Rantings and tirades of a frustrated economist.
Wait.We are almost 1/2 way through the year. And, (I would have to look it up), but isn't the GDP down so far?Exactly how much would the GDP have to expand to end up with 3.5% growth?If they were predicting only a 3.5% growth from now until the end of the year, maybe, doubtful, but maybe.But, whatever is falling out of whatever White House Spokesman's piehole should be considered factual by the media, shouldn't it?
Make sure to do this as a repost when the actual numbers come out.
Am I the only one who so wants to find a J.A. look alike and pay her to show up his doorstep with the requisite uniform and a delightful smile?!I'd so want film though. "You poor dear, you've scraped your jaw onthe the floor"
In that case, your chances of meeting Jennifer Aniston are higher than you might think. The economy has/will have contracted so much that there could easily be 6% growth for 1 or 2 years, even if the economy does not return to its old growth path (which would mean permanent income losses due to this crisis).However, I would not be so confident that growth returns this year already.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGk9tTpIe_0g&refer=homeThat's a much more funny/distressing article. We're mired in one of the worst economic downturns ever and Obama Claus is daily releasing plans to RAISE taxes. It makes no sense. I had to chuckle throughout the article as they said each tax increase will likely generate $xxx in new tax revenue. I would bet my life savings that those projections do not factor in the fact that as you increases taxes (a cost), demand will decrease and produce less revenue, all else equal. Nice post Cappy.
I didn't have time to read anything other than the first few sentences. However, if you factor in the growth of government, which, regardless of party in power, grows faster/larger than anything else in our economy, then I could definitely see a 3.5% growth. (Private sector) Economy shrinks, Government grows twice as much, overall growth in the "economy." Simple.
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