Economic growth in US down to 1.5%

When Obama took office, the economy was tanking at a -9% real rate, losing 700,000+ jobs a month, unemployment was skyrocketing upward, and the stock markets and housing markets were crashing in the worst recession in 80 years. The deficit was running at $1.2 trillion, soon projected to hit $1.9 trillion, the housing market was destroyed, and the economy was headed straight for a depression.

But now the the private sector has added more jobs every month for 54 months in a row, stock markets are up about 150% from their recession lows to record highs, corporate profits have hit all time highs, we've gained back all the jobs lost in the recession, the housing market is recovering, the deficit has been cut in half, the unemployment rate has fallen from 10% to 5.9%, and over 10 million additional private sector jobs have been added since Jan 2010.

And this despite an obstructionist Tea Party Republican party whose stated top priority is not to work with the president to improve the economy, but get him out of office, and their austerity and uncertainty.

Only those invested in failure for political purposes would claim the Stimulus didn't work.

The U.S. economy grew at the solid pace of 3.5 percent for the third quarter, helped along by gains in business investment, exports and a big jump in military spending, the Commerce Department says.

The latest GDP number for the July-to-September period was better than economists had expected. It follows a 4.6 percent jump for the April-to-June quarter

http://www.npr.org/blogs/thetwo-way...strong-3-5-percent-growth-rate-in-3rd-quarter

Per the OP: Thanks Obama!

 

He and the Democrats had had majority control of Congress for the two previous years and he got his stimulus passed and two years later in 2011 the economy was still horrible and unemployment still horrible just as it is today.

For what specifically

 

I won't quibble with your statistics, although these rosy results consistently have had to be revised downward after subsequent recalculation reveals the reality. But, sure, for the moment, let's accept them as accurate, until they are revised.

Something of greater interest has piqued my curiosity and I'm interested in our opinion. So we have a cheerful recovery well underway, and, as the Brits say, everything is just "teats" ... does this mean that "happy days are here again", even though the labor participation rate has fallen to the lowest rate since 1978? Does this mean that our "new normal" is going to keep a 21st-Century real-world unemployment rate of 10% or greater (the latest figure, for September, was 11.8% in the U6 report: http://www.bls.gov/news.release/empsit.t15.htm ).

I'm not trying to poke a stick in Obama's ribs, because as I've said, he hasn't really had much of anything to do with the economy, except to keep the welfare mill churning. What I'm trying to discover is if Korporate Amerika has really found a way to have a wonderous recovery with growth that is even more wonderous -- and to do so while employing fewer people at stagnant or fallen wages?

I KNOW that you must have read Orwell's great classic, "1984", Iriemon. Am I on to something here? Are these the "happy days" that anybody except investment bankers and stock market gamblers is enjoying...?

 

Second quarter was just revised up from 4.0 to 4.6%.

Not necessarily, just a poke at all those invested in failure for political purposes. Though, except to those invested in failure for political reasons, happier days are certainly here, and if we continue with a 4% real GDP growth that would certainly portend happier days in the future.

But if recent history is any indication, we can expect our Republican Tea Party friends to through another confidence busting default/shutdown thread or cut spending more.

So what if the LFPR is lower? What is important is that millions more jobs are being created.

The UR rate is down to 5.9%. Where have you been?

There's no doubt the recovery could have been stronger. Austerity and Uncertainty will undermine a recovery.

They are certainly happier than they were. They are no doubt "happy days" for the 1% and 0.1% and 0.01% who (in general) have benefitted handsomely by the stock market increase.

The middle lower classes have lagged behind; they always do. But there are signs that we may be *finally* turning the corner for them. Initial unemployment claims are at their lowest levels since Clinton was in office, the UR is slowly but steadily decreasing, both suggesting that the labor market may finally be firming up, which ultimately will result in real middle class wage increases. I think we've already seen real median incomes tick up and things like food stamp recipients tick down.

Hopefully this will continue. But if our Republican friends throw another uncertainty creating confidence destroying shut down tantrum; or force another round of austerity, all bets are off.

- - - Updated - - -

When Obama took office, the economy was tanking at a -9% real rate, losing 700,000+ jobs a month, unemployment was skyrocketing upward, and the stock markets and housing markets were crashing in the worst recession in 80 years. The deficit was running at $1.2 trillion, soon projected to hit $1.9 trillion, the housing market was destroyed, and the economy was headed straight for a depression.

But now the the private sector has added more jobs every month for 54 months in a row, stock markets are up about 150% from their recession lows to record highs, corporate profits have hit all time highs, we've gained back all the jobs lost in the recession, the housing market is recovering, the deficit has been cut in half, the unemployment rate has fallen from 10% to 5.9%, and over 10 million additional private sector jobs have been added since Jan 2010.

And this despite an obstructionist Tea Party Republican party whose stated top priority is not to work with the president to improve the economy, but get him out of office, and their austerity and uncertainty.

Only those invested in failure for political purposes would claim that things are just as horrible as when Obama took office.

 

We can thank Obama for the trickle down economics which has greatly enriched the 1%. The middle class and lower are no better off. The welfare class is doing just fine.

 

Write your Republican Tea Party friends and tell them to stop with the Govt shutdowns and austerity and blocking Obama's job creation proposals and cutting off benefits to poor folk if you want the middle class to be better off.

 

The U.S. economy grew at the solid pace of 3.5 percent for the third quarter, helped along by gains in business investment, exports and a big jump in military spending, the Commerce Department says.

The latest GDP number for the July-to-September period was better than economists had expected. It follows a 4.6 percent jump for the April-to-June quarter

http://www.npr.org/blogs/thetwo-way...strong-3-5-percent-growth-rate-in-3rd-quarter

 

at least we have growth, under bush we had massive decline

 

I agree, Corporations have become so efficient, they are the biggest threat to the American way of life ironically, foreign outsourcing is the Pandora's Box of the 21st century

.

 

Even though you think it's more relevant to use the old U3 unemployment rate than the post-"Great Recession" rate shown in the U6, I'll be truthful enough to say that no matter HOW the Federal Reserve fraud-circus managed to pull this thing off, I'm glad that more working people were not hurt. For those unfamiliar with what this "U3 U6" unemployment report is about, please see: http://www.bls.gov/news.release/empsit.t15.htm

We on the Right disapprove highly of any Central Bank's fundamental economic manipulation and the Fed's suspension of everything having to do with a free-market economy, but that does not mean that we want to have dismal depression and failure instead. It's a national disgrace that both "W" Bush and Obama just stood by like witless farm animals and let the Federal Reserve system pull all this crap while rewarding the very people who caused this misery with billions and billions of totally unearned dollars, financed by piling debt on the American taxpayer.

But in fairness to Obama (I seem to say that a lot), even if the Republicans take over both the Senate and the House in the upcoming elections, NOTHING will change. These smug RINO slobs will do exactly NOTHING to take control of the economy back from the Federal Reserve, and as I've pointed out until we're both sick of it, neither these RINO's nor Obama's Social-Democrats will lift a finger to establish fairness in the way we are taxed. So, we'll see what happens. My prediction: QE 4 is closer than you think!

 

Because the unemployment rate is the UR rate, which is 5.7%. Using other rates to claim that the UR is 10+% is an old RW propaganda ploy.

If you're going to use different measures, at least have the objectivity to post the other measure numbers in the past so there is an accurate comparison.

Simply trying to claim the UR is 11% is a sophomoric tact of RW propaganda and those invested in failure for political purposes.

Obama did not just "stand by". He passed the Stimulus, relatively small, saved or created 2-3 million jobs. He arguably saved the a major collapse in the US auto industry. He got extensions of the tax cuts and got, for the first time ever, a tax cut on the FICA tax the middle class pays.

And he would have passed more stimulus if the Republicans stopped him. It's not politically advantageous for them to have a strong economy with Obama in office, you know.

Of course nothing will change if the Republicans get the Senate, except they'll pass 43 bills repealing Obamacare which Obama will veto.

They are not interested in helping the economy get strong while Obama is in office.

 

News flash...corporations have done nothing but satisfy the demands of the shareholders and consumers. Shareholders demand more ROI and consumers want reduced pricing on products and services. So most Americans have gotten exactly what they demanded but didn't care about any downside to these demands, like increased automation, robotics, outsourcing, offshore facilities, etc. all of which reduce both employment and wages.

Interestingly, we can't reverse this trend as some would prefer to block the US borders, stop imports, apply huge tariffs, penalize corporations, etc. A reversal implies greatly reduced imports, which means to US consumers, less choice, higher prices. And if we block imports then we probably must also forego exports which is more loss of jobs and tax revenue, etc.

So I say corporations being efficient are not really a threat to anyone but more of giving Americans what they demand in the marketplace and investing...

 

I agree, that we made corps what they are, it's the PANDORA'S BOX of the 21st century

 

Tell your buddy Harry Reed to put those 300+ bills from the House he's sitting on up for a vote.

 

No, it is the President who is the leader of the country and who conservatives blame. His job creation proposals and government is being blocked and undermined so the RW propaganda can blame him.

 

Previously refuted, one again what specifically are you thanking him for? You note occurrences, why are you attributing them to Obama?

 

False we had 52 months of solid growth, soaring tax revenues and full employment. Then the Democrats took back control of government.

 

So on the one hand you praise Obama for cutting the deficit and then blame the Republicans for the measures which played a big role in it......just amazing.

ROFL like increase the minimum wage which will cut jobs? Like increase taxes and cost on business? Like oppose expanding our energy market will increase jobs?

And how has Obama's policies made the middle class better off and gotten the poor off government dependence?

 

Interesting trivia, now why specifically are you thanking Obama for it, what did he do to cause it and be specific.

 

I'll let this "expert" answer:

- - - Updated - - -

Wow 52 whole months out of 96 he was president. How impressive.

 

Please quote my post praising Obama? Though he was instrumental in the 2013 tax increase that flooded the Treasury with more revenues and was according to some the biggest factor that brought the deficit down by $400 billion.

ROFL like work and jobs programs to rebuild the country's crumbling infrastructure.

His FICA tax cut certainly helped.

But most every thing he tried was blocked by the Republicans, who don't benefit from a strong economy.

And what have the Republicans proposed to help the middle class be better off and get the poor off government dependence? I mean other than just cutting them off.

 

Because it's been the official UR rate for many decades.

I think you overgeneralize.

Your spouting your RW misinformation again. Obama has not simply stood by as I explained in my previous post.

If you think we should have done more, write you Republican Tea Party reps and tell them to stop with the obstruction and austerity.

The Republicans will attempt to do what they always do: Passive massive tax cuts for the richest.

Because for heaven's sake, the 1% getting 20% of the nation's income and having about 40% of the nation's wealth, both double from about 30 years ago, isn't enough for the poor darlings.

- - - Updated - - -

I'll let this "expert" answer that.

 

It is the president who is the divider, not the uniter. Harry Reed and the Senate democrats voted against many of Obama's proposals.

 

I recall they voted against his budget on a couple occasions for procedural reasons. What other examples are you referring to? I don't recall Reid blocking Obama's jobs programs, but it may be that is was blocked in the Senate because of Republican filibuster threat.

 

I also don't look at the economy as Pandora's Box since IMO the US economy is a damned good thing! Any American who gets decent grades through public education, then obtains a marketable college degree, and places themselves in high employment areas, and avoid crime and drugs, keeps themselves healthy, lives within their means, are doing just fine today. Those who choose a different path, one relegated to failure, are whining like Oprah when someone tries to take one of her French fries! If we had another 1000 Microsoft's or Google's or Intel's, etc. everyone except the whiners would be in very tall cotton...corporations like these and others are the best thing to ever happen to the USA...