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Thread: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

  1. #81
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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Maenad View Post
    My point: Obama is the ONLY president who has for years consistently blamed 'the previous administration.' Stop your golden Sonny Boy. He's the guilty party.
    A, he's not my golden boy, apparently you've missed my larger than life criticisms of him! And B,


    Bush Administration Blames Bill Clinton for Deficit

    Trish Ponder | Jul 28, 2008
    It’s not just me and you who don’t have enough money to go around. The Bush administration has pushed the government to the point of bankruptcy too. Starting Oct. 1, when the 2009 fiscal year begins, we are toast.

    We have just got to get somebody smart in the Oval Office again. America can’t survive another mean-spirited, half-wit puppet president.
    The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.

    The deficit would amount to roughly 3.5 percent of the nation’s $14 trillion economy.

    The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.

    http://www.pensitoreview.com/2008/07...n-for-deficit/
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Taylor View Post
    Gee, you think?

    Given enough time, even the "experts" are able to figure it out.
    When it all cones crumbling down, they don't want to end up on the wrong side of history.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Verax View Post
    Meh, it'll get better eventually, should be steaming ahead by 2016-2018. Back when this first happened it was predicted at the Bilderberg meeting there would be a decade of stagflation. This is our lost decade and we haven't done enough to fix what caused it, oh well we get what we ask for I guess.
    It won't get better until the government stops trying to fix everything.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Carjosse View Post
    Well from reading the Globe and Mail, no one is really concerned since 4% growth is expected next quarter.
    Are you sure you weren't looking at 2013? Yes, many overseas economies are anticipating strong 3rd quarter growth and that could bode well for our export industries, but I am not seeing that much optimism here in the USA. As long as the government spending is strong, our GDP holds up pretty well, but when the government isn't infusing massive amounts of dollars into the economy, the private sector economy is just too anemic and flat to look good at all. You can't have the highest percentage of people out of work or underemployed since the Great Depression and think the economy is strong.
    "I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it." --Benjamin Franklin 1776

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by AlbqOwl View Post
    Are you sure you weren't looking at 2013? Yes, many overseas economies are anticipating strong 3rd quarter growth and that could bode well for our export industries, but I am not seeing that much optimism here in the USA. As long as the government spending is strong, our GDP holds up pretty well, but when the government isn't infusing massive amounts of dollars into the economy, the private sector economy is just too anemic and flat to look good at all. You can't have the highest percentage of people out of work or underemployed since the Great Depression and think the economy is strong.
    The report by the Commerce Department is history – more recent indicators, including hiring data, retail sales and consumer confidence surveys, show the U.S. economy has regained pace. Some economists estimate America’s gross domestic product could surge to an annual rate of growth of 4 per cent in the second quarter.
    Nope definitely next quarter, it is form here, by the way. The Globe is also not a Liberal newspaper for context though in the U.S. maybe. It is also the 5th thing on the front page right under teacher strikes, the foreign worker program controversy, an explosion in Nigeria, and who will lead the Ontario PCs.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by apdst View Post
    It won't get better until the government stops trying to fix everything.
    I don't agree with regard to laws and regulation, they could have stopped a lot of the worst things that the private sector caused. However instead since we didn't regulate them properly I really wish the government had let all the filthy banks that made bad bets eat **** and die back in 2008. I know people say the collateral damage would have been too horrendous, but now we're stuck with these crony capitalist organizations that know they will be bailed out no matter what they do.

    We could fix this problem either with regulation or letting them die, but instead we did neither and let them sit in the middle and get the best of both worlds riding on the back of the country.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Montecresto View Post
    Right, I've already expressed that our current state of affairs is Obama's fault, and you have conceded that his predecessors caused the problem to begin with. So together we have proved that neither party can govern, now we just have to get the rest on board so we can dispense with them both and build a new party that has you and me and every Americans interest and not just the corporate interest!
    I will quibble a wee bit with you on one point. I do believe the Democratic Party, as it exists today, is incapable of any kind of sensible or rational policy that could make a positive difference and on that account they are incapable of COMPETENTLY governing. I am not convinced that the GOP, given its existing leadership, is incapable of doing so. They might CHOOSE not to do so. But I do believe there is a tremendous amount of competence and savvy there if the right motivation could be applied.
    "I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it." --Benjamin Franklin 1776

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Visbek;1063448597]Please learn the facts. The tax incentives included:

    - Individual payroll tax cut of $400 per worker / $800 per couple for anyone under $75k / $150k couple
    - Temporary increase in the threshold for AMT
    - Expansion of child tax credit
    - Expanded college tuition credit
    - 1st time home buyer rebates
    - Exclude initial $4200 of unemployment insurance from taxation
    - Home energy credits
    - Deductions for sales taxes on cars
    - Increase business allowances for current losses to offset past profits
    - Tax credit for government contractors
    - Depreciation bonuses
    Are you really this bullheaded. Do you understand what payroll taxes fund? Do you understand what a rebate is? How does giving you 500 stimulate the economy long term? Income tax cuts stimulate the economy because they are ongoing. Where is your SS and Medicare funding going to come from thanks to the Payroll tax cuts?

    Child tax credit? How about the millions and millions who don't have children? Good for how long?

    Tuition credit? wow, now there is a job creator and stimulator

    First time home owner rebate? Great, don't you have to have a job to buy a home and continue to make the payments?

    $4200 in unemployment insurance excluded from taxes? Nice long term benefit, isn't it?

    I could go on but your comments are ridiculous and show why we have such a poor economy now. You don't understand economics, you don't understand the budget, you don't understand your own budget, or how to create jobs in a private sector economy. There is a disconnect between what you know and what the public in general sees. One of you are wrong, which one do you think it is?


    Do you know what a temporary increase in AMT Means? Try understanding temporary and how does that affect the income of individuals today long term?

    So again: 4 years of growth, for 2 years of stimulus, is "short term?"
    Poor economic growth to a liberal is still growth to be touted? Want to see growth, look at the Reagan years with a recession complicated by a very high misery index due to high inflation and high unemployment. You seem to have very low standards. Think that has anything to do with your personal performance levels?



    How? By allowing kids up to age 26 to stay on their parents' insurance? By stopping insurers from redlining people with pre-existing conditions? By adopting the Romney/Heritage "personal responsibility principle," and pushing people to get insurance before they need it? By pushing hospitals to reveal their actual costs? By establishing exchanges -- something even McConnell, arch enemy of the ACA, wants to keep -- that put insurers into direct competition? By not setting up a single-payer system?
    You really don't like this country much, do you? So now children are up to the age of 26? Why 26? Where is the incentive to get a job? Don't people have to have a job to make the long term payments on any program and that doesn't seem to be working out very well. We still have fewer people working today than when the recession began but to hear Obama supporters this is utopia. Just goes to show that actual results don't matter.


    Yes, it usually goes up in a recession -- temporarily. And a lot of the big spike was census hiring.
    Yep, 7.3 million part time employees today according to BLS and all want full time work but cannot find it. Any suggestions? You think Obama policies create incentives to hire?


    Uh, yeah.. no. Progressives do think that government is capable of doing some tasks that the private sector cannot, and offer a mechanism for oversight of the abusive players in the private sector. No one wants to "grow government for the sake of growing government." (Similarly, few Republicans want to "shrink government for the sake of shrinking government.")
    How is that working out for our Veterans? how is that working out for those of us that actually pay taxes to the IRS? You think the govt. can do tasks that the private sector cannot? What tasks would that be? Do you understand that our Founders had a part time legislature? Works in TX now, why not at the Federal level? Why do we need a 3.9 trillion dollar federal budget?

    Yes and yes. Uncertainty happens. Corporate America's response, by the way, has been to pare back work forces as much as possible, hoard cash, and make record profits during the Obama years. Yeah, they're obviously running scared.....
    Corporate America doesn't drive the U.S. economy, the small businesses many of whom are Mom and Pop operations do and Obama is doing nothing to help them. Those are the people that are now unemployed and not counted in the BLS data. Business isn't in business to provide you a job, they are in business to make a profit for their shareholders many of whom simply don't like living on $800 a month in SS benefits.

    It IS one quarter. Don't worry, we'll see in just a few months.
    We have had over 5 years of stagnant economic growth, high unemployment, high debt. When is enough enough for people like you?



    Personal consumption, business spending (including commercial real estate and inventories), government spending (less than 20% of GDP), exports/imports (exports increase, imports decrease).

    So, you tell me. How did spending $600 billion in 2009 and 2010 lead to a $1.7 trillion increase in GDP between 2010 and 2013?
    When you figure out the components of GDP and what they contribute you will have your answer. I could give you the answer but then you would just ignore it

  9. #89
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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Carjosse View Post
    Nope definitely next quarter, it is form here, by the way. The Globe is also not a Liberal newspaper for context though in the U.S. maybe. It is also the 5th thing on the front page right under teacher strikes, the foreign worker program controversy, an explosion in Nigeria, and who will lead the Ontario PCs.
    They were talking about this quarter though I think--2nd quarter--rather than next quarter. And from where I sit I think they seriously missed the mark on a 2nd quarter surge to 4%. We won't know what the 2nd quarter numbers are for some time. I am assuming that 2nd quarter means April - May - June.
    "I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it." --Benjamin Franklin 1776

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Visbek;1063448651]Yep.

    Lots of individuals have more debts than their net worth -- most of it being a mortgage. That's not being fiscally irresponsible, as long as you can pay your mortgage on time.
    Similarly, the US government can certainly make its payments, especially when interest rates are still near historical lows.
    Unlike individual debts, governments are expected to have debts that roll over and continue into perpetuity.
    It turns out that high debts don't stifle economic growth. Reinhart and Rogoff made some fatal errors in their claims. (You, uh, do know what I'm talking about, yes? )
    Many of the debts are actually due to Bush 43's policies and the recession. He cut taxes during wartime (which is unprecedented), he created a whole new entitlement (Medicare Part D). Tax revenues usually fall during a recession, while the need to spend increases.
    When people have more debt than net worth they stop spending, Obama just steps on the gas. High debt doesn't style the economy because the Fed is keeping interest rates low and flooding the market with cash.

    You continue to always blame someone else. Budgets are yearly, deficits are yearly, and deficits are added to the debt. Obama inherited a 10.6 trillion dollar debt, signed the 2009 budget, and has added 6.8 trillion to the debt in less than 6 yrs. and that has nothing to do with Bush. Stop having such low expectations



    Actually, his rating isn't that much lower than most of his tenure, it's better than Bush 43 at the same point in his tenure, and comparable to Bush 41. Some of it is policies, some is economics, some is personality. And his approval rating is insufficient to prove that he is "tanking the economy" -- as is one quarter of negative GDP growth.
    There are fewer people working today than when the recession began, debt service is about 250 billion a year, 7.3 million Americans are working part time and want full time employment. What is your definition of a good economy? Suggest you get your nose out of the books and get out and find out what is happening


    The gap between the rich and the poor has been growing mostly because of Bush 43 tax cuts, which got locked in, and for which Republicans were nearly willing to fight to the death to protect. How you imagine that is Obama's fault is beyond me....
    The individual sure doesn't have any control over their decisions and what they make, do they? How does allowing people to keep more of what they earn increase the income gap? You really have bought into that class warfare crap because that is all you want, what someone else has earned. Nothing is Obama's fault, just listen to you

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