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Thread: Economy's Biggest Drag Right Now Is Government

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    Economy's Biggest Drag Right Now Is Government

    Government has become its own worst enemy when it comes to the economy, with public spending putting a damper on growth that otherwise continues at a steady if unspectacular pace.
    Dennis Flaherty | Photographer's Choice RF | Getty Images


    Friday's gross domestic product report confirmed what a drag government can be: While consumer spending grew at a 2.9 percent clip, state and local governments cut back spending by 1.2 percent on an annualized basis and the federal government pulled back by 5.6 percent.
    As a result, the GDP number showed just a 2.2 percent improvement. The report disappointed economists, some of whom had the number as high as 3 percent and beyond, and cast an uncertain future on a stock market dependent on Federal Reserve stimulus for growth.
    "None of this is all that surprising, so where is the miss?" wondered Brown Brothers Harriman global currency strategist Marc Chandler, after noting some fairly pedestrian and in-line quarterly growth results. "Contrary to what passes as conventional wisdom, the main drag is coming from the government itself."

    News Headlines

    I love it, even NBC is straying from the re elect Obama narrative. With a whole summer to go, seems like it'll be a hot one for the administration.


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    Re: Economy's Biggest Drag Right Now Is Government

    I'm trying to understand what your point is here. Are you citing a need for an hike in government spending?

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    Re: Economy's Biggest Drag Right Now Is Government

    So public spending is cut back...GDP growth slows...and you're complaining that government is dragging down the economy? That makes absolutely no sense.
    Last edited by StillBallin75; 04-28-12 at 10:44 PM.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

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    Re: Economy's Biggest Drag Right Now Is Government

    Quote Originally Posted by Hare View Post
    I'm trying to understand what your point is here. Are you citing a need for an hike in government spending?

    congratulations! With my track record of arguing for less government, you have given the single most ironic post EVER!!!! And in one shot!

    Do me a favor and rush out to the kitchen and grab yourself a cookie!


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Economy's Biggest Drag Right Now Is Government

    Quote Originally Posted by StillBallin75 View Post
    So public spending is cut back...GDP growth slows...and you're complaining that government is dragging down the economy? That makes absolutely no sense.
    The point is that Obama's vision of central control is a failure.

    j-mac
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    Re: Economy's Biggest Drag Right Now Is Government

    Quote Originally Posted by j-mac View Post
    The point is that Obama's vision of central control is a failure.

    j-mac
    Yeah...the article didn't actually say anything to that effect.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

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    Re: Economy's Biggest Drag Right Now Is Government

    Quote Originally Posted by j-mac View Post
    congratulations! With my track record of arguing for less government, you have given the single most ironic post EVER!!!! And in one shot!

    Do me a favor and rush out to the kitchen and grab yourself a cookie!


    j-mac
    Quote Originally Posted by j-mac View Post
    The point is that Obama's vision of central control is a failure.

    j-mac
    Actually, the article cited a lack of spending and federal investment as the cause of lackluster growth. Little did I know you would post an article simply because they criticized someone of a differing party, and completely ignore the content within.

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    Re: Economy's Biggest Drag Right Now Is Government

    Quote Originally Posted by StillBallin75 View Post
    Yeah...the article didn't actually say anything to that effect.

    No, I did...Just now....You just read it. From me. Here. .... Ahh forget it...


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: Economy's Biggest Drag Right Now Is Government

    Quote Originally Posted by j-mac View Post
    congratulations! With my track record of arguing for less government, you have given the single most ironic post EVER!!!! And in one shot!

    Do me a favor and rush out to the kitchen and grab yourself a cookie!


    j-mac
    What's ironic is you citing an article which states that government outlays (including federal outlays) are decreasing, and then continuing to bitch about "Obama's vision of central control."
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

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    Re: Economy's Biggest Drag Right Now Is Government

    Quote Originally Posted by j-mac View Post
    I love it, even NBC is straying from the re elect Obama narrative. With a whole summer to go, seems like it'll be a hot one for the administration.
    It sounds like you don't even understand the implication of your own article: Reduced government spending = drag on the economy. I completely agree; thanks for posting this.

    This thread is an epic fail. But thanks for making a fool of yourself.
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