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Title: U.S. economy picked up speed as 2010 ended
Source:
Reuters
URL Source: http://www.msnbc.msn.com/id/41310447/ns/business-eye_on_the_economy/
Published: Jan 28, 2011
Author: Reuters
Post Date: 2011-01-28 09:12:30 by go65
Keywords: None
Views: 30326
Comments: 52
WASHINGTON — The U.S. economy gathered speed in the fourth quarter, though a touch below expectations, with the biggest gain in consumer spending in more than four years and strong exports offering the clearest signals yet that a sustainable recovery is under way. Even with growth quickening, however, progress reducing unemployment has been painfully slow, and the report on U.S. gross domestic product on Friday is little comfort for millions of unemployed Americans or the Federal Reserve officials on a jobs-creation vigil. The economy grew at a solid 3.2 percent annual rate in the final three months of 2010, the Commerce Department said, after expanding at a 2.6 percent pace in the third quarter. The rise was a touch below economists' expectations for a 3.5 percent rate. For the whole of 2010, the economy grew 2.9 percent, the biggest gain since 2005. The economy contracted 2.6 percent in 2009.
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#1. To: All (#0)
(Edited)
And "the stimulus didn't work" argument comes to an end.
Of course the stimulus will cause the economy to pick up. There's no way around it. When you pump trillions into the economy it can't help but spur activity. Now, pretty quickly prices will rise to meet the new level of money. People don't seem to realize that just because more money is changing hands and just because financial markets are going higher that it doesn't mean that the economic situation is improving. If a rising GDP and a soaring stock market truly were strong indicators of economic health, then Zimbabwe would have been one of the strongest economies on the planet over the last 10 years. Inflation changes everything.
Only if demand takes off. Keep in mind conservatives have been predicting runaway inflation is just around the corner since 2009.
We've been predicting it much longer than that, because we see it almost on a daily basis. And we see it picking up massive steam right now. Do you buy your own groceries? Pay your own energy bills? Everything is going up.....except wages. And it's just beginning. The money we pump in now, will start to affect prices in 18 to 24 months. The money we pumped in in 09, is just recently starting to show on commodities. If you earn your own living, you just got screwed, just like I did.
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#4. To: go65 (#1)
And "the stimulus didn't work" argument comes to an end.
#9. To: We The People (#4)
Now, pretty quickly prices will rise to meet the new level of money.
#10. To: go65 (#9)
Keep in mind conservatives have been predicting runaway inflation is just around the corner since 2009.
Replies to Comment # 10.
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