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ze_dscherman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 09:45 AM
Original message
Defense Spending Driving U.S. Economy
WASHINGTON (Reuters) - The biggest surge in defense spending since the Korean War era helped drive U.S. economic growth ahead at a surprisingly brisk 2.4 percent annual clip in the second quarter, the Commerce Department (news - web sites) said on Thursday.

SNIP

Spending on defense, much of it to support the war in Iraq (news - web sites), shot up at a 44.1 percent rate -- the strongest since 110 percent in the third quarter of 1951 -- after falling 3.3 percent in the first three months of the year

SNIP

http://story.news.yahoo.com/news?tmpl=story&cid=568&nci...

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ender Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 09:47 AM
Response to Original message
1. oh, yay.
every bomb dropped, every missile constructed - is utterly wasted resources.
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lcordero Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 09:50 AM
Response to Original message
2. Defense Spending hasn't driven SHIT
Lockheed & Martin and Boeing are laying off people just like everybody else.
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SeattleDem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 11:32 AM
Response to Reply #2
17. boeing has two entirely separate divisions
the layoffs are coming on the side of commerical aviation. The defense part of the company is doing fine, financially and job-wise.
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Kolesar Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 09:52 AM
Response to Original message
3. Defense spending drives up inflation and interest rates
It is like throwing money into a hole in the ground.
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leftchick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 09:53 AM
Response to Original message
4. fuzzy math
and 3 months from now when no one is looking they will "revise" these numbers....
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Sagan Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 09:53 AM
Response to Original message
5. Correction: DEFICIT Defense spending...

Like running up the old Visa, it can't go on forever. Or much longer, at this rate.
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Kolesar Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 09:56 AM
Response to Reply #5
6. "Voodoo Economics" --George Herbert Hoover Bush
That is what GW tagged Reagan's plan in 1980 when running against Reagan.
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David__77 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 11:04 AM
Response to Reply #6
13. the "voodoo" is tax cuts...
"Voodoo economics," which is an appropriate term, refers to Reagan's "supply-side" package of tax cuts aimed at redistributing national wealth upward. This wealth in turn is to "trickle down" to the masses. It is "voodoo" faith in this mystical market process Bush referred too.
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punpirate Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 10:00 AM
Response to Original message
7. Hmm...
... after 9/11, Bush was telling everyone to go shopping, to spend our way out of a recession. If anyone had the money to spend, that would have made sense--fully two-thirds of the GDP is based on consumer spending.

But, with jobs disappearing entirely, or going offshore, and consumer debt at all-time highs, there's less to go shopping with.

Guess that means that war is just another economic bubble, temporarily sustaining the stock market while everything else gets steadily worse. Does that say to anyone what I think it does? That war's going to be here for a good long while, propping up the market? *sigh*
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ramapo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 10:02 AM
Response to Reply #7
8. What a waste
Wouldn't it be nice if these billions were going towards repairing and improving our infrastructure
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PROGRESSIVE1 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 10:46 AM
Response to Original message
9. This is his great recovery?
:wtf: is this???
Government contracts going to Bushco's freinds does not count as a recovery!!!

:mad:
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CWebster Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 10:51 AM
Response to Original message
10. Some time ago
I read an article on one of those defense watchdog sites that stated this was the plan all along. Every now and again I search for it to keep it bookmarked but I haven't had any success locating it.
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catzies Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 11:07 AM
Response to Reply #10
14. That sounds like Al Martin's thinking.
He calls it BFLAP --the "Bush Fantasy Land Accounting Plan."

http://www.almartinraw.com/archive.html

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hadrons Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 10:52 AM
Response to Original message
11. All at the low, low cost of one U.S. Soldier a day ....
Iraqi deaths are free of charge
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David__77 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 10:52 AM
Response to Original message
12. GOP Keynesism
This is "Keynesian" growth--growth through government spending. Tax cuts are Keynesian too. Of course, ultimately, more money chases fewer products. The result is ultimately higher inflation or deflationary collapse.
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teryang Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 11:22 AM
Response to Original message
15. Complete fantasy
Consumers drive the economy now. Consumer confidence is down. Inventories going up. Defense dollars spent overseas will hurt the economy. Dollars spent on defense do nothing for productivity.
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hotphlash Donating Member (534 posts) Send PM | Profile | Ignore Thu Jul-31-03 11:29 AM
Response to Original message
16. The Dems have to use this to their advantage.
If Bush says "Look! Growth! See!" The American people will see growth. We have to water down the message for the masses. Serve it in a nice bite size morsel.

Let them know our economy is growing because of the war and the war has to continue for us to grow under the Bush plan. "War = $"
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gasperc Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 11:59 AM
Response to Original message
18. Since when is 2.4% brisk???????????
I'm looking over at my GDP chart I keep at my desk and the last time GDP was less than 2.5% before Q2 2000 was in Q3 1996 and that was after a (well if 2.4% is brisk then) monstorous 6.9% Q2 1996.
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dfong63 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 12:12 PM
Response to Original message
19. the economy needs another shot in the arm, let's invade north korea
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headlouse Donating Member (215 posts) Send PM | Profile | Ignore Thu Jul-31-03 06:01 PM
Response to Reply #19
20. nope -- not a good enough target
they don't have oil
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amazona Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-31-03 06:10 PM
Response to Reply #20
22. they have oil
http://globalpublicmedia.com/SECTIONS/ENERGY/oil.north-...

Everybody's got oil. Even Trinidad and Tobago has oil.

We attacked Iraq because they were disarmed and had no weapons, not because they had oil. The oil is just a nice bonus, but there has to be more to the story.
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headlouse Donating Member (215 posts) Send PM | Profile | Ignore Thu Jul-31-03 06:05 PM
Response to Original message
21. I'd rather not live in a war-based economy
I mean I guess it could be done but I'd rather our government spend money on creating things rather then destroying them.
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