Yet another economic revision they wish would go away..

The constant revisions to our GDP numbers, always downwards, after story after story of how the latest mediocre if not downright ugly numbers show growth and improvement, is starting to feel like these reports are created by the same people that constantly fudge the numbers to push the AGW agenda. That much touted 1.8% GDP first quarter growth that the collectivists kept telling us, for the umpteenth time, was an indication that things were getting better – finally: all blame Boosh!! for what came before even if he has been gone for half a decade now – has been revised, downward, as it has been every other time, to a measly 1.1%. That’s not even anemic: that’s tragic.

How much do we want to bet that the 1.7% GDP number for the second quarter, which we have not heard much about in the LSM these days, ends up being revised (care to bet against me that it will go down?) soonish, and end up at or below 1%? Things are not getting better: they are getting worse. That GDP revision is not the only number that’s bad. It looks like all that effort to prop up homeownership and all the stories about the recovery right around the corner, were just tall tales. In general everything but the number of people dependent on government, many of them quite employable, is going the down. Things are going bad in every indicator that matters. And if we let these fucking idiots do more damage in the name of trying to fix things, things are going to get much worse, and much faster. This collectivist shit not only doesn’t work, it is economically destructive. But we can keep pretending otherwise, while the world goes to shit.

These idiots will never admit that what they believe in is destructive and that it will never work, so we can’t compromise with them, because they are not willing to do anything of the sort. Collectivism sucks.

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  1. Hal_10000

    Uh, Alex, I think you’re missing about 60% of the story here. The new revisions for 2012 were UP from 2.2 to 2.8. And the second quarter almost doubled economists expectations. The takeaway point here is that the doom and gloom that was supposed to follow spending cuts in Washington does not appear to be grounded in reality.

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  2. Dave D

    As far as I can tell, Alex stated exactly what the link says: 1Q results vere revised DOWNWARD from 1.7 to 1.1%. How does that support your story, Hal? The spending cuts happened AFTER 2012 and DURING the 1Q, 2013. This linked report does not deal with those cuts or their effects, or am I reading it wrong?

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  3. AlexInCT *

    I think Hal is referring to WaPo hack of a story. I am not buying it. The jobs they claim have been created are practically all low end fast food type or Obamacare induced part time jobs, and these numbers are further skewed by temporary hiring by government to push bad donkey legal wealth confiscation schemes on us all. The reality is that we keep getting told things are getting better, like this idiotic WaPo article is desperately trying to, when they are not doing anything of the sort. These fucks are even playing with the numbers to get them to look better.

    The only thing flying high is the stock market, and that’s all illusory. The gain is mostly all wiped out when you realize the jump is mostly caused by the devaluation of the dollar – all that printing and borrowing has an effect even if Bernanke wants to pretend otherwise – which then jacks up the holdings of these entities and allows them to claim growth. With city after city that have been run into the ground by decades of donkey rule lining up for bankruptcy as they are going broke, and entire blue model states soon to follow, the feds will soon have to resort to raiding private savings and investments for cash, like they are starting to do in Europe.

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  4. Hal_10000

    Dave, economists were expecting 0.9% for Q2, based mostly on the evil impact of the sequester. That it came in way above expectation tells you something about their assumptions.

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  5. AlexInCT *

    Dave, economists were expecting 0.9% for Q2, based mostly on the evil impact of the sequester. That it came in way above expectation tells you something about their assumptions.

    Lets wait until the revision Hal. My bet is that 0.9% will be the right number. And yes, they will try to blame it on sequester as if that is a great argument for government spending money we don’t have to prop the economy they are otherwise destroying. I see exactly the opposite argument needs to be made. Gut government and set the private sector free. Any nation that has an economy that relies on government to remain sustainable, is doomed. Sooner or later you run out of other people’s money as the Soviets showed us.

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  6. Dave D

    1.7% is “way above” the expected 0.9%

    WOW, have expectations lowered recently. 3-4% used to be expectaion. China is running in the mid-7’s.

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  7. Hal_10000

    Well, yeah, 1.7 is still not good. I’m not saying it’s not stagnant. I am saying that according to the usual suspects, we should be in the end times because of “austerity”. That’s clearly not the case. I think we’re just now at the point where we might start emerging from the financial crisis.

    China is running in the mid-7′s.

    China’s growth is a product of them being so low to begin with. When they stopped Moaism, they were on the poorest countries in the world. And even now, they’re not that hot. To give you a concrete example: when your per capita is is $9,000, like China, 7% is $630 in growth. When your per capita is $50,000, like the USA, 2% growth is $1000. So our economy, in an absolute sense, is still outgrowing China’s.

    I’m on record as saying China’s economy is about to crap out. Thanks to their one-child policy, they are about to get older faster than anyone in history. And their rural areas are still way behind. Buidling themselves up from nothing was the easy part — they just had to stop doing stupid Communist shit. They still have half the per capita income of taiwan and a fifth that of Hong Kong.

    Of interest: India is actually doing better than China right now. But no one talks about it because India has a lot less central planning and statism. Nothing to see there. Move along.

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  8. AlexInCT *

    Well, yeah, 1.7 is still not good. I’m not saying it’s not stagnant.

    Considering government is currently pouring close to, if not more than, $1 trillion a year into propping up the economy they are then trying so hard to destroy through insane and anti small business legislation, a 1.7% growth is a big deal. Then again. if it costs us a trillion dollars a year to shore up something that anemic, the lesson is that the Keynesians and the marxists trying to do Keynes are fucking idiots and need to be tarred and feathered. We don’t need more of that bad economic policy. Unfortunately the whole world is stuck with these assholes in charge. The alternative is not appealing because there is neither the ability to grow the power that attracts the big government types to those offices nor the opportunity for massive graft that has enriched them and their friends. And it is not a coincidence the democrats are the ones driving the economy into the ground with their stupid and criminal activity despite the fact many would like to blame other entities for this. That’s why I stand that the root of all our problems can be laid at the foot of big government, and without a major change in that philosophy, we are doomed.

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  9. AlexInCT *

    China’s growth is a product of them being so low to begin with.

    A lot of that coupled with some major lying, fudging, and corrupt shit that would send even the Wall Street idiots running away screaming. China’s house of cards is in bad shape, and the reckoning is near. Very near from what some that are paying attention are saying. They have been lying about their record growth rates for a decade or more as well. Maybe that’s why our fucking credentialed marxist class keeps trying to borrow from them and printing money: when China implodes they can not come collect, and the US, if you can call it that, wins by default.

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  10. Hal_10000

    A lot of that coupled with some major lying, fudging, and corrupt shit that would send even the Wall Street idiots running away screaming.

    Alex, did you ever come here while Lee was still alive? He used to talk about that quite a bit with China.

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  11. AlexInCT *

    Alex, did you ever come here while Lee was still alive? He used to talk about that quite a bit with China.

    I did. And he used to be very good at it. I don’t think I posted much on that stuff because I didn’t have anything new to add back then.

    I have a few friends that are “Asia specialists”. One of them told me that he believes the west went along with the Chinese delusion, on purpose, as if they knew there would be a reckoning eventually because the whole thing was a house of cards, sucking up any and all profit they could while it lasted, because eventually China would end up toast. I think even the Chinese see the writing on the wall now, which is why they have sped up their military buildup so drastically over the last decade or so. Couple that with how they also gave up on what had been so far a very successful strategy of waiting things out and using strategery to win their way for the more belligerent approach towards their neighbor that we have seen for the last 2 or so years, and it seems obvious they see time running out and resources as a necessity to shore them up come the deluge.

    That place is no success story, which is why I always do a double take when I hear progressives pretend it is and pine to have us, meaning our government, be more like the all powerful, central planning, oligarchy in China. That’s nuts.

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  12. AlexInCT *

    So do you spend the years when the GOP is in power talking up the economy?

    Not me. I usually don’t have to talk anything economy wise up then, mostly because what the LSM puts forth as an idicator of things being bad being massive progressive bullshit. If anything, I find myself spending a lot of time pointing out how the LSM seems to want to pretend that economic indicators and numbers that are orders of magnitude better than those they now tell us are good, are bad numbers, when they are not. Notice how homeless people, dependency on government, and unemployment numbers are not important, or touted as being good, despite being real bad, when the donkeys are in charge, but when the other side is in charge, then suddenly the numbers are terrible, even when they are absolutely great compared to the disastrous ones we have now, and homlessness and dependency on government suddenly are not important or good things to have?

    I also spent a lot of time pissed at supposed fiscally conservative ass holes hiding their nanny state credentials behind the “compasionate conservative” title, enacting democrat-lite, economy killing, collectivist policies, if you must know. But of course, I am not stupid enough to ever believe these bozos could ever do the economic damage real progressives have caused with their shit.

    Did that answer your question Stogy?

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