GDP grows 3.1% in 2018!

[Bullseye]

Yes, Trumponomics strikes again: For the entire year of 2018 GDP grew 3.1%

The 2.6% annualized rate of gains in gross domestic product from October to December compared with the 2.2% median estimate of economists surveyed by Bloomberg. It followed a 3.4% advance in the prior three months, according to a Commerce Department report Thursday that was delayed a month by the government shutdown.
Consumption, which accounts for the majority of the economy, grew 2.8%, slightly below forecasts, while nonresidential business investment accelerated to a 6.2% gain on equipment, software and research spending. Government spending slowed, trade was a minor drag and inventories gave GDP a small boost.
The report shows how Republican-backed tax cuts may have continued to aid growth and help bring the full-year figure to 3.1%, just above President Donald Trump's 3% goal. While the expansion is poised to become the nation's longest on record at midyear amid a still-healthy consumer, supportive Fed and robust labor market, the pace could cool amid the trade war, slowing global growth and fading impact of fiscal stimulus.

Lots of other good news: Increased consumer spending, more business spending on equipment.

Yes, the report is not perfect - there are still some concerns - but that's always true.

 

[Vern]

Yes, Trumponomics strikes again: For the entire year of 2018 GDP grew 3.1%



Lots of other good news: Increased consumer spending, more business spending on equipment.

Yes, the report is not perfect - there are still some concerns - but that's always true.

Its a shame conservatives didn't approve of deficits when the economy was recovering from the Great Bush Recession. With UE at 9%, a jobs bill that was mostly tax cuts was shot down by republicans because of concern for …… wait for it...…..deficits. With UE at a 25 year low, republicans think nothing of adding 300 billion to the deficit every year to help ….. wait for it.... UE. Hence proving they were flaming lying hypocrites and let Americans suffer and suffer longer for their political agenda.

and here's another thing. conservatives obediently called the stimulus a failure because it didn't live up to its "expectations". Post after post saying "ha,Obama promised UE wouldn't go over 8%". President Obama made no such claim. a chart in a report was dishonestly twisted into "Obama promised". And UE was over 8% before the stimulus was even signed. Geez, sometimes I forget how dishonest and/or dumb conservatives were. anyhoo, trump promised 4% GDP. no tortured dishonest narrative is required. He said it. He didn't meet his own standard. But lets face it, if conservatives can obediently flip flop on every narrative they spewed for 8 years concerning deficits, repealing Obamacare, vacations, golf, bailouts, stimulus, undermining our allies/embolden our enemies, adultery, investigations into corruption, the rule of law, income inequality and the constitution then this should be a piece of cake.

 

[Greenbeard]

...2.9?

 

[Bullseye]

Its a shame conservatives didn't approve of deficits when the economy was recovering from the Great Bush Recession. With UE at 9%, a jobs bill that was mostly tax cuts was shot down by republicans because of concern for …… wait for it...…..deficits. With UE at a 25 year low, republicans think nothing of adding 300 billion to the deficit every year to help ….. wait for it.... UE. Hence proving they were flaming lying hypocrites and let Americans suffer and suffer longer for their political agenda.

Vern, Bush hasn't been President for ten years. But, he was criticized by a lot of conservatives back then for not controlling spending or paying attention to the deficit. Obama had four trillion dollar deficit years, Trump has had none.

and here's another thing. conservatives obediently called the stimulus a failure because it didn't live up to its "expectations". Post after post saying "ha,Obama promised UE wouldn't go over 8%". President Obama made no such claim. a chart in a report was dishonestly twisted into "Obama promised". And UE was over 8% before the stimulus was even signed. Geez, sometimes I forget how dishonest and/or dumb conservatives were. anyhoo, trump promised 4% GDP. no tortured dishonest narrative is required. He said it. He didn't meet his own standard. But lets face it, if conservatives can obediently flip flop on every narrative they spewed for 8 years concerning deficits, repealing Obamacare, vacations, golf, bailouts, stimulus, undermining our allies/embolden our enemies, adultery, investigations into corruption, the rule of law, income inequality and the constitution then this should be a piece of cake.

Oh, quit whining, poor little bawwy isn't President anymore either. By the way, how many 3% GDP years did Obama have? He's STILL the only president since WW II who never had a 3% GDP year during his entire tenure.

 

[phattonez]

Yes, Trumponomics strikes again: For the entire year of 2018 GDP grew 3.1%



Lots of other good news: Increased consumer spending, more business spending on equipment.

Yes, the report is not perfect - there are still some concerns - but that's always true.

I'm waiting for even a trace of improvement here.

 

[Bullseye]

I'm waiting for even a trace of improvement here.

First, use a shorter time frame. And use a data point that makes sense. "average wage divided by home price?"

 

[phattonez]

First, use a shorter time frame. And use a data point that makes sense. "average wage divided by home price?"

Average wage divided by the biggest expense for working families, shelter. Seems like a pretty good gauge for how families are doing.

 

[Bullseye]

Average wage divided by the biggest expense for working families, shelter. Seems like a pretty good gauge for how families are doing.

I've never seen it referenced anywhere else. Just because you can perform a mathematic operation on two numbers doesn't mean you should or that the result has any value.

 

[phattonez]

I've never seen it referenced anywhere else. Just because you can perform a mathematic operation on two numbers doesn't mean you should or that the result has any value.

You don't think that the price of homes rising faster than wages is significant?

 

[Bullseye]

You don't think that the price of homes rising faster than wages is significant?

Not the purpose of this thread.

 

[phattonez]

Not the purpose of this thread.

Why should I be excited about GDP growth when there's been no growth in the ability of working families to buy a home?

 

[Bullseye]

Why should I be excited about GDP growth when there's been no growth in the ability of working families to buy a home?

But there has been. IF you had read my link you'd see families are seeing increases in discretionary income.

 

[Geoist]

Vern, Bush hasn't been President for ten years. But, he was criticized by a lot of conservatives back then for not controlling spending or paying attention to the deficit.

No, he wasn't. Conservatives don't give a crap about out of control spending when their guy is in office.

Btw, why didn't those Bush Tax Cuts save the economy from the Great Recession?

Obama had four trillion dollar deficit years, Trump has had none.

Lol, what do you mean, none?
Trump's Economy: The Federal Budget Deficit Is On A Path To $1 Trillion
Deficit by Year: Compared to GDP, Debt, and Events

By the way, how many 3% GDP years did Obama have?

From what I'm seeing, 2018 was at 2.9% which ties Obama's 2015.
U.S. GDP by Year: Compared to Recessions and Events

 

[Bullseye]

No, he wasn't. Conservatives don't give a crap about out of control spending when their guy is in office.

BS. Many of us spoke out on both issues.

Btw, why didn't those Bush Tax Cuts save the economy from the Great Recession?

Because tax cuts can't negate laws forcing lenders to ignore sensible qualification standards for creating mortgages - a tactic the Dems used for at least ten to fifteen years prior to the crash.

Lol, what do you mean, none?
Trump's Economy: The Federal Budget Deficit Is On A Path To $1 Trillion
Deficit by Year: Compared to GDP, Debt, and Events

Yaaawwwwnnnn. CBO says we MAY get to one trillion deficits by 2022. Predictions are notoriously wrong.

From what I'm seeing, 2018 was at 2.9% which ties Obama's 2015.
U.S. GDP by Year: Compared to Recessions and Events

Look harder. My source is US Department of Commerce, yours is "the balance"? WTF "the balance".

 

[Fishking]

Its a shame conservatives didn't approve of deficits when the economy was recovering from the Great Bush Recession.

It was Bush policies that interfered with the housing market and caused the collapse or...just maybe...it was a group that sounds like "emocrats" and starts with a "D". Hmmm....so confusing!

 

[Vern]

It was Bush policies that interfered with the housing market and caused the collapse or...just maybe...it was a group that sounds like "emocrats" and starts with a "D". Hmmm....so confusing!

Your confusion is not surprising. You’ve been inundated with conservative lies concerning the Bush Mortgage Bubble. Here’s an excellent thread detailing the actual facts of the Bush Mortgage Bubble. The first thing you learn is that the Bush Mortgage Bubble started almost 4 years into Bush’s admin.

I still see alot of misconceptions about the Bush Mortgage Bubble and the Bush policies that encouraged, funde and protected it so I thought I would start an FAQ section. Since the resulting destruction of the housing and financial sector are still a drag on the economy today, it seems relevent

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
http://www.treasury.gov/resource-center/fin-mkts/Documents/q4progress update.pdf

If you can make far to the second page of the thread you’ll see Bush preempting all state laws against predatory lending a few months before a bubble based on predatory lending started. But FK, forget all the facts that prove Bush is responsible. The liars telling you he’s not responsible or even more hilariously blame Barney Frank are the same liars who told you “President Obama was born in kenya”, “his BC a forgery”, “he wants to kill old people”, the vile and disgusting “stand down” lies. And more recently they told you “republicans really really really want to balance the budget”. At some point you need to realize they’re liars.

 

[Vern]

Vern, Bush hasn't been President for ten years. But, he was criticized by a lot of conservatives back then for not controlling spending or paying attention to the deficit. Obama had four trillion dollar deficit years, Trump has had none.

Oh, quit whining, poor little bawwy isn't President anymore either. By the way, how many 3% GDP years did Obama have? He's STILL the only president since WW II who never had a 3% GDP year during his entire tenure.

Your comment about Bush just shows you really don’t have a firm grasp of the situation. President Obama took over during the worst recession since the depression, the Great Bush Recession. And you’re ignoring the fact that trump was allowed to balloon the deficit by the people who claimed to care about deficits. Thank goodness trump inherited the Obama economy. But read this very slowly, he didn’t meet his own estimate. Yes, his own estimate. Not a typical dishonest narrative of “own estimate”, his own words.

But bull, here’s the best part. For some reason you’re telling us “some people were concerned about deficits under bush”. I really don’t know why you felt the need to share that. But what proves that’s just another example of conservatives posting fantasy as fact is that after 8 years of every conservatives foaming at the mouth about deficits, not one is showing the slightest concern with trump and republicans ballooning the deficit. Yep, you’re here cheering “trumponomics”. If you’re not even going to pretend to care now why would I believe you pretended to care 10 years ago?

 

[CriticalThought]

Yes, Trumponomics strikes again: For the entire year of 2018 GDP grew 3.1%



Lots of other good news: Increased consumer spending, more business spending on equipment.

Yes, the report is not perfect - there are still some concerns - but that's always true.

Given the amount of revenue the government gave up via the tax cuts to squeeze out that amount of growth, you cannot possibly think this is sustainable unless you ascribe to an unlimited borrowing theory.

 

[CriticalThought]

But there has been. IF you had read my link you'd see families are seeing increases in discretionary income.

Not adjusted for inflation.

 

[Bullseye]

Your comment about Bush just shows you really don’t have a firm grasp of the situation. President Obama took over during the worst recession since the depression, the Great Bush Recession. And you’re ignoring the fact that trump was allowed to balloon the deficit by the people who claimed to care about deficits. Thank goodness trump inherited the Obama economy. But read this very slowly, he didn’t meet his own estimate. Yes, his own estimate. Not a typical dishonest narrative of “own estimate”, his own words.

But bull, here’s the best part. For some reason you’re telling us “some people were concerned about deficits under bush”. I really don’t know why you felt the need to share that. But what proves that’s just another example of conservatives posting fantasy as fact is that after 8 years of every conservatives foaming at the mouth about deficits, not one is showing the slightest concern with trump and republicans ballooning the deficit. Yep, you’re here cheering “trumponomics”. If you’re not even going to pretend to care now why would I believe you pretended to care 10 years ago?

Yeah, Obama took over the worst recession since WW II and turned it into the worst recovery since WW II, despite the fact severe downturns often lead to strong recoveries. And far as the hackneyed "GOP didn't care about deficits" nonsense, that's totally wrong. Bush was routinely criticized for his lack of s[ending control by conservatives. Fact is, Vern, no matter how often you spew that BS it is still going to be a LIE. As far as Trump "ballooning" the deficit, GOP recently projected that this year's deficit would come in about $75 billion less than it had predicted just a year ago and that the ten-year total deficit would be about $1.25 trillion less than they'd predicted back then.

So, Vern, other than empty-headed slogans that have long been disproven and cliched talking points, got anything else?

 

[Bullseye]

Not adjusted for inflation.

Calculated and reported as they ALWAYS report it. by the way: WHAT inflation?

 

[Bullseye]

Given the amount of revenue the government gave up via the tax cuts to squeeze out that amount of growth, you cannot possibly think this is sustainable unless you ascribe to an unlimited borrowing theory.

Except it didn't give up any revenue, that's just an old liberal thumb sucker.

 

[phattonez]

But there has been. IF you had read my link you'd see families are seeing increases in discretionary income.

Your article nowhere uses the term "discretionary". Did you mean disposable?

 

[Bullseye]

Your article nowhere uses the term "discretionary". Did you mean disposable?

Yeah, probably.

 

[CriticalThought]

Except it didn't give up any revenue, that's just an old liberal thumb sucker.

You don't invest do you?

Let me guess. You read the Wall Street Journal article on individual income tax receipts rising and you mistakenly assumed that was the same as overall revenue and overlooked corporate tax revenue and inflation.

Has Revenue Risen in 2018? | Committee for a Responsible Federal Budget

Sorry to dash your pie in the sky dream, but tax revenue fell as a result of the tax cuts. It isn't a partisan reality, it is a business reality. The kind that people who actually invest pay attention to because it affects a number of projections.