge late last year.
The media lap dogs sat “don’t freak out” with regards to the terrible GDP for Q1 2014. Hmm, would they be saying the same for GWB? Here are the excuses for the reason why you should not fret about the -2.9 GDP, it’s the weather’s fault, it’s not a final number:and other data show the economy is improving. Really, it’s not the final numbers? They just revised it down from -1% to -2.9%, do you mean it could get revised even lower?
More from Newsbusters and the liberal media spin.
And you thought 0.1% GDP was bad …
On Thursday the Commerce Department adjusted down the first quarter GDP, Gross domestic product, to – 1.0% for the first three months of 2014. The agency had initially last month estimated GDP grew at a 0.1% rate in the first quarter. Oops, missed it by that much. How’s that Obamanomics working out for you America? A recession is defined as a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. However, because job wages have remained stagnant, if you have one, while food prices are up, gas prices are up and energy prices are up, most Americans feel that we are still in a recession.
The recovery that wasn’t. Of course the Obama folks are quick to point to the harsh winter weather for the downturn. Hmm, what happened to global warming? But what happened in the first quarter of 2014 … how about Obamacare enrollment?
The United States GDP shrank at an annual rate of 1.0 percent in the first quarter of 2014, according to the second estimate released by the Commerce Department. It is the worst performance in three years and comes lower than a preliminary estimated 0.1 percent expansion, due to a sharper fall in private inventory investment and a bigger trade deficit.
The downturn in the percent change in real GDP primarily reflected a downturn in exports, a larger decrease in private inventory investment, and downturns in nonresidential fixed investment and in state and local government spending that were partly offset by an upturn in federal government spending.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.3 percent in the first quarter, 0.1 percentage point less than in the advance estimate; this index increased 1.5 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in the first quarter, compared with an increase of 1.8 percent in the fourth.
Barack Obama’s Incredible Shrinking US Economy, GDP Contracts to 0.1% in 4th Qtr of 2012 … Rick Santelli States, “We are Now Europe”
WAKE UP AMERICA AND EDUCATE YOURSELF BEFORE YOU BECOME EUROPEAN.
President Barack Obama, his minions and the complicit corrupt liberal media complex would have you believe the economy is getting better, even when it is not. Yesterday’s job report showed the stunning revelation that the US economy actually shrunk in the 4th quarter of 2012. As reported at CNBC, the economy shrank to a pathetic 0.1% in the 4th qtr. But Obama and his mouth pieces would have you believe that everything is A-O-K. In fact some Dems are prasing this as the greatest contraction of GDP ever. Of course it is, because Obama is president and anything bad is spun as good. Welcome to Obamaland.
The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That’s a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.
One individual who has been honest and upfront about President Obama’s disastrous economic policies and the dismal state of affairs in the United States is CNBC’s Rick Santelli. Following the terrible economic report, Santelli stated on CNC’s Squawk Box, “We are now Europe.”
Hey Joe,” Santelli said, “when you act like Europe, you get growth rates like Europe, and our discussions with economists sounds like we’re in Europe. They have the same discussions constantly.”
“They’re always doing the right thing,” he continued. “They’re always thinking they know better. And this is the kind of growth. We have become Europe. We are now Europe.”
Steve Liesman pushed back, “We reduced federal spending, government spending by 15 percent. Which part of that’s not Europe don’t you get?”
“And why do we need to reduce government spending?” asked Santelli. “Because we run trillion dollar deficits for crying out loud.”
Mitt Romney Mocks Barack Obama’s Latest Ridiculous Comments on the Economy with “It Worked” Ad … It Did Not Work, Latest GDP 1.5%
IT DID NOT FORK, IT EPICALLY FAILED!!!
Mitt Romney slams Barack Obama on his latest laughable and ridiculous statement that his polices have “worked” in the following political ad. As posted at Mitt Romney.com, the GOP presidential candidate questions how “it could have worked” if the unemployment rate has been above 8% for 41 straight months, if millions of Americans are on food stamps and millions of Americans are struggling to make ends meet. How could it possibly have worked?
The toughest question was whether he could say that no one in the White A few nights ago at a fundraiser, President Obama proudly proclaimed that his economic plan had “worked.”
Tell that to the millions of Americans now on food stamps.
Tell that to the millions of Americans struggling to make ends meet.
No Mr. President, it did not work.
The Gateway Pundit has the full text to the ad.
Barack, it worked? How about that anemic 1.5% GDP? It is obvious the economy is headed in the wrong direction. Exactly how is Obama going to raise taxes in the face of an economy going backwards? Barack Obama, it not only did not worked, it epically failed!!!
Gross domestic product expanded at a 1.5 percent annual rate between April and June, the weakest pace of growth since the third quarter of 2011, the Commerce Department said on Friday. Consensus estimates forecast growth at a 1.3 percent pace.
First-quarter growth was revised up to a 2.0 percent pace from the previously reported 1.9 percent. Output for the fourth quarter was raised to a 4.1 percent rate from 3.0 percent.
U.S. economic growth cooled in the first quarter as businesses cut back on investment and restocked shelves at a moderate pace, but stronger demand for automobiles softened the blow.
Gross domestic product expanded at a 2.2 percent annual rate, the Commerce Department said on Friday in its advance estimate, moderating from the fourth quarter’s 3 percent rate.
While that was below economists’ expectations for a 2.5 percent pace, a surge in consumer spending took some of the sting from the report. However, growth was still stronger than analysts’ predictions early in the quarter for an expansion below 1.5 percent.
Obamanomics has provided us the final pathetic GDP of 2011 … 1.7%.
More disappointing economic numbers under Obamanomics. Not only was the 2.8% 4th quarter GDP under the expected 3%. Also, personal consumption growth of 2.0% were below expectations of 2.4%. The GDP price index only grew by 0.4%, well below expectations of 1.9%.
That’s the final, pathetic growth number for 2011.
From the just-released GDP report:
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.
Check out the main reason as to why the GDP tanked. Funny how government spending has a way of artificially making things look better than they really are. However, eventually the government spending runs dry. As stated at Wizbang, blame it on
Rio government spending.
It says that all of the things you associate with positive economic developments (exports, consumer spending, et al) rose. And this is good. However, the second half of that sentence tells you all you need to know to discuss our economic woes directly and in plain English: Those gains were offset primarily by… wait for it…
•Local Government Spending
•State Government Spending
•Federal Government Spending
Are you joking, these are hardly the economic numbers that one gives 4 more years to an incumbent President. 1.7% GDP for 2011. That is down nearly half from 2010′s 3.0% GDP. During all this Obama has the nerve to tell us that the economy is getting better. However, in Obama in Wonderland where us is down and left is right, Obama will tell the American people that all is good. The fact of the matter is, the Obama recovery is a disaster.
Obamanonics vs. Reaganomics: One a Complete Failure, the Other a Resounding Success … “It was the best of times, it was the worst of times”
Call it a Tale of Two Presidencies, Obamanonics vs. Reaganomics.
You make the call which is which, it should not be too difficult to determine Obama from Reagan. Democrats and the MSM like to call Obama “Reaganesque;” however, any common sense thinking person knows Obama is “Carteresque”. The talking points of the LEFT is that Obama inherited a bad economy and they have constantly used that as an excuse. Flashback to Ronald Reagan, who inherited a worse economy from Jimmy Carter and turned it around. No one heard excused from President Reagan, they got results instead.
Ronald Reagan, Barack Obama – the two should never be mentioned in the same sentence
“It was the best of times [Reagan], it was the worst of times [Obama], it was the age of wisdom [Reagan], it was the age of foolishness [Obama], it was the epoch of belief [Reagan], it was the epoch of incredulity [Obama], it was the season of Light [Reagan], it was the season of Darkness [Obama], it was the spring of hope [Reagan], it was the winter of despair [Obama], we had everything before us [Reagan], we had nothing before us [Obama], we were all going direct to Heaven [Reagan], we were all going direct the other way [Obama] …
Democrats like to compare Barack Obama to former President Ronald Reagan, but do they really? Not after reading the Wallstreet Journal’s latest article spelling out the failed accomplishments of Obamanomics and the success of Reaganomics. No honest and thinking person could ever compare the two Presidents, the manner in which they went going about fixing a terrible economy and the results of their policies. The key words here were “honest” and “thinking”. The MSM seems to have amnesia when they compare Obama and Reagan forgetting the fact that “The Great Communicators” policies
The two presidents have a lot in common. Both inherited an American economy in collapse. And both applied daring, expensive remedies. Mr. Reagan passed the biggest tax cut ever, combined with an agenda of deregulation, monetary restraint and spending controls. Mr. Obama, of course, has given us a $1 trillion spending stimulus.
By the end of the summer of Reagan’s third year in office, the economy was soaring. The GDP growth rate was 5% and racing toward 7%, even 8% growth. In 1983 and ’84 output was growing so fast the biggest worry was that the economy would “overheat.” In the summer of 2011 we have an economy limping along at barely 1% growth and by some indications headed toward a “double-dip” recession. By the end of Reagan’s first term, it was Morning in America. Today there is gloomy talk of America in its twilight.
My purpose here is not more Reagan idolatry, but to point out an incontrovertible truth: One program for recovery worked, and the other hasn’t.
Posted August 29, 2011 by Scared Monkeys
Barack Obama, Budget Deficits, Economy, Energy, GDP, Government, Hope and Change, Jobs, Lost in Smallness, Media Bias, Misery Index, Nanny State - Big Government, National Debt, Obamacare, Obamanation, Obamanomics, Out of Control Spending, Ronald Wilson Reagan, Unemployment | 16 comments
Former Secretary of State Colin Powell Says “I haven’t decided who I’m going to vote for” in 2012 Presidential Election
This morning on CBS’s ‘Face the Nation’, Former Secretary of State Colin Powell stated that he had not “decided who he was going to vote for” in the 2012 Presidential election. It appears that Colin Powell has lost that Obama Luvin’ Feeling.After having crossed party lines and voting for Obama in 2008, Powell said that he was not necessarily going to support Obama for reelection in 2012. Really Colin? What was your first inkling to think this?
Discussion starts at the 7:15 mark of the above VIDEO
Former Secretary of State Colin Powell, who famously crossed party lines to vote for President Obama in 2008, said today that he’s not necessarily supporting the president for reelection in 2012.
“I haven’t decided who I’m going to vote for,” Powell said on CBS’ “Face the Nation.” “Just as was the case in 2008, I am going to watch the campaign unfold. In the course of my life I have voted for Democrats, I have voted for Republicans, I have changed from one four-year cycle to another.
Powell stated that there are plenty of interesting Republican candidates and that he will take a look; however, did not commit nor state who he thought was the front runner. The question that should have been asked of Powell and for obvious reasons was not by CBS was … in the past Mr. Powell you praised Barack Obama’s leadership style in 2008 in endorsing him and stated that before the election that Obama “has a definite way of doing business that will serve us well.” Do you still stand by those comments?
Hope and Change Obama Style.
The bad economic news of Barack Obama’s presidency just got worse. Everyone thought that the 1.3% GDP initially announced was bad, guess what sports fans, the Department of Commerce just revised it down to 1%. Add this to this weeks increase in first time unemployment benefits, the 9.1% unemployment rate and the an 18.2% underemployment rate. America cannot stand 4 more years of this nonsense.
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2011 (SECOND ESTIMATE)
CORPORATE PROFITS: SECOND QUARTER 2011 (PRELIMINARY)
Real gross domestic product — the output of goods and services produced by labor and property
located in the United States — increased at an annual rate of 1.0 percent in the second quarter of 2011,
(that is, from the first quarter to the second quarter), according to the “second” estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.
The GDP estimates released today are based on more complete source data than were available
for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 1.3
Barack Obama has earned his 26% approval and 71% disapproval rating on the economy. It was Obama who said that he would be judged on his handling of the economy in the 2012 election, wasn’t it? It sure was.
Stock Markets Drop Another 500+ Points … Thanks for the Hope & Change Barack Obama .. Does Not Deter Another Obama Vacation
THANK YOU BARACK OBAMA …
Good grief, DOW falls another 519 points today. A fantastic follow up to Monday’s fall of 634 points as President Barack Obama went on TV to calm the people and the markets and made matters worse. Lets face it, he has lost all credibility and no one has any confidence in Obama. For the second time in three days the stock markets collapse.
The Dow Jones industrial average is down 519, or 4.6 percent, to 10,720. It’s the third time in the last five trading days that the Dow lost more than 500 points. The S&P 500 is down 51 points, or 4.4 percent, to 1,121. The Nasdaq is down 101, or 4.1 percent, to 2,381.
Yet another Thank you Barack, T-notes are being sold at record lows. Now we hear that Moody’s is warning state and local governments could see credit downgrades. Add that to a 9%+ unemployment rate, an 18.0% underemployment rate, a GDP of 1.8% and an economic situation getting worse not better under Obama. So what does Barack Obama do with the utter mess he has created … why go on another vacation of course.
White House press secretary Jay Carney defends President Obama’s upcoming 10 day trip to Martha’s Vineyard. Carney is asked why the President is taking such a vacation when he constantly says he “will not rest” until the jobs issue is resolved. Here is the exchange: