Obamanomics: Real GDP Collapses To 1.7%…
Via Business Insider:
From the just-released GDP report:
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.
The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
Posted by ZIP on Friday, January 27, 2012, at 9:25 am | 
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1.7 pct “growth”, caused largely by “nonresidential fixed investments”- would that be something like say, the Chinese government buying up property?
1.7 pct growth- see how the stimulus and investment in green technology is paying off? Yeah, neither do I.
a national economy in a coma, barely showing signs of life after 3 years of “expert” keynesian policy and gov’t intervention-
That’s winning the future, the soetero way!
Whoops. CBS radio was reporting this morning an optimistic 3+% growth. I guess someone there was a good boy and drank their koolaid…
We can hear the excuses now… “inherited, unexpected, oil spills, volcanoes, earthquakes, the evil Republicans wanting to crash the economy to make Barry look bad….”.
Personally, I wouldn’t even trust the + 1.7% number.
These statistics were issued by the administration. They are a fabrication, with all the explanations as to why things are so bad, already built in.
The “real” GDP is more than likely, negative.
Even Fox has crawled onto the bandwagon, claiming that the economy is beginning to show slow improvement in several respects.
If government spending was not factored into GDP calculations, the figures would be much worse. Unfortunately, Keynesian math equates government spending as a portion of the GDP which it is not. Government spending (and borrowing, which is out of fucking control) is anything but a product and most recently, it’s not domestic either with Obongo outsourcing stuff all the while he lambasts companies for doing this.
“Gross Domestic Product” used to be exactly that, the total value of all the service/products produced (by us) in the US. It IS NOT government spending since the fucking government has NO JOB! All the bullshit economists are wrong to be counting government spending as GDP. Oh, they will say the money goes back into the economy, but does it really?
How about our roads/bridges in this country? Does anyone think dollar for dollar is actually spent on the infrastructure? Fully 50% of all spending in this country is cut away from the final product for entitlements, kick-backs, bribes and just plain theft. Anyone heard much about all the Social Security/Medicare frauds and what the government has done about them? Fucking nothing, cause those stealing are tied with the government. These are the people who can pay $38,500 for a plate of arugula.
We are fucking broke, no doubt about it. And to continue this spending and borrowing is pure insanity. This shit ain’t going to get any better until we EMPTY out the government, punish the thieves and start over. Both the RNC and DNC are in it up to their pencil necks.
@ Boomerette…
Fox News has been on the Obama bandwagon since before he was elected.
Strange at it may seem, they are actually driving it.
@ Rufus
I’ve noticed for a long time that some of Fox’s personalities are really bad about asking questions of their guests, and then interrupting and cutting them off the minute they hint at anything unfavorable to the current President and his administration.
O’Reilly is the absolute worst. I can’t watch him.
BOR (ing) is an in-the-tank cocksucker for BHO. On air, he sways between licking his ass and “giving him the benefit of the doubt”. BOR should in no way be even remotely associated with anything conservative – unless it’s conserving his millions.
Don’t Panic!
GDP would have grown by 4000% if not for obstructionist GOP. My policies are the shit.
@ Boomerette…
Fox News is partly owned by a Saudi Arabian “prince”.
The day the sale went through, they have been on the side of the muzz (Obama).
Like I said, MSNBC, CNN, ABC, etc are all pulling the wagon, but FNC is driving it. All the above respond to attacks on Obama, but it is FNC that is supposed to be the “opposition”, driving the criticism, exposing the scandals.
It’s all a sham, political theater for the masses.
Breadline and even more breadline all under a demacratic liberal this isnt the chage we wanted and theres no hope at all
It’s a recovery!!!
/moonbat
Didn’t they argue that the reason to extend the “tax holiday” was the incredible GDP growth that the 2011 “holiday” had sparked? Obama went on and on about $40! Pizza on Friday night, blah, blah, blah!
Only problem, 2010 GDP was 3% compared to 1.7% in 2011.
My math could be wrong, but that looks to me like a 43% DECREASE in GDP from 2010 to 2011.
MSM will sell this as big positive because of 4thQ 2.8%! It musta taken until the 4th Q to kick in!
If Romney and Buffet and Gates paid more, we wouldn’t have this problem!