Obamunism! 1.3% 2nd Quarter “Growth”

From Reuters:

The U.S. economy came perilously close to flat-lining in the first quarter and grew at a meager 1.3 percent annual rate in the April-June period, leading economists to warn of recession if a stand-off over U.S. debt does not end quickly.

The Commerce Department data on Friday also showed the current lull in the economy began earlier than had been thought, with the growth losing steam late last year.

That raised questions on the long held view by both Federal Reserve officials and independent economists that the slowdown in growth this year was mostly due to transitory factors.

The U.S. economy in the first quarter expanded at just a 0.4 percent pace…

And here’s the kicker – if they revised Q1 from 1.9% to 0.4% growth, what do you think will be the likely outcome when they revise Q2’s 1.3% growth?  There is, of course, chance that later revisions will be upwards, but I doubt that anyone would make a bet on that happening.  Revisions of late have tended towards worse news – so I think we all know there the Q2 revisions are heading.

Do any of you liberals out there need any more proof that Obamunism! is a failure?  That you can’t borrow and print your way to wealth?  If any of you liberals are unwilling to admit defeat, what I’d like to hear is just how much more money you think we should print and borrow…what is the magic figure which will certainly grow the economy?

UPDATE:  Except for the Republican governed States, we’d probably already be in recession.

25 thoughts on “Obamunism! 1.3% 2nd Quarter “Growth”

  1. Retired Spook July 29, 2011 / 12:16 pm

    Sorry, Mark, your data must be flawed. Thomas just told us yesterday (or the day before) that the economy is improving, and Obama will win in a landslide next year, and everyone knows that Thomas is an expert when it comes to finance, economics and politics.

    • Amazona July 29, 2011 / 12:30 pm

      ….and civility…

      • Taly d'Haricots (@Count_dHaricots) July 29, 2011 / 1:45 pm

        Let’s see; the Recession ended two years ago, since then GDP growth by quarter has been 3.8%; 3.9%: 3.8%; 2.5%: 2.3%: 0.4% & 1.3%.

        During the same period Personal Disposable Income growth by quarter has been 4.9%; 5.6%; 2.3%: 1.55; 0.7% & 0.7%!

        That’s Improving?

      • Retired Spook July 29, 2011 / 2:32 pm

        That’s Improving?

        must be like golf — the lower the score, the better.

  2. Thomas July 29, 2011 / 12:54 pm


  3. Thomas July 29, 2011 / 12:55 pm


    The economy will be fine. It has nowhere to go but up. I know you’re a doom and gloomer, but don’t worry oldtimer, it will be ok.

    On another note though, i find it hilarious that amy the rabid attack dog on this site besides neo is talking about civility.

    • Retired Spook July 29, 2011 / 2:39 pm

      The economy will be fine. It has nowhere to go but up.

      On what planet is that true? If you had said that in September, 2008 (similar economic picture to now) you would not only have been wrong, you would have been woefully wrong.

      but don’t worry oldtimer, it will be ok.

      Does that make you feel like a big person, Thomas — to denigrate someone’s age?

    • Amazona July 29, 2011 / 3:15 pm

      Awww, tommy, can you find an example of me attempting to demean anyone based on age, race, zip code, occupation, weight, health, or gender? Have I ever referred to anyone as “filth”? Have I ever wished for someone’s head to be “split open” or wished any other kind of violence on anyone?

      No, of course not.

      I comment on the lack of commentary on how to best govern the nation, and on blatant stupidity and dishonesty as shown in relentless regurgitation of disproved but cherished Lefty talking points. i am merciless regarding phonies who try to posture as political commentators but who can’t go deeper than the tabloid politics of personal destruction that seems to be the only thing that attracts them.

      Sorry if that stings…..

      • Thomas July 29, 2011 / 3:26 pm

        Nasty personal attack deleted//Moderator

      • neocon1 July 29, 2011 / 4:00 pm


        In short, you’re just a filthy republican tea party member who is uneducated and misinformed. I pity you.

        TOUGH SHIITE Moron,
        dont like it?
        stay the F away you are nothing but an alligator mouth, canary ass any how…TROLL!

    • tiredoflibbs July 29, 2011 / 3:34 pm

      tommy-boy: ” It has nowhere to go but up.”

      lebowitz that is only true if you are at rock bottom. We are not there….

      ……yet. obAMATEUR is doing a bang up job getting us there.

      • Thomas July 29, 2011 / 3:37 pm

        yeh, just like Bachmann not getting any more from the government jobs she has held until 2000 right?

        why don’t you try and stop posting lies, and start to post FACT based opinions.

        Like I said, must be a pretty low bar around here to become a blog poster.

      • tiredoflibbs July 29, 2011 / 8:20 pm

        Awww, tommy-boy is mad because I posted FACTS about Bachemann to counter the regurgitated talking points from his fellow drones. dreggs said that Bachemann never held a private job. I proved her wrong. And, that sticks in your craw that your talking points are BS.

        Speaking of posting lies lebowitz, I see you are still posting the lie that obAMATEUR never raised taxes. You tried this before and I posted FACTS to prove you wrong.

        Predictably, you ran and hid never to be heard from again in that thread only to pop up again later in another and continue the same crap.

        Now you’re mad and have to tell more lies to make yourself feel better.

        Pathetic, tommy-boy, lebowitz, very pathetic. Now don’t you have some scum to scrape off peoples’ teeth? At least there you can be productive.

  4. Thomas July 29, 2011 / 2:52 pm

    I wouldn’t have said something like that in September of 2008.

    We are still growing, anemic, I admit, but still growth.

    In the long run, under this president, the economy will continue to improve and grow.

    don’t worry. Also, oldtimer is not an insult in your case, it’s a fact of life. we all get there sooner or later, you just happen to be there.

    • neocon1 July 29, 2011 / 3:42 pm


      you just happen to be there.

      and according to you it sucks to be there,
      therefore for your sake, I hope you never make it!
      Psalm 109:8

      secret decoder ring setting BF549

      • Green Mountain Boy July 29, 2011 / 4:29 pm

        Would that be for the drogan ring? Haven’t seen one of those in years.

    • raging bull July 29, 2011 / 5:10 pm

      “We are still growing, anemic, I admit, but still growth.”

      i’m willing to bet that, with the same numbers and if the president had an (R) after his name you’d be yelling, RECESSION, RECESSION, RECESSION!!!!!!

    • Retired Spook July 29, 2011 / 6:18 pm

      In the long run, under this president, the economy will continue to improve and grow.

      Thomas, is it possible that corporate insiders know something that you don’t?

      CHAPEL HILL, N.C. (MarketWatch) — Bad news, stock-market bulls: Corporate insiders are selling their companies’ shares at an abnormally fast pace.

      In fact, one measure of that selling activity shows insiders of NYSE- and AMEX-listed companies recently were selling at the fastest rate since data began being collected in the early 1970s, four decades ago.

  5. james July 29, 2011 / 4:30 pm

    obama is the worst president in american history.

  6. Sunny July 29, 2011 / 4:36 pm


    “The U.S. Chamber of Commerce has written a letter to members of the House telling them that voting for federal contractors to be more transparent about their political spending will negatively impact their legislative scorecard.

    “The U.S. Chamber of Commerce strongly supports legislative proposals to ensure that political spending — or the lack thereof — continues to play no role in federal contracting decisions,” the Chamber’s R. Bruce Josten wrote in the letter sent on Wednesday.

    “Therefore, the Chamber supports amendments that have been offered by Rep. Cole to several Fiscal Year 2012 appropriations bills considered by the full House, and any similar amendments should they be offered to the remaining FY 2012 appropriations bills,” he wrote.

    Meanwhile, more than sixty members of the House signed a letter sent to the White House by Rep. Anna G. Eshoo (D-CA) which expressed strong support for a draft executive order which would require companies that get taxpayer dollars to disclose their political expenditures.

    Disclosure, the letter says, “will not politicize the procurement process — it will improve it.”

    Do any of you have a problem with the US Chamber of Commerce rating our Representatives to the House? Or am I just so much of a liberal and that is why I cannot understand why this is good? Would you feel differently if the US Chamber had a cozy relationship with the Democratics rather than the Republicans?

    • Green Mountain Boy July 29, 2011 / 4:48 pm

      The Chamber of Commerece has a cozy relationship with the repubs? When did this happen. Why wasn’t I notified? Time to fire the secretary again.

    • Retired Spook July 29, 2011 / 5:31 pm

      Having a cozy relationship with the Democrats would be contrary to the Chamber’s mission statement:

      Mission Statement.

      The U.S. Chamber of Commerce is the world’s largest business federation representing 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. More than 96% of U.S. Chamber members are small businesses with 100 employees or fewer.

      Small businesses account for three-quarters of all new jobs in this country and embody the spirit of innovation, entrepreneurship and individual initiative. Because of the U.S. Chamber’s key role in ensuring our country’s growth and prosperity, it has launched U.S. Chamber Small Business Nation.

      U.S. Chamber Small Business Nation is a community that was founded on the open exchange of information and ideas, while creating the opportunity for small businesses to speak with a unified voice.

      Bringing together America’s small businesses – the engine of economic growth – will strengthen individual endeavors while amplifying the collective voice of business.

    • tiredoflibbs July 29, 2011 / 8:25 pm

      What does this have to do with obamunism?

      Let’s see you accuse the GOP of exporting jobs with the influence of the chamber, but you say nothing of the trade agreements that enabled jobs to go overseas in the first place put in place by a Democrat – Bill Clinton.

      I also don’t see you complain about the cozy relation obAMATEUR and GE have, the tax breaks GE received and the FACT that they are now moving some of their operations overseas.

      You willful ignorance of the left is astounding.

      • Retired Spook July 29, 2011 / 11:03 pm

        I also don’t see you complain about the cozy relation obAMATEUR and GE have, the tax breaks GE received

        Probably doesn’t see the humor in the fact that GE is using $2 billion of the taxes they didn’t pay to move jobs to China. Oooops!

      • neocon1 July 30, 2011 / 11:18 am

        didnt perot say to klintoon there will be a great sucking sound of jobs leaving the US if he passed NAFTA?
        well it happened ….amnesia, trolls?

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