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Thu Oct 29, 2020, 09:02 AM

I don't get the talking heads talking point about the 7.9 GDP growth

Yes, that's a good number. But you don't get to claim victory without looking at why we get that kind of number. It's because the economy went into the dump and a lot of business had to close down (some temporary, some permanent). So I don't see how this is a win for Trump.

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Reply I don't get the talking heads talking point about the 7.9 GDP growth (Original post)
Claustrum Oct 2020 OP
Johnny2X2X Oct 2020 #1
Claustrum Oct 2020 #2
lagomorph777 Oct 2020 #3
Roland99 Oct 2020 #9
lagomorph777 Oct 2020 #10
agingdem Oct 2020 #6
C_U_L8R Oct 2020 #4
Laura PourMeADrink Oct 2020 #7
unblock Oct 2020 #5
Bad Thoughts Oct 2020 #8
lagomorph777 Oct 2020 #11
Bad Thoughts Oct 2020 #13
lagomorph777 Oct 2020 #16
Renew Deal Oct 2020 #12
Sedona Oct 2020 #14
Clearly fogged in Oct 2020 #15
central scrutinizer Oct 2020 #17
durablend Oct 2020 #18

Response to Claustrum (Original post)

Thu Oct 29, 2020, 09:03 AM

1. 7.9? It was 33.1 in Q3

Which just means we reopened the economy in Q3.

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Response to Johnny2X2X (Reply #1)

Thu Oct 29, 2020, 09:04 AM

2. I don't know. I am listening to MSNBC and morning Joe said that number.

I will correct it if I hear differently.

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Response to Johnny2X2X (Reply #1)

Thu Oct 29, 2020, 09:05 AM

3. 7.9 for the quarter; annualized rate of 33.1.

Which is similar to the local growth in a region hit by a hurricane; it's disaster recovery.

Trouble is, the disaster is starting all over again.

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Response to lagomorph777 (Reply #3)

Thu Oct 29, 2020, 09:27 AM

9. yeah...restoring lost jobs is NOT growth. there's NO WAY that 7.9% quarterly number is sustainable

2020 will still likely fall under 2019 overall

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Response to Roland99 (Reply #9)

Thu Oct 29, 2020, 09:28 AM

10. Right; in other words, it can't be "annualized" because it won't hold up for a year.

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Response to Johnny2X2X (Reply #1)

Thu Oct 29, 2020, 09:15 AM

6. I don't think that many people actually know what the GDP is...

and if they do, the GDP takes a back seat to the covid: the 230,000 dead, massive unemployment, empty food banks, and parents afraid to send their kids to school...if Trump is looking at this as a "way back in"...don't mean thing...

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 09:05 AM

4. You dig a hole in the middle of the road and only partly refill it

That's Trump for you. Only he'll say it was the best road ever and the world should thank him and call him 'sir'.

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Response to C_U_L8R (Reply #4)

Thu Oct 29, 2020, 09:18 AM

7. Good analogy! One thing trump very successful at. He controls

the press who can't question him. He mutes mics. Then just says outrageous things. The press allowed him to do it by participating. Going to his copter conferences when they should have just boycotted it and demanded proper forum.

Control press. Control AG office. Control SC. Has all chess piece blockers in place.

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 09:10 AM

5. It's like scoring a touchdown after giving up 10. Ok, so now losing only 70-7.

Still losing the game massively and the coach is getting fired regardless.

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 09:23 AM

8. The Broken Windows Fallacy

The fact that repairing broken windows leads to some economic growth does not mean that prosperity can be reached by breaking all the windows.

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Response to Bad Thoughts (Reply #8)

Thu Oct 29, 2020, 09:30 AM

11. But Trump thinks if you break all the windows, then burn down the house, you get bigly growth.

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Response to lagomorph777 (Reply #11)

Thu Oct 29, 2020, 09:34 AM

13. Technically, yes, but you are not increasing wealth

Ask anyone how they feel about a big bill from their doctor and their automechanic: are they getting something better or are they just bringing thing back to normal?

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Response to Bad Thoughts (Reply #13)

Thu Oct 29, 2020, 10:06 AM

16. Right!

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 09:33 AM

12. I wouldn't worry about it

It's not going to make a difference either way.

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 10:02 AM

14. KnR

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 10:06 AM

15. A quick search reveals GDP may be calculated in 3 different ways

Here's a link

https://www.bankrate.com/glossary/g/gdp/

They say -
There are three different approaches for measuring GDP: production, expenditure, and income. The production approach is the most direct method: by totaling all output and subtracting input costs, you have GDP. The expenditure approach measures all spending in an economy, while the income approach totals all income earned in an economy.

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 10:32 AM

17. Percentage growth or decay is based on the previous measurement

Suppose you suffer a 30% loss followed by a 30% gain. Are you back to where you started? No, you’re 9% lower than where you started.

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Response to Claustrum (Original post)

Thu Oct 29, 2020, 10:34 AM

18. Because they want that horserace

Anything that makes Trump look good is ok by them.

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