Who's Drinking the Kool Aid Now?
(Reuters) - U.S. economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported, bolstering views for a stronger performance in the last six months of the year.
Gross domestic product expanded at a 4.0 percent annual rate as activity picked up broadly after shrinking at a revised 2.1 percent pace in the first quarter, the Commerce Department said on Wednesday.
That pushed GDP above the economy's potential growth trend, which analysts put somewhere between a 2 percent and 2.5 percent pace. Economists had forecast the economy growing at a 3.0 percent rate in the second quarter after a previously reported 2.9 percent contraction.
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Hmmm....seems there was some discussion about this about a month ago.
http://www.baptistboard.com/showpost.php?p=2121302&postcount=12
http://www.huffingtonpost.com/2014/...id7|htmlws-main-bb|dl41|sec3_lnk3&pLid=509041
Sorry brother. When I saw this article in my morning paper, I immediately
thought of you, and guess what? You didn't let me down!
Let me just say this .... it the GDP grew by 4%; it would be like the king and his new clothes. Someone is being sold a bill of goods, as I have not seen anything in the southern California area to indicate this country's GDP is suddenly 4%.
It is an election year, and the Dems need to muster up some good news in an attempt to gain back the votes they are losing due to a depressed economy, all the scandals, and a POTUS who is MIA!
If you want to believe this, that is surely your right, and far be it for me to rain on your parade. However, I would like to point out just one big whopper of a lie this administration has already been guilty of making, and that was the fiasco with the rollout of Obamacare!
It was being hailed as a success, even when it was in deep trouble. You should be smart enough ITL, to know that anyone good with numbers and statistics, can make any growth look like more than it really is!
Sorry, but I am not drinking the kool aid on this one, because all I have to do is drive down the main street of any city in this region, and I will see panhandlers begging for money; businesses that were thriving in 2006, closed down and boarded up; our newspaper, which used to have three to four full pages of job opportunities each day, barely getting enough notices to fill p a quarter of one page; I drive by the California Employment Development Department, and the lines looking to get in to file a claim and look for jobs, is usually around the corner and down the street; more dollar stores then ever before; once thriving middle class restaurants, no longer in business; and I can continue. Even once thriving auto dealership, have half-empty parking lots. lots that six years ago, were filled bumper-to-bumper with new cars waiting to be sold!
They are building tons of where houses around here, but strange enough; they've been sitting empty for years; I heard from a friend who is a city councilman that the where houses being built an office building being built are empty and earning the owner's good tax right offs at the end of the year! Don't get me wrong, it is impressive to see row and rows of 100,000 square foot buildings waiting to be occupied, but there are now tears right now!
In the city I live, the Target store and shopping center with 20 screen movie theater is still coming, 10 years later. The Costco the city bragged about getting is still on hold, on hold for 5 years now! Anyone willing to believe the government's recent growth report, especially 4%, is double dipping in the kool aid bowl! :smilewinkgrin:
