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Friday, April 27, 2012

Bad signs for Obama

This quarter's GDP growth missed the mark. Last quarter was 3.0% growth, this quarter was projected around 2.6% but only achieved 2.2%, with consumer spending being a major contributor to the growth that occurred, at the expense of personal savings. This slowing of GDP is just part of the reason the deficit exceeds GDP - most of the reason is uncontrolled government spending. That spending and debt burden are beginning to impact our economy in big ways. What will this mean? In the immediate future, a projection up at Breitbart says:
Throughout the first quarter, consumers heard lots of happy-talk from the media about how the economy was picking up steam. Americans are eternally optimistic about the future and believed much of it. When the dust finally settled though, their incomes had basically stagnated and they'd blown through a lot of savings keeping up with higher prices.
As the hangover sets in, expect a consumer pull-back in the 2nd Quarter.
Not good for future growth, in other words. Nor do the job reports look good any way you spin them. Quoting Rush:
Let me give you the numbers here.  "The number of people seeking US unemployment benefits remained stuck near a three-month high last week, a sign that hiring has likely slowed since winter. The Labor Department said Thursday that weekly applications dipped 1,000 to a seasonally adjusted 388,000. It was little changed from the previous week's figure."  This figure is misleading, 59 -- I think these are the right numbers -- 59 out of the last 60 weeks, the unemployment number has been revised upward the week after it has been released. 
Now, if businesses tried this, CEOs would be in jail, or they certainly would be charged.  If CEOs put out numbers that were never right and a week later when nobody was paying attention they changed them and made them accurate and therefore worse, the CEO would be in trouble.  Fifty-nine of the last 60 weeks, I think that's the number, 59 of the last 60 weeks the unemployment number has been revised upward or gotten worse the week after it was released. Let me explain it as it's specific to this week's number.
Uh-huh. Our government tries slight of hand tricks to make us think things are better around here than they are. It doesn't work because we know the climate we live in!

Extra: A scholarly article about why Joseph Smith's claims about the Restoration have stood the test of time.

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