Economy worse than thought

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Economy worse than thought

#1  Postby FACT-MAN-2 » Jun 26, 2013 5:41 pm

This things appears to have ground almost to a halt ...


U.S. GDP In First Quarter Worse Than Previously Announced, Exposing Austerity Folly
By Mark GongloffPosted: 06/26/2013 8:30 am EDT | Updated: 06/26/2013 11:15 am EDT
http://www.huffingtonpost.com/2013/06/2 ... 02310.html

A dramatic downgrade of U.S. economic growth in the first quarter revealed the economy's lingering weakness, exposed the folly of Washington's austerity obsession and slapped the Federal Reserve's newfound optimism right in the face.

Gross domestic product grew at just a 1.8 percent annualized pace in the first quarter, the Bureau of Economic Analysis said on Wednesday, revising down its earlier estimate of 2.4 percent growth. Economists had expected no change in the BEA's third effort at estimating GDP, and such sharp revisions are rare in a third estimate.

The first quarter's dismal growth was at least better than the 0.4 percent GDP growth of the fourth quarter of 2012. But it was still far from healthy, and economists don't see it getting much stronger any time soon. Paul Edelstein, director of financial economics at the research firm IHS Global Insight, now estimates the U.S. economy will grow by just 1.6 percent this year, down from an earlier estimate of 1.8 percent. That is well below the economy's long-term average growth rate of 3 percent or so. It means the economy is vulnerable to shocks and that it will be much more difficult to bring unemployment down quickly from 7.6 percent.

Continues ...
Capitalism is obsolete, yet we keep dancing with its corpse.

When will large scale corporate capitalism and government metamorphose to embrace modern thinking and allow us to live sustainably?
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Re: Economy worse than thought

#2  Postby Macdoc » Jun 26, 2013 9:07 pm

1.6% growth for the worlds largest economy is "coming to a halt".....what a fucking bunch of codswallop.

The US is doing okay - who gives a fuck what the soothsayers say the metrics are all lies anyway.

The real hit will be as the US military scales down even further. Frontier economic growth is over and some sectors like electronics are and have been in deflation for years which is never measured in "getting more for less".

Europe has ongoing issues....the US is working okay.

Eurostat data was released on Wednesday (15th) and are relative to GDP in the euro area in the first quarter of 2013.

On average, the regional GDP fell 0.2% in the first part of 2013 compared to the previous quarter and 1% in the previous year.

The euro zone is in recession for six consecutive quarters, the longest recession since the area data began to be recorded in 1995.


http://english.pravda.ru/world/europe/1 ... economy-0/
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Re: Economy worse than thought

#3  Postby laklak » Jun 26, 2013 9:25 pm

So, the economy is growing faster than it did last year and is on track for a 1.6 - 1.8% annualized growth, despite "austerity" and the non-event of the sequester. That's better than it did the while Obama was "stimulating" the economy. When the stimulus didn't do shit the standard excuse was it wasn't stimulating enough and needed mo' money. Perhaps we should use the same logic here and say the reason the economy isn't expanding as fast as originally estimated is we haven't been austere enough. The housing market (around here, at least) is roaring back, we're seeing bidding wars again. Mortgage money is flowing, houses are selling, construction starts are up, interest rates are starting to climb again - where's the issue? We aren't out of the woods yet, but we're starting to see a bit of light filtering through the trees.

Until Obama declares martial law and sends us all to FEMA death camps, of course.
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Re: Economy worse than thought

#4  Postby kennyc » Jun 26, 2013 9:55 pm

What? Wait, FEMA death camps? That's not til next year is it????
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Re: Economy worse than thought

#5  Postby laklak » Jun 26, 2013 10:00 pm

They've moved up the timetable in response to the IRS scandal, or maybe it was ordered by the lizards. Obama will be in Africa when it happens, so he can again say "I dunno".
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Re: Economy worse than thought

#6  Postby FACT-MAN-2 » Jun 27, 2013 12:42 am

laklak wrote:They've moved up the timetable in response to the IRS scandal, or maybe it was ordered by the lizards. Obama will be in Africa when it happens, so he can again say "I dunno".

It seems that almost every thread that's started in this forum turns into jibberish almost immediately. No wonder anyone with more than two brain cells ever participates.
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Re: Economy worse than thought

#7  Postby kennyc » Jun 27, 2013 12:48 am

See-ya!
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Re: Economy worse than thought

#8  Postby Macdoc » Jun 27, 2013 3:03 am

This things appears to have ground almost to a halt ...


nonsense like this....what would expect other than ridicule...:coffee:
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Re: Economy worse than thought

#9  Postby Arjan Dirkse » Jun 27, 2013 3:09 am

I stopped trying to understand a while back. It makes me feel soooo much better. :grin:

The economy shrinks 0.2 % in the EU, and everybody panics the fuck out...it's just getting silly.
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