July 30, 2010

Unexpectedly: GDP 2.4%
— Ace

They don't say "unexpectedly" here, but I guess it's implied by now.

The recovery lost momentum in the spring as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment.

Consumers spent less, companies slowed their restocking of shelves and the nation's trade deficit dragged more on the economy in the April-to-June quarter. In a separate report, the Commerce Department said the recession was deeper than previously estimated.

Together, the reports raise doubts about whether employers will hire enough and consumers will spend enough to invigorate the economy.

On the upside -- I guess -- the first quarter growth was revised up a full point to 3.7% from 2.7%. That would be nice, except for the fact it makes the last quarter's drop all the bigger.

Helpfully for Obama, it turns out it's all Bush's fault.

Well, again, they don't say that, but that will be the Narrative.

The recession was deeper than the government previously thought.

The Commerce Department, in revisions issued Friday, estimates the economy shrank 2.6 percent last year -- the steepest drop since 1946. That's worse than the 2.4 percent decline originally estimated.

The economy's plunge underscores why the unemployment rate surged to 10.1 percent in October, a 26-year high.

The revisions in gross domestic product, or GDP, now show zero growth in 2008. That compares with a 0.4 percent gain previously estimated.The economy also grew less in 2007 (1.9 percent) than earlier thought (2.1 percent).

For all three years, consumers spent less and home builders cut more deeply than had been thought. Those factors help explain the downward revisions on the economy.

Sure would be nice to have had that trillion in "stimulus" spent on actual stimulus. Or not spent at all.

Posted by: Ace at 08:00 AM | Comments (67)
Post contains 305 words, total size 2 kb.

1 explain to this here dope how any dem not in San Fran or NYC can be ahead in the polls????

Posted by: ziggyee at July 30, 2010 08:02 AM (7jSiL)

2 With the costly Bush tax cuts for the wealthy about to expire, things ought to be picking up a little faster than this.

Posted by: Truman North at July 30, 2010 08:02 AM (e8YaH)

3 ace, sorry for the O/T, but Fox has a piece coming up shortly that murder charges may be brought against Julian Assbang.

Posted by: Jane D'oh at July 30, 2010 08:04 AM (UOM48)

4 and once cap and tax is passed(you know they will..somehow), we will surely she a GDP of 5%!!!!

Posted by: ziggyee at July 30, 2010 08:05 AM (7jSiL)

5 The summer of recovery continues.

Posted by: beerologist at July 30, 2010 08:07 AM (r2UKM)

6 explain to this here dope how any dem not in San Fran or NYC can be ahead in the polls????

We know which side our bread is buttered on !

Posted by: The 40+% of the population living off the gov't teat at July 30, 2010 08:07 AM (mQ8O/)

7 But they needed the stimulus so teachers and firefighters and bureaucrats wouldn't be laid off.  It's for the children.  The massive debt?  That's for the children, the grandchildren, the great grandchildren.

Posted by: huerfano at July 30, 2010 08:10 AM (NmcJ6)

8

Sure would be nice to have had that trillion in "stimulus" spent on actual stimulus. Or not spent at all.

From what I see here in Arkansas, they spent most of it on signs telling us that so and so project provided by the stimulus bill. Little or no actual construction being done, but a shit load of signs. I shouldn't be surprised, though, Zero didn't do well here, and stinks even worse now. Bye, bye Blanche.

Posted by: maddogg at July 30, 2010 08:10 AM (OlN4e)

9

I strangly seem to remember Obama campaigning in 2008 saying that the then economy was "the worst since the Great Depression". Then, every time there is bad economic news, he comes back and says " we inherited an economy that was worse than we thought".

Please tell me I am not the only one who sees the logical disconnect in these 2 statements. Or, are Obama's statements now like his promises, they have a shelf life of 2 and 1/2 seconds.

Posted by: Mallamutt at July 30, 2010 08:11 AM (OWjjx)

10 I reckon we're about to have a bitter butter battle.  Gird your loins!

Posted by: huerfano at July 30, 2010 08:11 AM (NmcJ6)

11 Still boned.

Posted by: US Economy at July 30, 2010 08:11 AM (8/oOq)

12 I give this economy a solid B+!

Posted by: The Man with the Non Creased Pants at July 30, 2010 08:11 AM (gLNLT)

13 h/t Hot Air, that Senate seat in Illinois?  Yeah, that's a special election now.

Opportunity to derail the lame ducks, folks.  Hold yer breath and do what must be done.

Posted by: DarkLordOfTheIntarWebs at July 30, 2010 08:12 AM (IkEhE)

14

I give this economy a solid B+!

No, you are too modest....A minus!

Posted by: Time Magazine at July 30, 2010 08:12 AM (OWjjx)

15 Driving through rural S. Georgia a few months ago, every now and then I'd come upon some road widening project in East Bumfuck or wherever, and sure enough, there would be a sign proclaiming to the scant traffic that it was a Barky Bucks project.  Amazing.

Posted by: Jane D'oh at July 30, 2010 08:13 AM (UOM48)

16

Please tell me I am not the only one who sees the logical disconnect in these 2 statements.

You are the only one.

Posted by: America's Electorate, Waiting Breathlessly for More News of Lindsay Lohan's Jail Conditions at July 30, 2010 08:13 AM (QKKT0)

17

OT, but have you seen the pic of Manchelle on Drudge. I know she's eating more fruits and vegetables and all, but I'm not sure banana splits and french fries count, Ma'lady.

Posted by: gator at July 30, 2010 08:13 AM (aOKEC)

18

Are you sure?  Seriously?

Because I just saw Barry on TV telling eveyone how good things are and it's all thanks to him.  And he was using "they" alot as if we all know who "they" are but we have to keep it our secret because if it ever got out that "they" meant the Republicans then... well...  no need to go down that road.  After all, "they" might be listening.

Posted by: Hussein the Plumber at July 30, 2010 08:13 AM (r1h5M)

19

Please tell me I am not the only one who sees the logical disconnect in these 2 statements. Or, are Obama's statements now like his promises, they have a shelf life of 2 and 1/2 seconds.

Posted by: Mallamutt

Cognitive dissonance, it's the new black.


Posted by: huerfano at July 30, 2010 08:14 AM (NmcJ6)

20 This kind of feeling is hard to quantify. I feel like I'm heading back to Earth from Mars, my engines quit during initial burn, and now I am doomed to an uncontrolled crash back into the planets surface; while all I can really do is just spend time watching it happen day by day, clinging to some distant hope, that maybe, by some miracle, I can get some engine power back before it's too late. Except I have no idea when too late really is, but I do know it's soon.


Yeah it's kind of like that.

Posted by: MikeTheMoose at July 30, 2010 08:14 AM (0q2P7)

21 Sure would be nice to have had that trillion in "stimulus" spent on actual stimulus. Or not spent stolen from the taxpayers and borrowed from China at all.

Fixed.

Posted by: kathysaysso at July 30, 2010 08:14 AM (ZtwUX)

22 The question is moot.

Posted by: mayan calendar at July 30, 2010 08:15 AM (8/oOq)

23 OT, didn't check the older posts, but has everyone seen Weiner go nuts????

http://tinyurl.com/2g228cw

Posted by: ziggyee at July 30, 2010 08:17 AM (7jSiL)

24 Cognitive dissonance, it's the new black.

Alternate reality, letting liberals believe their philosophy is sensible since 1933.

Posted by: MikeTheMoose at July 30, 2010 08:17 AM (0q2P7)

25

Oh, and did I mention that Barry might get a little intestinal discomfort from the timing of this:

http://tinyurl.com/2gyklvf

I mean in light of the fact that he just wasted all of that savior of the world energy sucking up to the UAW.

He could have been golfing, after all.

Posted by: Hussein the Plumber at July 30, 2010 08:18 AM (r1h5M)

26

Does this mean that they will stop saying, 'we're back on track. jobs creation is always the last component to economic recovery!!!11"??

Becuase I'm real tired of hearing that tired ass argument.

Posted by: laceyunderalls at July 30, 2010 08:18 AM (pLTLS)

27

Except I have no idea when too late really is, but I do know it's soon.

I think we all feel the same way. At least I do.

Posted by: HH at July 30, 2010 08:19 AM (6oDXl)

28 Ace of Spades HQ. Come for the snark, stay for the cognitive dissonance.

Posted by: Cicero at July 30, 2010 08:19 AM (QKKT0)

29

17 Ack!! FU, dood!

And I clicked on the link. Big no-no. Old girl up there on a big screen jumbotron in one of her floral drapes dresses.

Posted by: laceyunderalls at July 30, 2010 08:20 AM (pLTLS)

30 Alternate reality, letting liberals believe their philosophy is sensible since 1933.

It's really too bad that when real reality comes along and smacks them in the face, they don't recognize it as reality but as conservatives taking their free candy away. 

Posted by: huerfano at July 30, 2010 08:21 AM (NmcJ6)

31 "The recovery lost momentum in the spring as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment."

Yeah, well, it could've slowed to a -30.351 percent pace; so you should thank me. Now, watch this putt.

Posted by: President Unprecedented at July 30, 2010 08:21 AM (swuwV)

32 Fuck em. unexpectely fuck um.

Posted by: JDFALCON IN VEGAS at July 30, 2010 08:21 AM (lPu+Z)

33 in one of her floral drapes dresses.

So I'm not the only one who thinks Michelle's dress maker moonlights selling window treatments.

Posted by: MikeTheMoose at July 30, 2010 08:22 AM (0q2P7)

34 "The recession was deeper than the government previously thought."

Funny that. Seems to be a recurring theme. That "previous thinking" thing seems to be a real hurdle for them.

Posted by: AnonymousDrivel at July 30, 2010 08:23 AM (swuwV)

35 I'll donate money if she promises to use it to buy a decent bra.

Posted by: Mama AJ at July 30, 2010 08:23 AM (XdlcF)

36 That "previous thinking" thing seems to be a real hurdle for them.

Fixed.

Posted by: DarkLordOfTheIntarWebs at July 30, 2010 08:25 AM (IkEhE)

37 Ah, but who will revise the revision?

Posted by: garrett at July 30, 2010 08:25 AM (56Gx4)

38 35 I'll donate money if she promises to use it to buy a decent bra.

Posted by: Mama AJ at July 30, 2010 01:23 PM (XdlcF)

I'm told there is a lot to consider while buying a bra. I would suggest a quick release on the back. Undoing those goggamned double loop hooks on the back with one hand was a real bitch....

Posted by: maddogg at July 30, 2010 08:29 AM (OlN4e)

39 15 in east bumfuck or wherever I know east bumfuck, I grew up there

Posted by: Hobbes at July 30, 2010 08:29 AM (f1Zpp)

40 ziggyee: "Weiner go nuts????"

I see what you did there.

This place is always going for the dick jokes... and winning.

Posted by: AnonymousDrivel at July 30, 2010 08:29 AM (swuwV)

41 A study by Alan Blinder and Mark Zandi accidentally shows the $700 billion TARP bank bailout (pass under Bush) was effective and might have cost us nothing had it not been altered and expanded later. The study claims there were benefits from the “stimulus” (passed by Obama), but demonstrates none.

Posted by: Neo at July 30, 2010 08:33 AM (tE8FB)

42

OT, but have you seen the pic of Manchelle on Drudge.

White house cookin'

mmmm  mmmm  mmmm

Posted by: Bat Chain Puller at July 30, 2010 08:38 AM (SCcgT)

43 Obama unexpectedly turned out to be a two-bit, racebaiting hustler with no fucking clue how to do anything but deflect blame and stir up division and hatred.

Posted by: Warden at July 30, 2010 08:48 AM (YMHg4)

44

OT, but have you seen the pic of Manchelle on Drudge.

42 White house cookin'

mmmm  mmmm  mmmm


Simba! Ungawa! Mootiki Bawanga!

Posted by: Beto at July 30, 2010 08:50 AM (H+LJc)

45

The recession was deeper than the government previously thought.

 

Really? The smartest man who ever walked the face of the earth who has the answers to everything had no clue as to real state of the economy.

Posted by: TheQuietMan at July 30, 2010 08:50 AM (1Jaio)

46 Hundreds of millions of dollars in accountants...
The CIA announcing it has partnered with Google to predict the future by giving a private company the Echelon software that cost dozens of billions...

And they can't put 3 months of financial forecast together when independent forecasters predicted these circumstances over a year ago?

Bullshit

Posted by: Beto at July 30, 2010 09:01 AM (H+LJc)

47 Whatever bit of GDP we have is being propped up by government spending, not private sector growth.

GDP is actually -2% right now if you remove all the spending and government manipulation.

Posted by: Jon at July 30, 2010 09:02 AM (d7s5s)

48 Profits and earnings ratios were unexpectedly worse, which threw my economy re-balancing machine off by 3000%.

Posted by: President Partytime at July 30, 2010 09:04 AM (YMHg4)

49

Keep laughing. After I save America from the Republican tax hike boondoggle, I'm going to save them from the Republican nationalized health care scheme. Try to stop me!

Posted by: Steny at July 30, 2010 09:11 AM (tfMGP)

50

Look, I'm old. Can one of you morons 'splain this to me? How is it possible that the recession could be deeper than previously thought. Allegedly, at some point, as measured by GDP growth, the economy bottomed out. That's a fixed point in space and time that can be measured. Then, allegedly, the economy began to grow, albeit anemically. So we measure growth from the bottom. We couldn't do that unless we knew where the bottom was, right? Now they tell us that they didn't really know where the bottom was because it was deeper than they told us it was. Were the bastards lying then, now or both? I vote for all of the above.

Posted by: Old Dad at July 30, 2010 09:12 AM (LBXax)

51 I'm not an economist but I remember reading recently that for an economy to hold steady as far as employment goes it needs to maintain 3% growth in GDP.  for +/- .1% that is 100,000 jobs created or lost.  One of you actual economists can fact check me on that if you like. 


Posted by: Chad at July 30, 2010 09:13 AM (WNcvq)

52

Bush 2.4% growth = !!!1OMG!!!It's a DEPRESSION!!!The world's gonna DIE!!!!eleventy11!!!!

The Vapid One's® 2.4% growth =Everything is proceeding according to plan Recovery Summer!

Posted by: BackwardsBoy at July 30, 2010 09:15 AM (i3AsK)

53

What's all of this talk of a slowing recovery?

DETROIT – President Barack Obama on Friday heralded the recent turnaround for U.S. automakers, arguing that thousands of jobs and increased production vindicate his unpopular decision to bailout the industry.

In a report on the status of the auto industry, the White House said failing to intervene would have led to the loss of nearly 1.1 million jobs.

Barry is now claiming that he saved over a million jobs on top of the 25 trillion billion jobs that he's created. And media of course just runs with anything he says without questioning it in the least. The economy is so good they need to continue to extend unemployment

Posted by: TheQuietMan at July 30, 2010 09:27 AM (1Jaio)

54

They don't say "unexpectedly" here, but I guess it's implied by now.

I love that sentence. It's a perfect description of the times.

Posted by: progressoverpeace at July 30, 2010 09:37 AM (5TNVe)

55

On the bright side, for only a trillion dollars we can have growth of 5% for the next quarter.  it's a bargain at twice the price (which is what it will cost to get 5% growth for the quarter after that).

But ... as we all have been condescendingly told, "What do you think stimulus is??  Spending IS stimulus!!" 

Posted by: progressoverpeace at July 30, 2010 09:43 AM (5TNVe)

56

GDP isn't at +2.4 or +3.0 or even +1.6. It's the square root of -1. An imaginary number. That's all this administration ever generates is imaginary mathematically impossible numbers.

Whatever number they publish today will be revised downwards. Even if it was released in a Friday no-one-is-looking news dump.

Posted by: The Atom Bomb of Loving Kindness at July 30, 2010 09:54 AM (CnrIa)

57

Weiner did not "go" nuts.

The boy has always lived in that part of town.

Posted by: bigred at July 30, 2010 10:24 AM (uh7Ap)

58 Come on, Ace. As John Kerry said in 2004, "I won't know what kind of mess I'll have on my hands until I get in there to try to clean it up." Turns out things are FUBAR because of Bush, and you're trying to pin it on Obama? It's certainly not the Lightworker's fault that Bush's term was even worse than any of the Democrats thought.

Posted by: RM at July 30, 2010 10:28 AM (GkYyh)

59 53 Unemployment checks are great for the economy!!!

Posted by: nanzi at July 30, 2010 10:42 AM (truZS)

60 Recovery summer fever! Caught it yet?

Posted by: "Plugs" Bite-Me at July 30, 2010 11:12 AM (yRrAd)

61 23 ... has everyone seen Weiner go nuts????
Posted by: ziggyee at July 30, 2010 01:17 PM (7jSiL)

Dimmocrat "mayonaise" all over the place, huh? (Sigh.) Well, I'll call for the bio haz-mat team; you get the sprayer with bleach and disposable wipes and try to save the irreplaceable items in there.

Posted by: WeinerFacts: hot and juicy every time! at July 30, 2010 11:22 AM (yRrAd)

62 The Obama dead cat bounce is not that much really...

Posted by: Disgruntled in Carolina at July 30, 2010 11:57 AM (zxaA2)

63

They don't say "unexpectedly" here, but I guess it's implied by now.

along with "unprecedented"

Posted by: HoundOfDoom at July 30, 2010 12:30 PM (tQ7IJ)

64 "it was worse than we thought..."

oh...so youre admitting that you're all incompetent?

Posted by: Thea at July 30, 2010 03:43 PM (/3dGX)

65 The only thing the Obama Administration gave us is the New Math yardstick to measure all other shitty Presidents by.

Posted by: doom_n_gloom at July 30, 2010 03:57 PM (d8XZZ)

66 go to buy fendi handbags on sale
many fendi products for discount
high quality of fendi bags for cheap

Posted by: fendi handbags at July 30, 2010 05:42 PM (AvlwO)

67 Unexpectedly: GDP 2.4% —Ace

 

That's more spin. Remove inventories, and it was only 1.3%, which is practically 0% growth. Yeah, Obama, blame that on Bush, you useless empty suit.

That lazy, sloppy and careless asshole thinks that he was elected to party, party, party and to go on The View and  to talk, talk, talk and to be charming, a street hustler and a con artist - not to run this country. That incompetent, damned fool doesn't have any leadership, executive or managerial skills, none whatsoever. The 52% of voters who put him into office are imbeciles. The economy has gotten worse in the past 18 months.

Posted by: One-term president, my ass. Impeach that useless fool NOW at July 31, 2010 06:14 AM (sYrWB)

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