Obama: Drop in GDP growth rate means we’re on the right track, or something

posted at 2:20 pm on April 30, 2010 by Ed Morrissey

Er, come again? The White House crowed endlessly about the 2009Q4 annualized GDP growth rate of 5.7% in January, even after most of it was shown to come from inventory adjustments. Now Barack Obama wants to treat today’s announcement of a 3.2% annualized GDP growth rate as a continuing improvement, when (a) it failed to meet analyst expectations of 3.5%, and (b) it’s a significant drop from the last report. Don’t worry, though, because as Obama explains in this clip provided by Greg Hengler at Townhall, he has a different measure of progress:

The economy that was losing jobs a year ago is creating jobs today. After the single biggest economic crisis in our lifetimes, we’re heading in the right direction. We’re moving forward. Our economy is stronger — that economic heartbeat is growing stronger. But I measure progress by a different pulse.

Well, obviously. A 3.2% annualized GDP growth rate is better than the -6.0% of a year ago, but it’s still not a figure that will create the kind of economic expansion that will move large numbers of Americans from unemployment rolls to payrolls. Even the White House acknowledges that much in its own projections of unemployment. Despite Obama’s claims above, we still aren’t at a level of net job creation, and the continuing status of initial jobless claims in the mid-400K range means we’re not even getting close to break-even yet.

One last point that I neglected to mention from the earlier post. Federal spending only rose 1.4% in 2010Q1, while state government spending dropped by 3.8%. The Porkulus money has all but stopped appearing in the economic measures. That makes the 3.2% a bit more solid than earlier measures, but it also means that Obama’s ability to artificially boost numbers before the midterms appears to be dissipating. The next quarters’ numbers will be quite interesting in terms of its affect on the national debate. If it’s still stuck at around 3% and unemployment continues to stagnate, Democrats will have trouble trying to use the spin Obama applied today.


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‘Surely the System (Stimulus II) Worked!’

/Janet

Sir Napsalot on April 30, 2010 at 2:25 PM

Democrats will have trouble trying to use the spin Obama applied today.

but damned if they don’t try

Doctor Zhivago on April 30, 2010 at 2:25 PM

I am 6 foot 5!

/I just measure my height with a different pulse.

Sir Napsalot on April 30, 2010 at 2:26 PM

If it’s still stuck at around 3% and unemployment continues to stagnate, Democrats will have trouble trying to use the spin Obama applied today.

And yet, they will try.

Spin, baby, spin!

ladyingray on April 30, 2010 at 2:27 PM

No pulse=we’re thriving!

RedRedRice on April 30, 2010 at 2:28 PM

I guess if you’re trying to destroy the economy, that would be on the right path.

Chip on April 30, 2010 at 2:28 PM

And I’m 39 like Jack Benny using Obama’s pulse.

jeanie on April 30, 2010 at 2:29 PM

MSM will cover for him.

mwdiver on April 30, 2010 at 2:30 PM

And I’m 39 like Jack Benny using Obama’s pulse.

jeanie on April 30, 2010 at 2:29 PM

By Obama’s pulse, everybody ELSE had already made enough money already.

Sir Napsalot on April 30, 2010 at 2:31 PM

Right is wrong.
Left is right.
Poor is rich.

I get it now.

NoFanofLibs on April 30, 2010 at 2:34 PM

Actually the global economy is booming. The EU is dragging and the US is doing poorly. Some of our economic growth comes from exports. That is due to a dollar that is incredibly cheap and down because of our massive borrowing. Gasolene is up a dollar since Obama showed up. That created a hindrance to growth. Since I have an economics degree, it is easy to see what he does wrng intentionally and how the bad consequences come.
Part of the first half growth this year comes from the fact that the first 2 quarters of last year, Obama shut down all manufacturing at GM and Chrysler. Bankruptcy.

seven on April 30, 2010 at 2:35 PM

move “Americans from unemployment rolls to payrolls”

move “Americans from unemployment rolls to Government payrolls”

FIFY

Sir Napsalot on April 30, 2010 at 2:36 PM

But I measure progress by a different pulse.

Naturally. With this guy up is down, good is bad, evil is good. His idea of progress is how much closer does he get to completely destroying the USA and making us a communist dictatorship.

jdawg on April 30, 2010 at 2:36 PM

If it’s still stuck at around 3% and unemployment continues to stagnate, Democrats will have trouble trying to use the spin Obama applied today.

That’s ok. They can always pull out the “Blame Bush” card.

Doughboy on April 30, 2010 at 2:37 PM

Somebody mail George Orwell his royalty check.

tetriskid on April 30, 2010 at 2:38 PM

All Hail the Messiah……….POS!

dmann on April 30, 2010 at 2:39 PM

yet the stimulusisworking. this week, Dem Congressman Perriello (5th CD VA–one of the races to watch) announced an $18 million broadband service coming to parts of backwater Virginia that already had internet service.

so he got in the paper talking about what he is doing for us. those of us know better. meanwhile, he’s probably running around outside with a damn ditchwitch pretending to know how to work.

i loathe this congressman almost as much as i loathe the WEE WEE

kelley in virginia on April 30, 2010 at 2:40 PM

A differnet pulse is right.

It’s called a flatline.

jjrakman on April 30, 2010 at 2:40 PM

There are all kinds of facts Obama leaves out. The increase in raw numbers of the workforce requires an additional 3 million jobs a year So 3% growth will not decrease unemployment because the workforce grows faster than the jobs growth. Obama promised 95,000 more jobs a month. That is not only not enough, but he only did it once. He did it with temp census workers.

seven on April 30, 2010 at 2:43 PM

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The Zoo Keeper on April 30, 2010 at 2:46 PM

Unicorns….poooping skittles….clearly, over the next horizon right next to the pot of gold.

ted c on April 30, 2010 at 2:46 PM

One last point that I neglected to mention from the earlier post. Federal spending only rose 1.4% in 2010Q1

Um, do you understand what the word “rose” means?

If 3% of last quarter’s “GDP” growth was caused by government spending, and 3.03% of this quarter’s “GDP” “growth” was caused by increased government spending. Then you look at the NET affect on the part of the non-government economy…

Absolutely no part of that is good.

logis on April 30, 2010 at 2:47 PM

The Zoo Keeper on April 30, 2010 at 2:46 PM

Voted, thx for the heads-up.

Dark-Star on April 30, 2010 at 2:47 PM

It is on track, if Obama wants to destroy the economy and level the median income for everyone to be “equal”.

Social Justice
Equality
Empowerment

This might have been a Freudian slip by Barry.

portlandon on April 30, 2010 at 2:48 PM

zoo—funny vid. But, the Go Daddy commercial fan in me was disappointed by the lack of the obligatory Go Daddy eye candy. I gave you guys a 1 anyway –

ted c on April 30, 2010 at 2:48 PM

MSM will cover for him.

mwdiver on April 30, 2010 at 2:30 PM

yes they have!

cmsinaz on April 30, 2010 at 2:49 PM

The Kenyan couldn’t run a lemonade stand and make a profit.
Never worked in the private sector, never had to do a P&L
statement and quite frankly is economically illiterate.

I trust him as far as I can throw the Washington Monument.
A Jobless Recovery is quite simply a huge lie

old trooper2 on April 30, 2010 at 2:49 PM

ObamaZombies don’t need a pulse, baybeeeee.

faraway on April 30, 2010 at 2:49 PM

Unicorns….poooping skittles….clearly, over the next horizon right next to the pot of gold.

ted c on April 30, 2010 at 2:46 PM

This is how he measures progress. He’s noticed a few more skittles on the White House lawn.

Dee2008 on April 30, 2010 at 2:51 PM

And we have always been at war with Eastasia. Anyone who says otherwise is a racist.

rbj on April 30, 2010 at 2:51 PM

blink got his talking points memo early today.

Midas on April 30, 2010 at 2:51 PM

Racing toward the economic cliff at 75 mph is better than 90 mph. But the destination hasn’t changed.

SlaveDog on April 30, 2010 at 2:51 PM

Come on, everybody, we should be THANKING Him!

Logic on April 30, 2010 at 2:51 PM

Maybe if Obama waits long enough, the private sector he likes to demonize so much might just bail him out on the economy.

David2.0 on April 30, 2010 at 2:52 PM

Federal spending only rose 1.4% in 2010Q1, while state government spending dropped by 3.8%.

This would be evidence that government spending does in fact reduce economic output. We are recovering from the ‘stimulus’. Let’s hope they don’t hit us with another one.

Count to 10 on April 30, 2010 at 2:52 PM

If it’s still stuck at around 3% and unemployment continues to stagnate, Democrats will have trouble trying to use the spin Obama applied today.

They won’t have trouble *trying* to use it at all (see the earlier thread for proof of Obama sycophants *trying* to use it).

Midas on April 30, 2010 at 2:54 PM

Man, that narcissism pops it’s ugly head up again, at the most inopportune times.

Everything Obama measures is measured with a different pulse. His pulse. The only one that matters to him.

ButterflyDragon on April 30, 2010 at 2:54 PM

blink on April 30, 2010 at 2:51 PM

until he leaves office

cmsinaz on April 30, 2010 at 2:56 PM

Someone put this in the comment thread from the last post (paraphrase):

Headline: 1st Qtr GDP Growth Drops 56% from January High

Of course this is a headline we’d see ONLY if there were a Republican in the WH…

catmman on April 30, 2010 at 2:57 PM

This is how he measures progress. He’s noticed a few more skittles on the White House lawn.

Dee2008 on April 30, 2010 at 2:51 PM

late december he’ll be looking for hoofprints in the snow on the roof of the white house.

ted c on April 30, 2010 at 2:57 PM

Rush was talking about this earlier. The fact that in 2008 the GDP was at about the same number, but at that time the MSM was calling it a…..wait for it…..RECESSION! Pffft
Amazing how Obooboo changes the wording for the same numbers. Whodathunkit huh? Still a moron.

sicoit on April 30, 2010 at 2:59 PM

I’d like to suggest reporting the employment rate, instead of one of the unemployment numbers. More and more people will stop receiving unemployment compensation as they reach the end of the government assistance period.

Bet that Obama will tout that lowering of one of the unemployment numbers, even though it won’t mean more people are working.

hawksruleva on April 30, 2010 at 3:01 PM

But I measure progress by a different pulse.

Yeah, with where your head is up, I’m sure you can feel the throb better.

Patrick S on April 30, 2010 at 3:01 PM

Hmmm, a bunch of posts just seemed to disappear…

Midas on April 30, 2010 at 3:06 PM

… but when I posted, now they are there, but just before that a ‘refresh’ wasn’t showing them.

Midas on April 30, 2010 at 3:06 PM

We’re Dizzy With Success!

SirGawain on April 30, 2010 at 3:16 PM

The economy that was losing jobs a year ago is creating jobs today.

A demonstrable lie. We are losing jobs. The only reason the rate isn’t going up is because people who’ve been unemployed for a long time are no longer counted.

forest on April 30, 2010 at 3:24 PM

And we have always been at war with Eastasia. Anyone who says otherwise is a racist.

rbj on April 30, 2010 at 2:51 PM

[In the Ministry of Love]

O’BAMA: What is two plus two?
WINSTON: Four! AHHHHHHHHH!
O’BAMA: I ask you again, what is two plus two?
WINSTON: Four! AHHHHHHHHHHHHH! Four! AHHHHHHHHHHHH!
O’BAMA: A stubborn one, I see. I think it’s time for a “different pulse.” [turns up the dial]
WINSTON: AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!

year_of_the_dingo on April 30, 2010 at 4:17 PM

FYI.

Caterpillar bringing back 9,000 laid-off workers worldwide
By: John Pletz April 30, 2010

(Crain’s) — Exports of heavy equipment to Asia and Latin America are putting employees back to work at Caterpillar Inc. factories in Illinois.

By the end of the year, the heavy-equipment maker expects to rehire 9,000 of the 19,000 workers who were laid off worldwide during the worst of the recession, CEO James W. Owens said.

The number of workers being recalled “could go higher,” he told Crain’s during an interview this week at a U.S.-Saudi Arabia business summit in Chicago. “We hope it will.”

One-third of the rehires will be in the United States; the bulk of those 3,000 workers will be in Illinois, where Peoria-based Caterpillar has several large plants. Another 9,000 to 10,000 jobs will be created at Cat’s domestic suppliers.

Jimbo3 on April 30, 2010 at 4:18 PM

..not going to click on ol’ purple lips and listen to him beat his gums. The guy’s a clown who is just making it up as he goes along.

The War Planner on April 30, 2010 at 4:27 PM

A demonstrable lie. We are losing jobs. The only reason the rate isn’t going up is because people who’ve been unemployed for a long time are no longer counted.
forest on April 30, 2010 at 3:24 PM

This isn’t just propaganda. These people aren’t just manipulating the books; they’re manipulating the economy itself.

But no matter how much of this goes on, even most of the most adamantly unemployable moonbats now at least know someone who is TRYING to work, and has been out of a job for six months or more.

Then it will be seven months, eight months, etc….

All the propaganda in the world can’t hide that.

logis on April 30, 2010 at 4:28 PM

I won’t stop till we are at the bottom
-B. Hussein Ogabe.

Inanemergencydial on April 30, 2010 at 4:28 PM

…but when I posted, now they are there, but just before that a ‘refresh’ wasn’t showing them.

Midas on April 30, 2010 at 3:06 PM

..you keep stirring up trouble here, old son, and you’re off to room 101..

The War Planner on April 30, 2010 at 4:29 PM

Eventually, the liars get tangled up in their own lies.

tarpon on April 30, 2010 at 4:29 PM

Only his brain impaired, parasitic constituents could believe the dribble exuding from his mouth.

rplat on April 30, 2010 at 4:37 PM

We’re moving forward. Our economy is stronger — that economic heartbeat is growing stronger. But I measure progress by a different pulse.

Yea, that and GM actually repaid all of its loans.

humdinger on April 30, 2010 at 5:17 PM

Even the media is carrying this water for him. I juxtapose this to how the media went on and on about jobs lost and economic woes ad infinitum under Pres. Bush and I just am exasperated. The radio news stream basically stated that since there was ANY growth at all, regardless of whether it was AS MUCH AS previous quarters, this meant the economy was improving. I was like, “Huh!?!” 3+ GDP growth is still growth and that means the President’s agenda is good and on the right track. It’s the most ridiculous statement I’ve heard. What would they say if it was zero? That as long as it’s not negative growth it’s a positive thing? It’s breathtaking how much they shape themselves into preztels to get a good story out of pure garbage.

Sultry Beauty on April 30, 2010 at 6:15 PM

AND HE LIED ON HIS CENSUS FORM TOO!
He lies better than Clinton!

Cybergeezer on April 30, 2010 at 6:21 PM

For those of you that voted for our tea party-themed GoDaddy.com Super Bowl
commercial, thanks much!

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but please don’t give us a “1″ rating because we don’t have any GoDaddy babes in it, thinking it will help us. It actually brings down the overall rating. :(

The Zoo Keeper on April 30, 2010 at 6:23 PM

HARVARD GIVES A DEGREE FOR LIARS? THAT’S WHY WE CAN’T SEE HIS RECORDS!

Cybergeezer on April 30, 2010 at 6:23 PM

Hey; Barracky boy!
The ‘gross’ in ‘Gross Domestic Product’ is a quantifiable measure, not a derogatory term for Wall Street behavior;
But, I don’t really expect you to understand that.

Cybergeezer on April 30, 2010 at 6:28 PM

The unemployment rate won’t go down until the GDP increases fastter than 4.0 percent. And even then with all the tax and regualtion talk coming out of Washington it will take between 6 and 9 months to significanly lower the unemployment rate. Of course, when the rate hits 8.9 percent the NYT will declare Obama the greatest economic genius since Midas. But it’s looking more and more unlikely that this will happen before Nov.

Fred 2 on April 30, 2010 at 6:52 PM

$2,000,000 dollars this anti american charlatan has spent sealing his records.

Think about that you idiot democrats…

Two million and you line up to pull that D lever hoping for the fat cat democrat politicians to throw you some pissant amount of scrap.

What a pathetic f’ing bunch of losers.

Inanemergencydial on April 30, 2010 at 9:06 PM