GDP 1.3%. Look Out Below! v.Obamanomics fails hard

Obama and his Keynesian economic policies have been a total failure. Recession right around the corner.



Economy Grows at Sluggish 1.3%; Consumers Pull Back

Published: Friday, 29 Jul 2011 | 8:38 AM ET Text Size By: Reuters
Twitter LinkedInMore Share

The U.S. economy grew less than expected in the second quarter as consumer spending barely rose, and growth braked sharply in the prior quarter, a government report showed on Friday.

Growth in gross domestic product—a measure of all gooRAB and services produced within U.S. borders—rose at a 1.3 percent annual rate, the Commerce Department said.

First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent.

Economists had expected the economy to expand at a 1.8 percent rate in the second quarter.

In addition, fourth-quarter growth was revised down to a 2.3 percent pace from 3.1 percent, indicating that the economy had already started slowing before the high gasoline prices and supply chain disruptions from Japan hit.

Economists had expected the economy would show signs of perking up by now with Japan supply constraints easing and gasoline prices off their high, but data has disappointed.

This and the sharp downward revisions to the prior quarters suggest a more troubling and fundamental slowdown might be underway.
 
inflation close to 10%

GDP rises 1.3%

ib no one realizes that this means the economy is contracting (fewer gooRAB and services are being produced)
 
put a halt on defense and welfare spending or at least most of it. raise taxes on the wealthy. decrease taxes on small business. maybe come up with a program that will decrease taxes on big businesses who are willing to bring their overseas jobs back home, any other businesses who dont agree with it, close their tax loopholes. since those fuckers who are making record profits and isn't hiring new workers to begin with.
 
I'm sick of people blaming recessions and economic problems on one person. It's a lot of peoples/organisations fault that may have a huge temporal lag.
 
i dont think so, that is the only way to go about it.
similar to corporate budgeting.


but yea, we definitely need to focus on entitlements. unfortunately discretionary spending is always attacked and while some of it has merit, it is only a drop in the bucket.


yes you heard me right...a "liberal" that wants to address entitlement spending
 
i like your spirit.
but i side with a more fiscally conservative shift that may be a perfect compromise... ill detail it in the following post
 
Back
Top