Of course, the AP tried to put a negative spin on it.
Economic rebound not as energetic as hoped in spring; economy contracted at the end of `07WASHINGTON (AP) -- The country didn't get the energetic rebound in economic growth hoped for from the government's tax rebates in the second quarter, and the economy jolted into reverse at the end of 2007, raising new recession fears.
The recession is coming! The recession is coming!
The Commerce Department reported Thursday that gross domestic product, or GDP, increased at an annual rate of 1.9 percent in the April-to-June period. That marked an improvement over the feeble 0.9 percent growth logged in the first quarter of this year and the outright contraction in the economy during the final quarter of last year.
1.9% GDP growth? How can that be? I thought we were already in in a recession.
Still, the second-quarter rebound wasn't as robust as economists had hoped; they were forecasting growth at a 2.4 percent pace. The pickup, while welcome, isn't likely to be seen as a signal that the fragile economy is growing healthier. There are fears that as the bracing tonic of the tax rebates fades, the economy could be in for another rough patch later this year.
The recession is coming! The recession is coming! At least that's what the Dimocrats and their propaganda arm, the LSM, are hoping.
Now the good news.
A pickup in consumer spending and brisk sales of U.S. exports abroad figured prominently in the second-quarter improvement.Consumers boosted their spending at a 1.5 percent pace in the second quarter. That was up from a 0.9 percent growth rate in the first quarter and marked the best showing since the third quarter of 2007 when the economy was still performing strongly despite the severe housing slump.
Billions of dollars in tax rebates, the centerpiece of the government's $168 billion stimulus package, spurred consumers to spend in some areas, a major force shaping overall economic activity. Spending on furniture and household appliances went up, while people cut spending on cars.
I guess people must be spending those rebate checks. SRFİs like me didn't get one of those rebate checks.
Meanwhile, sales of U.S. exports grew at a 9.2 percent pace in the second quarter, up from a 5.1 percent growth rate in the first quarter. The weak dollar has made U.S. goods cheaper to foreign buyers, helping to bolster exports.
That's one advantage of a weak dollar.
An inflation gauge tied to the GDP report showed all prices galloping ahead at a rate of 4.2 percent in the second quarter, the fastest pace since the end of last year.
Time for the Federal Reserve to start raising interest rates and stop printing money. I was against the stimulus package because the Fed was printing money and I was afraid that with the Fed's action and with the gummint pumping $168 billion into the economy inflation would return. Looks like I was right.
With more job cuts expected for July and in coming months, there's growing concern that many people will pull back on their spending when the bracing effect of the tax rebates fades, dealing a blow to the shaky economy.These worries -- along with the negative GDP in the fourth quarter of last year -- may rekindle recession fears
The recession is coming! The recession is coming!
We've been hearing that drumbeat for the last nine months. Still no recession. Jug Hussein Ears has to be saying: "Dude! Where's my recession?"
Cheer up Obamesiah. After you're elected, your policies will give us the recession that you are hoping for now.
Posted by denny at July 31, 2008 02:33 PMThe recession is coming! The recession is coming!
The MSM is vested in it, and by God their gonna get one if it takes years and years of repeating the phrase. At that point it will be "Told you so".
Sorta like the 'defeat' in Iraq. If you don't tell people we won, no one will ever know. They hope.
Must be really tough being of the society "elite" and Joe Commoner just won't listen.
Posted by: GarandFan on July 31, 2008 05:40 PMI was going to send you my usual reminder that GDP figures had been announced and failed to show a recession, but you were to quick on the draw.
Every month I have to attend my companies business review meeting. This past quarter my company posted ridiculously obscene profits. The CEO wrapped up the meeting by pointing out that the MSM is lying to America and with the exception of Housing, Financial, and Automotive markets, our economy is clicking along quite nicely. All is good.
Posted by: Steve on July 31, 2008 06:42 PMDespite whatever spin the MSM and liberals/socialists/dims put on our economy, the citizens continually keep giving them the big F you and I'm loving it. The outlet mall by me is packed every weekend, my business is booming along nicely, my neighbors and friends are vacationing like fools (and many of them are blue collar mind you), so anyone that thinks the economy is going south is just plain stupid. And remember, all this while fighting two wars. GMAFB, MSM you are all a bunch of propagandists (such a word?) for the Obamalamadingdong followers.
Hey, I found your freaking recession. I was the finance guy in the RV business for the last 15 years. Who the hell buys motor homes when fuel is $4.00 To $5.00 per gallon? Oh well, guess I will just have to take the summer off for the first time in 30 years. Where does a niggah go to sign up for gummint cheese, housing, food stamps and whatever the hell else I have been paying taxes for for since I first started working in 1967?
Crap, unemployment is $540.00 per week. It'll pay the house. Moma's job'll pay the rest.
Retired for a year if I can stand it. Pretty sure I can't though.
of course there's a recession, there's an election in nov and the white house has a republican.
what's wrong with you people.
Posted by: Pip on July 31, 2008 10:17 PMLet's all write-in G. Gordon Liddy..
Posted by: vetfromhell on July 31, 2008 11:28 PMLets see Pip. Who was president the last time the economy went south. Uhhhh, uhhhh, oh yea, it was Bill Clinton. Lets see, who was POTUS the time before that when it went south, Ronald Reagan (but he whooped the USSR and his was very short lived) and before that, the big one: James Earl Carter (the worst POTUS in history). Seems to hapen now and then to both sides.
So, what's your point?
Isn't pointing out the truth on this matter what got Graham kicked off McCain's campaign staff in the first place? The truth? You can't handle the truth!
Posted by: Steve S. on August 1, 2008 09:14 AMPIP....
When people take a nap or pass out drunk ....that does not mean they died. The same thing holds true with an economy, there are elements which are slow or have severe problems.........That does not mean there is a recession. For an example , my business is tool & die, precision machining....we are doing quite well ,in fact on target to either the best year ever or # 2.
The definition which qualifies a recession is two consecutive quarters of negative growth. This has not happened ,in fact we have not had one & the economy is rebounding slowly at this time.
There is no recession despite what the Democrats or the mainstream media claim...does the word lie ring a bell to you? At the present time & since Bush took office there has been a campaign to discredit him by whatever means are at their disposal.
People who are prudent & use their heads for something other then a hat rack are not having any significant trouble....it is called living within ones means to pay. Cheap or promotional interest rates only snare the dumb or foolish.Screw them , they deserve to experience a dose of reality.
Posted by: dudley1 on August 1, 2008 01:24 PMI think y'all misread Pip's comment. If I'm not mistaken he is using sarcasm. He just left off the sarcasm tag.
Steve - Graham did point out the truth. Unfortunately, calling Americans a bunch of whiners is an inconvenient truth.
As to the economy, my net worth is down. Duh. The stock market is down. On the other hand, my income is up.
Posted by: Denny on August 1, 2008 01:46 PMDenny....
Yeah I may have mis-read PIPS intent, I was not sure but mine was not sarcasm. My apologies to PIP
Posted by: dudley1 on August 1, 2008 02:02 PMMe too. There is always the chance of me jumping the gun. I've been a little pissy lately. If I was wrong,and I probably was, sorry.
Posted by: Chuck from Tacoma on August 1, 2008 06:20 PM/sarcasm>
sorry, a bit late on that one. was out of town for the weekend.
thanks for catching that Denny.
Cheers, Pip
Posted by: Pip on August 3, 2008 06:18 PM