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Thread: U.S. economy bounces back sharply

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by donsutherland1 View Post
    There will be additional revisions even after August. Moreover, the advance estimate of Q3 GDP will be released on October 30 just prior to the election.
    Of course it will, and it will be glorious.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by imagep View Post
    No, I don't understand civics, I never took that class. But I do understand that part of the the nature of partisan politics is finding a reason to blame the other team.

    I just looked it up, both houses of congress were controlled by republicans until 2007. The budget that Bush inherited from Clinton was a $127 billion dollar surplus. That surplus had disappeared by the next year, and Bush ran the surplus up to over a half billion adjusted to today's dollars (a little more than last years deficit and quite a bit more than this years projected deficit) by 2005. That was with fewer American citizens and social security operating at a budget surplus.

    If Bush's budget performance was acceptable (although I don't believe that it was), then Obama's budget performance is even better. Bush spent 8 years running up the deficit, Obama has spent the last four or five reducing it.

    What really scares the beejeebies out of republican strategist is the possibility that Obama may end his presidency with close to a balanced budget, unemployment under 5%, inflation under 2%, a record stock market valuation, more people with health insurance and an end to skyrocketing medical care costs, and a growing work force participation rate. Sounds ridiculous to right wing idiologs, but the numbers seem to be trending in that direction in all areas.

    If that happened, that would mark the end of the republican party being able to be elected anywhere in the country. We'd all become democrats.
    What you want to ignore is the 1 trillion dollar cost of 9/11 as well as the GDP growth of 4.5 trillion dollars prior to the Democrats taking control of Congress and the 9 million plus jobs created, now what happened in November 2006? Anything that you van think of?

    Obama will not end with a balanced budget because he doesn't care about the balanced budget or he wouldn't have submitted a 3.9 trillion dollar budget request. Stop buying the leftwing spin, you are too smart for this. You don't seem to understand that not one of Obama's budget deficits ever were as low as Bush's. You buy the bs that he cut the deficit in half ignoring that what he cut in half was 1.4 trillion dollars. Think, please.

  3. #223
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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by imagep View Post
    Yet is was only AFTER that tax increase that we had a balanced budget (more or less). Bush then came along, cut taxes, spent like a drunken sailor, and set new deficit records, which Obama inherited.
    Oh, what a great tax increase that was! It didn't do crap except kill the economy. Or are you going to explain how we tax our way to prosperity? Please do.
    Obama did not inherit deficits, he was under no obligation to turn the one time stimulus and TARP into a yearly $Trillion dollar hole, but he did, because he's a liberal Marxist.
    Yes, cut taxes to get the economy going. Are you saying we needed tax increases to get the economy going?

    Bush absolutely did spend too much. Obama continued that trend.
    No, he didn't continue it, he turbo charged it.
    Would it have been wise to CUT spending when our economy is in the crapper? The time for cutting government spending is when our private sector economy is booming. Bush cut taxes and then increased spending.
    Yep.
    Does that even make any sense to you?

    Reagan did exactly the same. Does that make any sense? Do you have any clue how much Bush and Reagan ran up our federal deficits? And you want to blame Obama for that?
    You obviously have no clue what Reagan did. Let me bring you up to speed. Reagan inherited a much worse situation than Obama did. Prime rate was 21.5% in 1980. Look at that number. 21.5% Prime rate. That's the rate for the best borrowers. Unemployment a 10.8%. Inflation at 13.5%. See those numbers? Yeah, that's what Reagan Walked into. Thanks, Jimmy!
    Reagan cut taxes. Reagan cut the size of government. In constant dollars, nondefense discretionary spending declined by 14.4% from 1981 to 1982, and by 16.8% from 1981 to 1983. The Reagan recovery lasted seven years, the economy grew by one third. 20 million new jobs created. This Reagan created boom lasted 25 years.

    The worst part is, Obama, the moron, had this template he could have used on a sick economy. But no, he does the opposite. Raise taxes, more government regulation, more government spending. In short, a disaster of a presidency, when he had the information to do better. That's why he sucks and is a total jerk.
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    Re: U.S. economy bounces back sharply

    The trend of the economy continues to push higher. The Bureau of Economic Analysis just released its first revision of second quarter GDP, now revised up to 4.2%. How many people will continue to deny the growing strength of the U.S. economy?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Kushinator View Post
    The trend of the economy continues to push higher. The Bureau of Economic Analysis just released its first revision of second quarter GDP, now revised up to 4.2%. How many people will continue to deny the growing strength of the U.S. economy?
    Isn't the private sector economy great? Too bad it took this long to get back to some economic growth. We would have been there much sooner with strong leadership instead of no leadership. The private sector has the incentive to grow and will eventually do so. Obama will seize this opportunity to raise taxes and create environmental regulations that will stifle economic growth. Too bad you still don't get it

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Conservative View Post
    Too bad it took this long to get back to some economic growth.
    That's what happens following a once in a generation financial crisis. Need I remind you that between 2007 and 2009, more wealth was lost than during any time in our history (nominal basis)?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Kushinator View Post
    That's what happens following a once in a generation financial crisis. Need I remind you that between 2007 and 2009, more wealth was lost than during any time in our history (nominal basis)?
    You can remind me but it was paper wealth that was lost. Tell me what the 20 million still unemployed/under employed/discouraged workers are still losing? This is a jobless recovery and it all has to do with the Federal reserve manipulating this recovery and businesses buying back their own stock instead of investing and growing. How about telling me what percentage of GDP should be govt. spending? That is what is propping up this economy, not private investment.

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Conservative View Post
    You can remind me but it was paper wealth that was lost.
    Tell that to the millions of Americans who never recovered!

    Tell me what the 20 million still unemployed/under employed/discouraged workers are still losing?
    Fallacy of composition; just because someone is unemployed doesn't mean they cannot suffer additional losses in net wealth.

    How about telling me what percentage of GDP should be govt. spending? That is what is propping up this economy, not private investment.
    How about we expose your desire to be a hypocrite:

    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Kushinator View Post
    That's what happens following a once in a generation financial crisis. Need I remind you that between 2007 and 2009, more wealth was lost than during any time in our history (nominal basis)?
    I suspect that many in the general public don't realize that the household deleveraging that took place in the face of diminishing household wealth following the financial crisis created a substantial economic headwind that had not been associated with recent economic downturns. Hence, there likely is an expectations-outcomes gap.

  10. #230
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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by WCH View Post
    Yep, expect glowingly good reports through the election cycle.
    Glowingly pessimistic.

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