Economic Growth Stronger Than Expected

[FVZA_Colonel]

Source: MSNBC

Economy shifted to higher gear in the spring:
GDP revision shows economy growing at fastest pace in nearly year

WASHINGTON - The economy shifted to a higher gear in the spring, growing at its fastest pace in nearly a year as foreign buyers snapped up U.S. exports and tax rebates spurred shoppers at home.

The Commerce Department reported Thursday that gross domestic product, or GDP, increased at a 3.3 percent annual rate in the April-June quarter. The revised reading was much better than the government’s initial estimate of a 1.9 percent pace and exceeded economists’ expectations for a 2.7 percent growth rate.

The rebound comes after two dismal quarters. The economy actually shrank in the final three months of 2007 and limped into the first quarter at a feeble 0.9 percent pace. The 3.3 percent growth in the spring was the best performance since the third quarter of last year, when the economy was chugging along at a brisk 4.8 percent pace.

Still, the growth pickup is not likely to be seen as a lasting sign that the fragile economy is back on solid ground.


Read more: http://www.msnbc.msn.com/id/26436824/

[DJ13]

1. Figures lie

& liars figure

[SpiralHawk]

4. republicon figures lie, that's for sure

republicons = fudged data.

As usual. They are lacking in all honor.

[elleng]

47. Exactly!

I haven't believed any of their 'figures,' for 8 years.

[kestrel91316]

2. Um, what economic growth was that, that they're talking about?

'Cause I'm sure not seeing it HERE......

[bulloney]

41. This was for the second quarter of 2008.

Wasn't that when most of us received our stimulus checks? Just a short-term artificial 'spike' in the economy.

I'll be interested in seeing if things fall back to what they were in the 4th quarter of '07 or first quarter of '08 when the economy was falling or barely grew.

[Spiffarino]

49. You nailed it.

And unless the Repubes stop blocking every bill that will repair Bush's total failure as president, it will sink once again.

My bet is they won't, because good economic numbers are good for McSame. Once Grampa is elected, though, it's right back to socialism for the rich.

[Spouting Horn]

56. "socialism for the rich"

is about the best summation I have seen.

[Spiffarino]

57. It's half an expression

The way I heard it goes: "In America we have socialism for the rich and capitalism for the rest of us."


I wish I could remember who said it first.

[Newsjock]

3. Another subject to be addressed by the Truth and Reconciliation Commission

Phony government statistics, who produced them, and who gave the orders to produce them. Riverting televised hearings for weeks on end.

[Christa]

5. Ohhh - just in time for the RNC

expect to economy to grow more the next couple of days.

Just today I read how high the unemployment rate is in NY state - up to 40% in some places.

[FVZA_Colonel]

6. They're going to bandy this about, to be certain.

But they won't pay any attention to what was said on, say, the fourth line of this very article and forward.

[lib2DaBone]

10. And the Sun will come out tomorrow...(song from Annie)

Gotta get that gas down a little more before the election. If they can get gas down to $2.50.. the Republicans will win. The day after the election, they can raise it back up to $5.. but no one will notice... Americans only have 6 second attention span...

[AZ Criminal JD]

7. More conspiracy theories by DUers

What a weird world some people who post here live in. If you like the polling numbers or economic statistics then they are saluted. If you don't like them them they are made up to make someone look good or bad. These statistics are determined by hundreds of non-partisan career federal employees. Plenty of them are Democrats and liberals. They have been the same people who have been working in the Carter administration or the Clinton administration. Grow up people.

[lib2DaBone]

13. Inflaltion is running 2%....

Have you been to the grocery store? Do you honestly believe inflation is running 2% as reported by the Bush Govt? Maybe someone else needs to grow up.. or at least take a walk to the grocery store and have a look see.

[AZ Criminal JD]

22. And do you know when that was changed?

The method of computing inflation was changed in 1994 during the Clinton administration. See, not everything fits into your conspiracy world. Facts, pesky things.

[truedelphi]

58. The fat tht government officials started seriously cooking the books

Starting way back with Reagan doesn't make it right.

And it doesn't make it sensible.

And it leaves most of us thinking that the numbers don't mean a damn thing.
Like Rolling Stone reproter Tallibi says, "I wouldn't expect the right time of day from these people."

[Robbien]

14. Non-partisan career federal employees? No such animal any more these days.

This admin has rid itself of everyone who does not toe the ownership society party line. Any non-partisan employee has been fired or hides his non-GOP leaning and keeps his mouth shut.

[AZ Criminal JD]

21. Making more stuff up

You know nothing about the federal civil service system. No one is afraid to "open up their mouth".

[Robbien]

30. Then you just haven't been paying attention

Your mind is made up and no one should confuse you with the facts.

Is the sky blue in your world?

[depakid]

31. No one is afraid to "open up their mouth" ???

Perhaps you're a bit behind the times in Alabama.....

[AZ Criminal JD]

59. I worked for the Labor Department in Chicago

Nobody was worried about saying anything or doing their job correctly. Maybe you are behind the times.

[lurky]

19. Yes, like all the nonpartisan scientists

who have had their scientific reports altered to downplay climate change, or the impact of pollution on human health. Or nonpartisan intelligence officers who were forced to "sex up" reports on WMDs in Iraq? Or the non-partisan DHS people forced to issue terror alerts at key times during the 2004 election (as admitted by Tom Ridge)?

The list of such things that have been exposed is as long as my arm, and I can only imagine what is still secret. This is not UFOs or Bigfoot, this is an established pattern of (criminal?) abuse on the part of the * administration.

Not acknowledging the possibility of politicization of data is naive. Smearing people as "Conspiracy Theorists" if they dare question the Bush commerce department is crossing the line, IMO.

[AZ Criminal JD]

24. You make accusations

But you can't give a single piece of hard evidence that any career federal employee changed a report or number because of politics. Name a report and show the change.

[lurky]

35. Really? So, you still believe the Bush WMD reports?

You are not aware of the widely-reported manipulation of data by this administration? Yet you continue to sound off on the subject?

Here is some reading material to start off with:
http://www.americanprogress.org/atf/cf/%7BE9245FE4-9A2B-43C7-A521-5D6FF2E06E03%7D/UCSINTEGRITY.PDF
(Whitepaper from the Union of Concerned Scientists summarizing findings of their investigation)

http://www.usatoday.com/news/washington/2005-05-10-ridge-alerts_x.htm?POE=NEWISVA
(USAToday article on Ridge and terror alerts)

Wikipedia actually has a pretty good article with many links to cited sources. Go inform yourself:
http://en.wikipedia.org/wiki/Politicization_of_science

[fascisthunter]

25. coming from you... nah... I'll Pass

[AZ Criminal JD]

60. I would expect you would

[Odin2005]

39. It is a proven fact that the economic numbers have been fudged since Reagan.

See here: http://www.shadowstats.com/

[AZ Criminal JD]

61. Did you even click your link?

Shadowstats uses itself as a source for its statistics. :rofl:

[Demeter]

42. What Alternate Reality Are You Living In?

And why are you slumming down here in BushWorld? If you don't get a guide, or at least a clue, you are going to be in serious danger.

[AZ Criminal JD]

62. I'll bet I can handle myself better than you can

Thanks for your concern.

[Snarkturian Clone]

51. I've noticed it too.

Just like whenever some goofy "study" comes out that proves some progressive theory, everyone here loves it... then when another "study" comes out that disproves one, everyone here claims RW propaganda. Same with polls... if in favor of who they want, they are respected. If not in favor, they are some kind of convoluted lie. Or with the MSM... whenever it's something Duers like, it's believed to be true, when something they don't like, Duers say "Stupid corporate MSM rightwing mouthpieces!" Duers are way too predictable. What's funny is if you go over to one of the RW blogs, they do the same exact thing in reverse.

[pampango]

53. I suspect that RW freepers do the same thing in reverse with their constant

references to the liberal (drive-by) media and evil "big government" institutions. The terminology changes but the sentiments are quite the same.

Perhaps it is a function of coping with the realization that one's own fervent beliefs are not shared by most of the rest of the population. The conspiracy of the "corporate MSM/liberal drive-by" media (not to mention "liberal big government/conservative manipulated" institutions) is an easy way to deal with this.

[Odin2005]

55. I'm actually no fan of the "Super-BFEE" conspiracy BS by any means.

I'm often bashed by fellow DUers when I criticize the latest "everything bad is BFEE's fault!" nonsense. But it is plainly obvious to me that the economic numbers the government is giving out, the inflation numbers especially, do not match reality.

[pampango]

54. Just notices this posting to DU about a dramatic drop in incomes and consumer spending in July.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3459429

It will be interesting to see if these negative economic statistics released by the same Commerce Department are slammed here as lies and made-up statistics as the economic growth statistics were.

[lurky]

8. Would the Bush administration issue misleading data

for political gain?
:sarcasm:

[Tempest]

9. The GDP is not the true measure of economic growth

As it was explained to me GDP measures increases in costs or inflation.

GNP is the true measure, and was used for decades before the Bushies changed it to the GDP.

[Unvanguard]

63. The distinction between GDP and GNP has nothing to do with inflation.

"Real" GDP accounts for inflation (increases are measured in dollars of a constant value), and "nominal" GDP does not.

[hack89]

11. A weak dollar means more exports - basic economics nt

[mikeytherat]

52. But that's in paragraph 15 (seriously!) of the article. How many people got past the headline?

"The biggest factor in the second-quarter’s rebound was robust sales of U.S. exports to other countries. The weaker value of the U.S. dollar has bolstered those sales. Exports grew at a 13.2 percent pace in the spring. That was much stronger than the government’s initial estimate of a 9.2 percent growth rate, and more than double the 5.1 percent growth rate logged in the first quarter."

The value of the dollar is dropping so fast, more people can afford our stuff! Happy days are here again!

mikey_the_rat

[damntexdem]

12. Is that still Bill Clinton's fault?

I just haven't heard the latest GOP line on that. ;-)

Actually, I'll attribute it to Obama's message of hope.

[lib2DaBone]

17. Yes.. It's Clintons fault... and the Whiners

And Jimmy Carter's and LBJ. It is NEVER a Republican's fault. According to the MSM and the GOP.. the last 8 years DID NOT EXIST. What war..what deficit?

[CitizenPatriot]

15. someone needs to tell the 4 homeless people I just registgered to vote

They'll be thrilled.

[EC]

16. In the spring?

Still, the growth pickup is not likely to be seen as a lasting sign that the fragile economy is back on solid ground.


I guess it didn't hold, did it?


On Edit: This would coincide with the rebate checks...

[FVZA_Colonel]

20. "This would coincide with the rebate checks..."

I'm assuming you mean the ones from a few months back, and not another round to be coming.

[bamacrat]

18. Thats like saying the "fundamentals" are strong.

If corporations profits grow and their stocks rise the economy is believed to be doing better, yet its the people whose economy still sucks. Uber-billion dollar corporations like my employer AT&T are doing fine so are the very rich, but regular people are hurting. The super rich didnt have a problem in the Depression, it was regular people. But as this report shows WE DONT MATTER.

[fascisthunter]

26. Well... it is "their" Economy....

so for them... things are great. It helps having slave labor....

[fascisthunter]

23. lol..... surrrreeeeeee

[onethatcares]

27. anybody got an idea what the M3 is?

just wondering and all that.

[webDude]

33. something bout how much money the FRB has in the system,...

...they stopped reporting that about a year ago, right?

Would make it easier to see what inflation was, I think.

[Dr Fate]

28. Will someone please tell my boss, landlord, bill-man and grocer the wonderful news?

I could use a raise, a rent reduction, bill reduction and a reduction in my grocery bill.

When are all of the people who keep raising my bills and reducing my benefits going to hear about this great news?

[HughBeaumont]

29. "Recession? What Recession?"

[Frisbee]

32. BULLSHIT!

Republicans are playing politics with the number for political gain. :grr:

[Just-plain-Kathy]

46. Same with gas prices coming down under $4 here in NY. ...n/t

[Mudoria]

34. While it's a boost thanks to the economic stimulus package

that was passed, I'm not sure how sustainable it is. I hope it helps kickstart things but at this point who knows. Still, you shouldn't post any positive economic news since it pisses off the doom and gloom brigade who are on here daily to tell us the country is going down the toilet. Not that they have any answers.

[onethatcares]

36. hmmm, answers, let's see what we can do.

maybe we should stop spending whatever number of billions we do in a war that we won, victory has been attained. time to stop the fiscal bleeding.

Had you ever given a thought as to where the financial backing of the "stimulus package" comes from? Did we just crap out another twenty billion in paper? Or what stands behind it? The good faith and CREDIT of the United States of America? Who's gonna pay for the package, and why?

Sorry, the answers elude me, maybe you could tell us how great it really is, like how many people out of the 940K got new jobs, or those that got foreclosed on and are living in their cars are now on the road to happyville.

[rcsl1998]

37. Sorry, But I Don't Believe ANYthing Put Out By An Administration That Has Lied About EVERYthing nt

[Odin2005]

38. War is Peace! Ignorance is Strength! Slavery is Freedom! We have always been at war with Eastasia...

It is a proven FACT that the government's economic numbers are highly fudged.

http://www.shadowstats.com







The real growth rate looks to be around -3%, 6% lower then the government's BS numbers.

[AlbertCat]

40. GDP revision shows economy growing at fastest pace in nearly year

So....does this mean it's all the way up to, like, one one-thousandth what it was before Bush took office?

[bedazzled]

43. course there are more "foreign buyers snapping up u.s. exports"

they cost half as much because the dollar is in
the tank!

i've had buyers in australia buy a box of 10 paperback
books and pay $50 u.s. to ship the things. i've had to
go "international" because lots of my customers are
in europe and they know a bargain when they see it...

[NeoConsSuck]

44. The smart money on Wall Street is calling bullshit

http://www.bloomberg.com/apps/news?pid=20601087&sid=acVhJ1syByI0&refer=home

If our economy was doing so good, the dollar wouldn't be tanking on the same day the GDP was revised upward.

[tabasco]

45. Choko rations have been increased 50% !!!!!!!

[Spiffarino]

48. Stimulus check. Give the Dem Congress some credit.

Bush tried to low-ball it and then tried to make them give one to T-Bone Pick-it and Bill Gates.

Democrats won. Bush lost. And good stuff happens when Dems are in charge.

[TheWatcher]

50. Lots Of Misspellings in that Headline.

You don't usually see that amount of Typos, but it's OK.

I'm here to fix that.

Bullshit Government Propaganda about the Economy More Brazen Than Expected.

There.

[struggle4progress]

64. Phony Statistics Paint Picture More Optimistic than Believable

:bounce: :bounce: :bounce: