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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: 30224
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.
Since January 3, 2011, Republicans have controlled the power of the purse.
Happy days are here again?
It came to an end a long time ago. It didn't work. The economy will make a natural recovery from a recession. It always has. This recovery has been painfully slow. It is clear that obamanomics has stifled the economy terribly, not helped it.
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.
You are the first conservative I have ever seen (on these types of forums at least) admit this reality. Progress.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
It's not progress, it's inflation and more debt. The economy picking up after a massive infusion of cash is a false indicator. It's simply re-inflating an artificial bubble. Now, are our wages going to rise like the prices of commodities surely will, to meet this new level of money? NOT EVEN CLOSE! So what we've done is to raise the price of EVERYTHING, while our wages stay the same or slightly rise. We've simply lowered our standard of living.
We're in Depression. Can’t they see this? Sure, some can, but they are operating on the hedonistic principle of eat, drink, and be merry, for tomorrow we may die. It might be called “Ponzi solitaire.” In ordinary Ponzi schemes, the operator bilks other people until the house of cards collapses – as it did for Bernie Madoff. In Ponzi solitaire, you bilk yourself until you crash. And just as the investors in an ordinary Ponzi scheme (potential victims) hope that the crash will come only after they have gotten their profits, so the players of Ponzi solitaire (industry executives) hope they’ll escape with their personal profits before the whole industry collapses. Good luck!"
Before Obama Took Office, The FY 2009 Deficit Was Projected At $1.2 Trillion. As reported by the Washington Times: "The Congressional Budget Office announced a projected fiscal 2009 deficit of $1.2 trillion even if Congress doesn't enact any new programs. [...] About the only person who was silent on the deficit projection was Mr. Bush, who took office facing a surplus but who saw spending balloon and the country notch the highest deficits on record." [Washington Times, 1/8/09d] Since January 3, 2011, Republicans have controlled the power of the purse.
Only if demand takes off. Keep in mind conservatives have been predicting runaway inflation is just around the corner since 2009.
Since January 3, 2011, Republicans have controlled the power of the purse.
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.
Only if demand takes off. That's simply not true. It's mathematically impossible for trillions of new money in the system to not cause prices to go up.
That's like saying someone in the hospital should not be kept alive with feeding tubes or breathing machines until they recover because its a false indicator of health/life. Dr Krugman in a series of opinion articles lays the case the Federal govt needed to do more stimulus. Because when private business is not hiring (and is in fact firing) and those who still have a job are not spending (the unemployed can't spend much) then who will pick up the slack in this consumer economy? The economy is on life support until businesses and consumers go back to normal functions of hiring, handing out raises and the people spending. What is crazy is that the Republicans if McCain won would have done EXACTLY what Obama did via the stimulus maybe even more so.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Inflation would be good for homeowners. If we get inflation to Weimar Republic levels people can pay off their fixed mortgage with one pay check. Sadly, what I am hearing fears of is deflation not inflation.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
That won't happen as long as they have the Obamanomics sword of Damocles over their head. They are not going to extend themselves only to be screwed by Kenyancare, Kenyan cap and tax, etc.
Wow. There's just no arguing with logic like that.
Again, no arguing with logic like that. Dr Krugman in a series of opinion articles lays the case the Federal govt needed to do more stimulus. Dr. Frankenstein just needed more electricity, so he harnessed lightning.
There's just no arguing with logic like that. What I said was a little extreme because it was in jest but inflation would be welcomed. See link: "Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Bingo! You're exactly right. That IS crazy!
Why do you continue to listen to the same economic geniuses that have brought the world to the brink of collapse? Doing the same thing, over and over again, and expecting different results, is insanity.
That's like saying someone in the hospital should not be kept alive with feeding tubes or breathing machines until they recover because its a false indicator of health/life. "That's like saying someone in the hospital should not be kept alive"... Had this happen and the nurse (that would be you, Godwin;} saying I'm cruel to just turn off the Life Support (and increase the morphine) just like that. And I just looked at the nurse, dumbfounded (for an instant) and then launched. My wife calmed me after the first sentence. She called in the Head nurse. The first nurse was transferred out of ICU. The Reason for All the Above. The Patient was ALREADY dead. And that's what you're not getting, Godwin. It's a Zombie Economy now. Extend and Pretend while the Top 50 000 pretend they're getting ever more wealthy and powerful (doing neither, btw;}.
LOL! Great term.
I hear ya. I would have loved a nationalized economy or to do what Argentina's workers did and take over closed factories and run them as collectives but I live in the here and now not I don't want to wait for an idealized situation. We don't know if we are a coma economy or a zombie economy just yet. Being in a coma with a chance of recovery is better than the living dead though.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
See link: "The Fed will be comforted if inflation is rising," said Dean Maki, chief U.S. economist at Barclays Capital in New York. Sorry, I think and speak literally. When someone makes a post like yours, sarcastic, using hyperbole, I take it literally. I'd much prefer honest, two way dialogue where we say exactly what we mean. And OF COURSE the Fed will be comforted. They are our lender.
What I said was true regarding inflation being good for home owners - hough young ones over older ones. http://seniorjournal.com/NEWS/Retirement/6-12-19-RichRetirees.htm Rich Retirees Big Losers, Young Homeowners Big Winners in Inflation Inflation is also a boon for the government and a tax on foreigners.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
What we need is a massive cut in spending, stop printing new money, and allow the market to adjust naturally, without government intervention. And yes, it will be painful, but not as painful as the inevitable destination we will arrive at if we stay our present course.
Inflation is a tax on us all. That loaf of bread that used to cost $1.50 is now $3.00. That's a 100% hidden tax.
O yes we do. I've been detailing it since Bear, Lehman, BofA forced to take insolvent Merrill lynch. And when it started May 2005 PO and Arkansas Lumber Mills shut down state wide. Since Apr 09 Housing is down 3.3 % with ALL of the desperation of the Imperial City throwing trillions to keep them up. And the stock Markets up 100%. "Being in a coma with a chance of recovery is better than the living dead though." That's right. But back to 'my patient'. She had full blown Alzeimers' and then a heart attack. The husband (same age) didn't notice. She was sleeping on the sofa as he watched a tv ball game. The husband then called his son, who then called EMT's. Who then 'revived' her. And that's how she ended up in the ICU with 'life support' instead of at the morgue where she shoulda been. See the analogy?
You mean if incomes won't rise to the rate of inflation then yes it would be.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Rich Retirees Big Losers, Young Homeowners Big Winners in Inflation No link that you can provide will convince me that inflation is good for anyone except the bankers.
Like I said. I am all for nationalizing the economy all day long.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
You mean if incomes won't rise to the rate of inflation then yes it would be. Has income ever matched inflation?
Well that's what we've been doing since Summer 2007. We're now moving to collapse. As the Imperial City refuses to allow states to Bankrupt. And states refuse to allow cities to bankrupt.
LMFAO. Exactly. The Entire purpose of Inflation is theft. See a Dollar worth 1907 3 cents. I noted way back when that Defense was Always budgets at 6/7% above inflation. Just peg a $ to a gallon of gasoline. Simple.
If people don't show up for work until it does it will.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
I am pretty sure we are not being paid 1907 wages so wages did go up to meet inflation. The average wage in the U.S. was 22 cents per hour. A competent accountant could expect to earn $2,000 per year, a dentist $2,500 per year, a veterinarian between $1,500 and $4,000 per year, and a mechanical engineer about $5,000 per year.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Now look into percentages.
Why do you want to hurt the workers who would be destroyed by this move? Why do you want the states to not pay their debts? When they could raises taxes on the parasite rich and have a balanced budget doing so.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
But you now admit incomes do change to meet inflation, right? Cost of living increases are part of the law and can be used to offset any percentage differences.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Want to re phrase that? Anyway, Egypt is the fulcrum of our ME policy. Wonder who will invade to take the Suez Canal? "Forget the irrelevant inventory accumulation... pardon... GDP number. The real news today is coming from Egypt, where history is currently being made and a regime is in the process of being overthrown despite the unprecedented country-wide internet shutdown. The fallout from today's riots will be momentous. Follow all the news in real time from Al Jazeera."
No. And that's the problem. Why have inflation if everyone is keeping up with it? And that's why the FedRes is looking extremely naked right now. We're down to so few who are able to benefit off the CyberZombieWealth created. While the Bottom 98% are getting crushed.
Incomes have changed to meet inflation - your going on about the % of change though? Because clearly we are not being paid in 1907 wage levels.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
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#2. To: go65 (#1)
And "the stimulus didn't work" argument comes to an end.
#3. To: go65 (#1)
And "the stimulus didn't work" argument comes to an end.
#4. To: go65 (#1)
And "the stimulus didn't work" argument comes to an end.
#5. To: We The People, go65 (#4)
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.
#6. To: Godwinson (#5)
(Edited)
You are the first conservative I have ever seen (on these types of forums at least) admit this reality. Progress.
#7. To: go65 (#1)
#8. To: Happy Quanzaa (#2)
(Edited)
#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.
#11. To: go65 (#9)
Now, pretty quickly prices will rise to meet the new level of money.
#12. To: We The People, go65, lucysmom, mcgowanjm (#6)
It's not progress, it's inflation and more debt. The economy picking up after a massive infusion of cash is a false indicator. It's simply re-inflating an artificial bubble.
#13. To: We The People, go65 (#11)
It's mathematically impossible for trillions of new money in the system to not cause prices to go up.
#14. To: Godwinson (#12)
The economy is on life support until businesses and consumers go back to normal functions of hiring, handing out raises and the people spending.
#15. To: Godwinson (#13)
Inflation would be good for homeowners. If we get inflation to Weimar Republic levels people can pay off their fixed mortgage with one pay check. Sadly, what I am hearing fears of is deflation not inflation.
#16. To: Godwinson (#12)
That's like saying someone in the hospital should not be kept alive with feeding tubes or breathing machines until they recover because its a false indicator of health/life.
#17. To: We The People (#15)
Wow.
#18. To: Godwinson (#12)
What is crazy is that the Republicans if McCain won would have done EXACTLY what Obama did via the stimulus maybe even more so.
#19. To: Godwinson (#17)
"The Fed will be comforted if inflation is rising," said Dean Maki, chief U.S. economist at Barclays Capital in New York.
#20. To: Godwinson (#12)
It's not progress, it's inflation and more debt. The economy picking up after a massive infusion of cash is a false indicator. It's simply re-inflating an artificial bubble.
#21. To: mcgowanjm (#20)
Extend and Pretend
#22. To: mcgowanjm, We The People (#20)
It's a Zombie Economy now. Extend and Pretend while the Top 50 000 pretend they're getting ever more wealthy and powerful (doing neither, btw;}.
#23. To: Godwinson (#17)
What I said was a little extreme because it was in jest but inflation would be welcomed.
#24. To: We The People (#23)
#25. To: Godwinson (#22)
Being in a coma with a chance of recovery is better than the living dead though.
#26. To: Godwinson (#24)
Inflation is also a boon for the government and a tax on foreigners.
#27. To: Godwinson (#22)
We don't know if we are a coma economy or a zombie economy just yet
#28. To: We The People (#26)
That loaf of bread that used to cost $1.50 is now $3.00.
#29. To: Godwinson (#24)
http://seniorjournal.com/NEWS/Retirement/6-12-19-RichRetirees.htm
#30. To: mcgowanjm (#27)
#31. To: Godwinson (#28)
That loaf of bread that used to cost $1.50 is now $3.00.
#32. To: Godwinson (#30)
Like I said. I am all for nationalizing the economy all day long.
#33. To: We The People (#31)
Has income ever matched inflation?
#34. To: mcgowanjm, We The People (#33)
Has income ever matched inflation?
#35. To: mcgowanjm, We The People (#33)
See a Dollar worth 1907 3 cents.
#36. To: Godwinson (#35)
#37. To: mcgowanjm (#32)
We're now moving to collapse. As the Imperial City refuses to allow states to Bankrupt.
#38. To: We The People (#36)
Now look into percentages.
#39. To: Godwinson (#34)
If people don't show up for work until it does it will.
#40. To: Godwinson (#38)
But you now admit incomes do change to meet inflation, right?
#41. To: mcgowanjm (#40)
.
.
.
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