Q2 GDP revised downward to 1.6%

posted at 8:35 am on August 27, 2010 by Ed Morrissey

The GDP number for the second quarter got revised sharply downward by a third today, dropping from the initial estimate of 2.4% last month to 1.6% in the intermediate revision.  The number represents a hard rebuke to White House attempts to paint a rosy long-term economic picture, as the anemic growth rate may indicate even more trouble ahead for joblessness:

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.6 percent in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 percent.

The Commerce Department notes that even this weak level of growth was mainly dependent on government spending:

The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in imports and a sharp deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local government spending, and an acceleration in federal government spending.

In other words, real private-sector growth simply isn’t happening. Government can’t spend its way into real economic expansion, as we have seen every 35 years or so in the US.

If people wonder whether the administration can spin this news as somehow just another speed bump Recovery Summer Highway, the AP’s take on the revision (pre-release) spells trouble for spinmeisters:

The government is about to confirm what many people have felt for some time: The economy barely has a pulse. …

That’s a sharp slowdown from the first quarter, when the economy grew at a 3.7 percent annual rate, and economists say it’s a taste of the weakness to come. The current quarter isn’t expected to be much better, with many economists forecasting growth of only 1.7 percent.

The dismissive talk about double-dip recessions is also coming to an end:

“The economy is going to limp along for the next few months,” said Gus Faucher, an economist at Moody’s Analytics. There’s even a one in three chance it could slip back into recession, he said.

Earlier this week, I wrote that Porkulus turned out to be nothing but Cash for Clunkers on the largest possible scale — a short-term intervention that only gave the illusion of growth and recovery.  Once the cash started running low, the economy returned to the same problems that the Obama administration attempted to hide through misdirection and massive borrowing.  Again, the AP has come around to the same conclusion:

Many temporary factors that boosted the economy earlier this year are fading. Companies built up their inventories after cutting them sharply in the recession to match slower sales. The increase provided a boost to manufacturers, but now many companies’ stockpiles are in line with sales and don’t need to grow as much.

In addition, the impact of the government’s $862 billion fiscal stimulus program is lessening.

It’s not “in addition,” though.  The decrescendo of cash is the reason the economy is reversing, because we didn’t have real and sustainable private-sector growth in the first place.  What we saw was the product of someone dumping a trillion dollars in cash into the economy in an attempt to play a psychological trick on consumers and employers.  It was smoke and mirrors, only the smoke is evaporating and the mirrors now reflect reality.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 2

Terrible. But not as bad as some said it would be. Of course, down the road it will be revised downward again. It’s all smoke and mirrors.

sandee on August 27, 2010 at 8:39 AM

It’s actually better than I expected.

Monica on August 27, 2010 at 8:39 AM

November cannot get here fast enough. I just found a job after 18 months of looking, and it’s engineering/manufacturing. I’m the only hire after 18 months of the company laying people off.

CambellBrown on August 27, 2010 at 8:41 AM

Lovely.

darwin on August 27, 2010 at 8:42 AM

Before the last Presidential election, I said that if Obama were elected, that the American people would look back on Jimmy Carter with longing and nostalgia.

I, ladies and gentlemen, am a frikkin’ Cassandra.

N. O'Brain on August 27, 2010 at 8:43 AM

November cannot get here fast enough. I just found a job after 18 months of looking, and it’s engineering/manufacturing. I’m the only hire after 18 months of the company laying people off.

CambellBrown on August 27, 2010 at 8:41 AM

Congrats. What’s really surprising is to find out we still manufacture anything in the US.

darwin on August 27, 2010 at 8:43 AM

CambellBrown on August 27, 2010 at 8:41 AM

Congratulations. I just hit the 12 month mark.

carbon_footprint on August 27, 2010 at 8:43 AM

SHRIMP!

artist on August 27, 2010 at 8:43 AM

Once the cash started running low, the economy returned to the same problems that the Obama administration attempted to hide through misdirection and massive borrowing.

Seems to me that Maggie Thatcher had a famous quote about that or something.

itsnotaboutme on August 27, 2010 at 8:43 AM

Say the words you know are true, American:

Our economy is under attack.

jeff_from_mpls on August 27, 2010 at 8:44 AM

Terrible. But not as bad as some said it would be. Of course, down the road it will be revised downward again. It’s all smoke and mirrors.

sandee on August 27, 2010 at 8:39 AM

There was a narrative out to lower expectations , but as you say it will be revised down.

the_nile on August 27, 2010 at 8:44 AM

Actually heard the term “3-D economy” on NPR this moring: Double Dip + Deflation.

Obviously due to Glenn Beck’s rally tomorrow and no one, even someone who has such a great crease in his pants, can overcome that.

rbj on August 27, 2010 at 8:45 AM

Burnt shrimp

faraway on August 27, 2010 at 8:45 AM

The Keynes v. Hayek rap never gets old. Note Tim and Ben as bartenders. :-)

Firefly_76 on August 27, 2010 at 8:46 AM

If you want to move the car forward, you gotta put it in D.

carbon_footprint on August 27, 2010 at 8:46 AM

If this is what they call “on the right track” I’d hate to see what “off the rails” would be like.

gophergirl on August 27, 2010 at 8:47 AM

My husband got a job in April after 18 months of applying for everything that came up.He makes less than half of what he once made. Just grateful to have a job at all.

sandee on August 27, 2010 at 8:47 AM

There was a narrative out to lower expectations , but as you say it will be revised down.

the_nile on August 27, 2010 at 8:44 AM

Yeah, it’s depressing that after all the bad economic news reported this week, it almost feels like a relief that the GDP was revised down to “only” 1.6%.

Doughboy on August 27, 2010 at 8:48 AM

This does not bode well for employment.

On another note, anyone think TPTB used Cramer to help goose the market today? His statement makes the revision seem better than it really is.

flyfisher on August 27, 2010 at 8:48 AM

The car has 4 flats.

faraway on August 27, 2010 at 8:49 AM

flyfisher on August 27, 2010 at 8:48 AM

That’s exactly my thought. In the thread yesterday about GDP predictions, I had that very idea.Although I was more suspicious and voted 2%. Just don’t trust this administration.

sandee on August 27, 2010 at 8:50 AM

Two of my kids graduated from college in the last 2 years. One has gone back to grad school to be more marketable when the storm blows over. The other has been looking since graduation with not a lot of calls. He has one promising one that he will probably get in the next couple of weeks. I went into the AF in ’81 and remember how bad those years were. Before enlisting I knocked around in college for a couple of years. To get a part time job I had to apply at 26 different fast food joints.
All that said this recession is far worse.

Bradky on August 27, 2010 at 8:50 AM

Congrats. What’s really surprising is to find out we still manufacture anything in the US.

darwin on August 27, 2010 at 8:43 AM

I used to work for Delphi but they went bankrupt. Automotive is done in this country. Unions destroyed it.

We still manufacture things like power generators (think Caterpillar), and utility light poles. So there is some manufacturing left but it certainly isn’t a huge industry anymore.

CambellBrown on August 27, 2010 at 8:51 AM

faraway on August 27, 2010 at 8:49 AM

and is barely moving on its rims…

jbh45 on August 27, 2010 at 8:52 AM

Ed, a little OT…but you need to show that picture of obowma that is up on Drudge with him lost in the woods looking for his ball.

lukespapa on August 27, 2010 at 8:52 AM

Is anyone aware of a study on the “accuracy” of the initial statements and each revised statement? It appears that the error margins must be huge; which means everyone (or at least the news organizations) is always putting way to much faith in each of these announcements. Also, is there any study showing the number of times and amount of revisions down versus up?

These numbers may be the best we have, but I’m not sure they can’t be beat by someone interpreting the entrails of a chicken.

Over50 on August 27, 2010 at 8:53 AM

made up number to giove Wall street a reason ton rally today. The FED plunge protection team hard at work keeping the market above the 10,000 level. BTW this number and the fake unemployment numbers I wonder how long Oceania can keep the truth out.

unseen on August 27, 2010 at 8:54 AM

The car has 4 flats NO BRAKES!!.

faraway on August 27, 2010 at 8:49 AM

darwin-t on August 27, 2010 at 8:54 AM

Take the 1 off and it’s about correct I think. .6%

golfmann on August 27, 2010 at 8:54 AM

By the way stock market futures are up after this “unexpected” good GDP revision. All the doom and gloom over the last few days were a set up. Yes,ordinarily numbers like these would be devastating ,but with the possibility of even worse, these numbers look good.

sandee on August 27, 2010 at 8:55 AM

Actually, it’s hard to see that it’s growing at all….
WHERE is this growth we hear about?

golfmann on August 27, 2010 at 8:55 AM

There’s going to be a pullback later today. It’ll open high but eventually Bernanke is going to have to speak. With GDP numbers like this Bernanke is not going to come out with a happy face and say everything is peachy.

Chrisin206 on August 27, 2010 at 8:55 AM

It’s actually better than I expected.

Monica on August 27, 2010 at 8:39 AM

Which is because they are lying. They’ll revise it downward again, which goes back to my Bush v. O’Blahma contrast: the Bush administration was always revising their GDP upward after a month or two; these clowns are always revising it downward.

Jaibones on August 27, 2010 at 8:56 AM

This is the intermediate revision. ZeroHedge expects the final revision to come in at sub 1%.

Is Wreckovery Summer almost over yet?

GnuBreed on August 27, 2010 at 8:56 AM

It will be revised again, to below 1%.

Vashta.Nerada on August 27, 2010 at 8:57 AM

By the way stock market futures are up after this “unexpected” good GDP revision. All the doom and gloom over the last few days were a set up.

sandee on August 27, 2010 at 8:55 AM

That would surprise me not at all, but 1.6% GDP is what it is. You can spin it positively today, but it still means the economy ain’t growing. And if the 3rd quarter ends up being about the same, then we’re in serious trouble.

Doughboy on August 27, 2010 at 8:57 AM

Jaibones on August 27, 2010 at 8:56 AM

Morning Jaibones – I tried to answer your question in the Murakowski thread this morning.

Bradky on August 27, 2010 at 8:57 AM

made up number to giove Wall street a reason ton rally today. The FED plunge protection team hard at work keeping the market above the 10,000 level. BTW this number and the fake unemployment numbers I wonder how long Oceania can keep the truth out.

unseen on August 27, 2010 at 8:54 AM

PPT are hard at work for sure. The unemployment numbers are even more bogus than this number.

flyfisher on August 27, 2010 at 8:58 AM

What we saw was the product of someone dumping a trillion dollars in cash into the economy in an attempt to play a psychological trick on consumers and employers. It was smoke and mirrors, only the smoke is evaporating and the mirrors now reflect reality.

I agree. Were they hoping things would turn around on their own by now and they would claim the credit?

Oops.

It’s worth going to the BEA.gov website and examining the spreadhseet.

Part of the 1.6% is GOVERNMENT SPENDING. They include defense and non defense. Still more smoke and mirrors folks.

Having said that, I predicted the GDP would come in around .5. I’m pleased it’s not zero or negative. It will be interesting to see what the value is without the government spending.

dogsoldier on August 27, 2010 at 8:58 AM

Come on, Ed. I’m tryin’ to buy some shrimp here.

(hums the tune to the Jeffersons… Movin’ on up to the east side… We finally got a piece of the pie!)

Mr_Magoo on August 27, 2010 at 8:59 AM

A solid B+

JoePa for POTUS on August 27, 2010 at 8:59 AM

Hmmmmmmm…… which administration flack is going to do the media rounds? There’s a big conference in Jackson Hole with most of the ‘big’ guys speaking, so I’m sure it will be some low level type.

Let’s see how they spin this.

Cody1991 on August 27, 2010 at 8:59 AM

It’s actually better than I expected.
Monica on August 27, 2010 at 8:39 AM

Which would make it……unexpected!

Hey media, I’ve just found your narrative!

Vyce on August 27, 2010 at 9:00 AM

We have been thug thizzled by the whitey economists.

seven on August 27, 2010 at 9:03 AM

OT: SPIN METER: What Biden didn’t mention on stimulus (Warning, get your heart attack medicine ready… this is by the AP)

Vice President Joe Biden said this week that the Obama administration “hit the accelerator” toward spending $5 billion under the economic stimulus law to weatherize people’s homes

Yeaaaahhh

faraway on August 27, 2010 at 9:03 AM

Well, just as long as Michelle and the girls are happy, we should all be happy! Right?!?

AubieJon on August 27, 2010 at 9:04 AM

Spent yesterday taking my 16-year-old around town applying for part-time jobs. Looks like he may get a job before I do. Mr. rockmom interviewed for a government job in Washington and we hope he gets it, even though it will mean not seeing him during the week. It will double his current salary. Pretty much our last hope to stave off bankruptcy and a short sale of the house.

rockmom on August 27, 2010 at 9:04 AM

In one month the final revision of the GDP will occur. I can’t wait.

Dasher on August 27, 2010 at 9:06 AM

The U.S. legal environment has become so hostile to business, Otellini said, that there is likely to be “an inevitable erosion and shift of wealth, much like we’re seeing today in Europe–this is the bitter truth.”

Paul Otellini, CEO, Intel

Mr_Magoo on August 27, 2010 at 9:04 AM

Obama: Mission Accomplished!

He said he was going to fundamentally transform America, folks. And he has, from the world’s biggest economic and creative engine to a nation on the dole, in less than two years.

rockmom on August 27, 2010 at 9:06 AM

Let’s see how they spin this.

Cody1991 on August 27, 2010 at 8:59 AM

Can’t you see we’re buying some damn shrimp here!!!!

BigWyo on August 27, 2010 at 9:06 AM

Actually, it’s hard to see that it’s growing at all….
WHERE is this growth we hear about?

golfmann on August 27, 2010 at 8:55 AM

The only thing growing is Barack Hussein Pinochio’s nose.

Mr_Magoo on August 27, 2010 at 9:07 AM

rockmom on August 27, 2010 at 9:04 AM

I hope for the best for you. My husband was unemployed for nearly two years. He finally got a job in April at half his previous salary. Too late for our home.Foreclosed on in May. Not complaining though. At least he has a job.

sandee on August 27, 2010 at 9:08 AM

Yesterday I voted for .5% all the while thinking even that number might be a little to rosy. Even though the new numbers are out and they are 1.6%, I don’t for a second believe them. These numbers will be changed eventually (perhaps under a different administration) to reflect reality.

Tommy_G on August 27, 2010 at 9:09 AM

DOTUS
DOTUS
DOTUS
DOTUS
DOTUS
DOTUS…….

Everyday there is some new example (whether on purpose or by just being a complete doofus).

…..AND we’re supposed to be scared of the idjit Hillbilly from Wasilly? SHE was the dumb one? Biden and Obama were the geniuses? OH MY.

When families line up for mortgage help by the thousands, when D.C. is corrupt beyond any measures we are pretty sure that the RULING CLASS will take care of…..THE RULING CLASS.

THROW THEM ALL OUT OF OFFICE!!!

PappyD61 on August 27, 2010 at 9:09 AM

He said he was going to fundamentally transform America, folks. And he has, from the world’s biggest economic and creative engine to a nation on the dole, in less than two years.

rockmom on August 27, 2010 at 9:06 AM

Yes, and they certainly do celebrate their accomplishments:

Obamas Depleting U.S. Lobster Supply

by Keith Koffler on August 25, 2010, 2:56 pm

So how much lobster are you having during these precarious economic times? What? You’ve had to cut back? No longer ordering it stuffed with crab meat, at least?

Well, if you happen to be the President of the United States or the First Lady, your lobster consumption is continuing at a robust pace.

http://www.whitehousedossier.com/2010/08/25/obamas-depleting-lobster-supply/

Cody1991 on August 27, 2010 at 9:10 AM

rockmom on August 27, 2010 at 9:04 AM

Hang in there rockmom. Was in similar situation Jan to Jun but am working again. Blessings to you.

Mr_Magoo on August 27, 2010 at 9:11 AM

For Sale: Obama’s personal Marxist GT, low miles, great speakers, clean, needs a little work (tires flat, gears stuck in D, blows smoke, title trouble)

faraway on August 27, 2010 at 9:11 AM

@rockmon,

So sorry to hear of your struggles. I went through this back in 2003 and it sucked. We ended up moving 300 miles south to find work. Best of luck to you!

cannonball on August 27, 2010 at 9:11 AM

Since Government (Federal) Spending is a component of Real GDP, obviously the Government needs to SPEND MORE MONEY. Imagine if we had a 2Trillion dollar stimulus instead of a 1Trillion dollar stimulus.

Durrr.

Of course, the 1.6 is artificial and Gov’t spending is actually crowding out the private sector and killing the economy. It will fall hard and fast once the house of cards is exposed for what it is. There would have been a real recovery in the works if Pelosi never took over in 2006 and Obama in 2008. They are engineering the destruction of the middle class.

James on August 27, 2010 at 9:11 AM

“The current quarter isn’t expected to be much better, with many economists forecasting growth of only 1.7 percent.”

Are these economists the Gang of Unexpectedly?

Dusty on August 27, 2010 at 9:12 AM

It was actually reported as “good news” on Forexfactory.com, but only because the 1.6% wasn’t as bad as the predicted 1.5%.

In other words, it sucks but not as bad as it could so rejoice! There is some spin for ya…

karl9000 on August 27, 2010 at 9:12 AM

For Sale: Obama’s personal Marxist GT, low miles, great speakers, clean, needs a little work (tires flat, gears stuck in D, blows smoke, title trouble)

faraway on August 27, 2010 at 9:11 AM

Excellent! Love it!

Mr_Magoo on August 27, 2010 at 9:14 AM

Mr. rockmom interviewed for a government job in Washington and we hope he gets it, even though it will mean not seeing him during the week. It will double his current salary. Pretty much our last hope to stave off bankruptcy and a short sale of the house.

rockmom on August 27, 2010 at 9:04 AM

Good luck.

Vashta.Nerada on August 27, 2010 at 9:14 AM

rockmom on August 27, 2010 at 9:04 AM

Good luck. I have to think someone as smart as you won’t be out of work too long.

BadgerHawk on August 27, 2010 at 9:14 AM

Economists are the biggest guessers since Miss Cleo. This has been America’s Recovery Bummer.

kingsjester on August 27, 2010 at 9:15 AM

Green Bamboo shoots.

Vashta.Nerada on August 27, 2010 at 9:16 AM

rockmom on August 27, 2010 at 9:04 AM

Good luck. Hang in there.

Bradky on August 27, 2010 at 9:17 AM

Nice. I said it was going to be 1.6% yesterday to a friend. I should have placed bets.

Nethicus on August 27, 2010 at 9:17 AM

All that said this recession is far worse.

Bradky on August 27, 2010 at 8:50 AM

But there are some structural similarities. In the Carter recession/depression there were whole industries shedding manufacturing capability that would never return to them, especially steel and it’s support network.

Being in a transportation-related field, I see jobs here that are gone forever. They have been wrung out and replaced with technology that won’t let them back in.

Jaibones on August 27, 2010 at 9:17 AM

GDP Revised Lower; US Economy Grew 1.6% in 2Q, Still Better Than Expected- AP

Precious.

Mr_Magoo on August 27, 2010 at 9:18 AM

rockmom on August 27, 2010

Brutal. Best wishes.

Jaibones on August 27, 2010 at 9:18 AM

We hear comments on ZERO’S famous ” unemployment will not go higher than 8%”
Shouldn’t the RESPONSIBLE MEDIA , now be making analysis of the GDP?
Let’s not forget that the ” MAGIC ” of the PORKULUS is that the economy will grow at a FANTASTIC rate of 7%
Time to get the calculators out and re estimate the INTEREST we are now going to pay on this massive debt?
Will the YEN go below 83 today ?
Banks are now advertising DISCOUNTS to settle accounts in CHINESE currency .
Obama doesn’t need a second term he has destroyed our country in his first 12 months .
Adjustments to the economy should be gradual, this Administration and the FOOLS Berneke and Geithner , have altered and interrupted the natural progress of the markets and the economy .
If we are lucky and EVERYTHING gets repealed, in 10 years ( think Japan here ) or so , we will be back to plain old ” HARD TIMES “

ELMO Q on August 27, 2010 at 9:19 AM

Surprisingly not as bad as I thought the report would be.

simkeith on August 27, 2010 at 9:21 AM

Economists are the biggest guessers since Miss Cleo. This has been America’s Recovery Bummer.

kingsjester on August 27, 2010 at 9:15 AM

Early this morning I was thinking about the constant drumbeat over the last year and a half about “green shoots”, etc. So many economists were digging hard to cheer lead for for this administration’s policies. I’ve come to the conclusion that this narrative was designed by the WH and insisted upon for those commenting in the MSM. We know this is done for the media types. Silly Mika Z. admitted it. But I have to believe that the “economists” were taking directives as well.

It seems that this administration thinks that if they brainwash the public by lying constantly we will believe what they’re saying. What they haven’t realized is that the numbers don’t lie – not even their fudged numbers. It’s now time for them to pay the price…. not us…. no longer.

Cody1991 on August 27, 2010 at 9:21 AM

GDP Revised Lower; US Economy Grew 1.6% in 2Q, Still Better Than Expected- AP

Precious.

Mr_Magoo on August 27, 2010 at 9:18 AM

“GDP Growth Plummets 57% from Q-1, the End is Nigh!”

Alternate headline if a Republican were president.

forest on August 27, 2010 at 9:23 AM

Of course it was “better than expected.”Bogus numbers were being thrown out there all week saying it was going to be .5 or even lower. This new number was “unexpected.”

sandee on August 27, 2010 at 9:25 AM

Economists are the biggest guessers since Miss Cleo. This has been America’s Recovery Bummer.

kingsjester on August 27, 2010 at 9:15 AM

Hey Jester!

Olive Branch has a new stoplight that has one of those obnoxious round recovery.gov signs beneath it. But they didn’t just dangle the light from the existing wires. Oh no. They poured concrete curbs and installed massive new stanchions that stretch out across Germantown Road. It was a totally unneeded light. They spent no telling how much to put in a light that causes traffic slowdowns where none existed before. Each time I sit at that light I want to shoot that recovery.gov sign.

flyfisher on August 27, 2010 at 9:28 AM

flyfisher on August 27, 2010 at 9:28 AM

I know where that is. I used to live over that way in the PL subdivision, before there was light at Stateline and Germantown. There’s one of those signs in Horn lake on Goodman Rd, also…right around all the empty storefronts.

kingsjester on August 27, 2010 at 9:31 AM

You know it’s bad when you don’t even post a funny picture to go with the bad news.

pannw on August 27, 2010 at 9:32 AM

flyfisher on August 27, 2010 at 9:28 AM

I know where that is. I used to live over that way in the PL subdivision, before there was light at Stateline and Germantown. There’s one of those signs in Horn lake on Goodman Rd, also…right around all the empty storefronts.

kingsjester on August 27, 2010 at 9:31 AM

I have noticed the Horn Lake sign, too. So you lived in the Lakes or on the golf course?

flyfisher on August 27, 2010 at 9:34 AM

Being in a transportation-related field, I see jobs here that are gone forever. They have been wrung out and replaced with technology that won’t let them back in.

Jaibones on August 27, 2010 at 9:17 AM

True. With the last recession the IT industry replaced a lot of the manufacturing stuff. the problem with this one is that there doesn’t seem to be an industry or service that is going to offer a transition from one type to another.
I’m in the IT field and unless I continually upgrade my skills I become obsolete in 5 years. Not complaining – just the nature of the beast.

Bradky on August 27, 2010 at 9:36 AM

flyfisher on August 27, 2010 at 9:34 AM

On Hickory in the Lakes. I’m on the golf course in Northcreek now. Dick Morris was in OB speaking to a Republican Luncheon at Whispering Woods yesterday.

kingsjester on August 27, 2010 at 9:36 AM

Ed:

Your quote “The dismissive talk about double-dip recessions is also coming to an end” is on target. However, the cause is not clear. On Rush’s morning update for Friday (today) explains it as the result of a group of teachers in Ohio.

Ohio school superintendent resigned a couple years ago at age 53 and immediately rehired to fill the slot she’d just resigned from with a 15 percent pay cut. The superintendent now collects over $100,000 annually in retirement pay, PLUS THE the salary of $160,000. Real double dipping — a quarter million a year — until reaching retirement age of 65. Then they can begin triple possibly quadruple dipping with Social Security and Medicare.

This teacher and other liberals have become like the Chinese monster Tao Tie — a legendary Chinese monster that was so greedy it ate itself.

If only we can make them become Tao Tie sooner.

MSGTAS on August 27, 2010 at 9:39 AM

Still fiddling the numbers … always wait for the revisions, the last is when the numbers are supposed to be fact based, but these days, what’s a fact?

Do your own economic survey the easy way — Count closed stores at the local mall. Or even easier, count customers.

tarpon on August 27, 2010 at 9:41 AM

flyfisher on August 27, 2010 at 9:34 AM

On Hickory in the Lakes. I’m on the golf course in Northcreek now. Dick Morris was in OB speaking to a Republican Luncheon at Whispering Woods yesterday.

kingsjester on August 27, 2010 at 9:36 AM

I’m on the Plantation golf course. I haven’t played North Creek in a while, but it’s a nice course.

I hate I missed Dick Morris. That would have been interesting.

flyfisher on August 27, 2010 at 9:42 AM

rockmom on August 27, 2010 at 9:04 AM

Best of luck; I thought you had an attorney background. Could hit the pavement that way.

You know, in a way, I thank G*d that we have Obama. If the Clintons would’ve won, we would’ve been in the wildness for much longer. Just think of it, in two short years, we’ll already be back in the game. This is just long enough for the GOP to learn its lesson but not be out of power too long. This economy does suck; I’ve been meaning to buy instead of rent, but I don’t know when the FL housing market will hit bottom.

TimTebowSavesAmerica on August 27, 2010 at 9:49 AM

^^wilderness

TimTebowSavesAmerica on August 27, 2010 at 9:51 AM

The decrescendo of cash is the reason the economy is reversing, because we didn’t have real and sustainable private-sector growth in the first place. What we saw was the product of someone dumping a trillion dollars in cash into the economy in an attempt to play a psychological trick on consumers and employers. It was smoke and mirrors, only the smoke is evaporating and the mirrors now reflect reality.

Snap!!!

They are cooking the books to make this depression look like a recession…

We never get the full story from any Administration…but this one has taken deceitfulness to a new level.

The view we are getting of this economy is bad….but the reality of this economy is probably worse.

Baxter Greene on August 27, 2010 at 9:58 AM

Don”t get to down folks, a few more months of weak growth is a few more months we have to diversify or pullout all together. Consider this your second chance and thank God that you have it.

abobo on August 27, 2010 at 10:06 AM

Yeah, it’s depressing that after all the bad economic news reported this week, it almost feels like a relief that the GDP was revised down to “only” 1.6%.

Doughboy on August 27, 2010 at 8:48 AM

Not a coincidence. Barry doesn’t conference call his economic advisory team all the way from Martha’s Vineyard for nothing.

Raise your hand if you believe 1.6% is the real number.

Missy on August 27, 2010 at 10:26 AM

Consumer sentiment number out – the pump from the fake GDP number is over, and selloff is coming on strong – markets dropping like a rock.

Vashta.Nerada on August 27, 2010 at 10:27 AM

‘Tis a sad day when a big loss is treated as a moral victory. Hey, we lost the football game 32-7 but we expected to lose 66-0. Hey, that’s great!! Let’s hold a victory parade!!!

MaiDee on August 27, 2010 at 10:28 AM

Fore!

Fuquay Steve on August 27, 2010 at 10:49 AM

“Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.6 percent in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the “second” estimate FABRICATION released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 percent.”

FIXED!

dhunter on August 27, 2010 at 10:56 AM

Ever month the numbers get revised

WoosterOh on August 27, 2010 at 11:10 AM

Comment pages: 1 2