Revised Q4 GDP growth rate: 3.0%

posted at 9:15 am on February 29, 2012 by Ed Morrissey

The Commerce Department issued its scheduled revision to the 2011 fourth-quarter GDP growth rate this morning, lifting it from the advance report of 2.8% annualized growth to 3.0%.  Most of the growth occurred in inventory expansion, although real final sales improved slightly from the first report:

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 3.0 percent in the fourth quarter of 2011 (that is, from the third quarter to the fourth quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent. …

The increase in real GDP in the fourth quarter reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

However, despite the incremental improvement seen in these figures, there are a couple of serious red flags. Imports increased even more than previously thought, exports declined, and real final sales of domestic product — GDP minus inventory additions — still lagged far behind the overall GDP rate:

Real exports of goods and services increased 4.3 percent in the fourth quarter, compared with an increase of 4.7 percent in the third. Real imports of goods and services increased 3.8 percent, compared with an increase of 1.2 percent. …

The change in real private inventories added 1.88 percentage points to the fourth-quarter change in real GDP, after subtracting 1.35 percentage points from the third-quarter change. Private businesses increased inventories $54.3 billion in the fourth quarter, following a decrease of $2.0 billion in the third quarter and an increase of $39.1 billion in the second.

Real final sales of domestic product — GDP less change in private inventories — increased 1.1 percent in the fourth quarter, compared with an increase of 3.2 percent in the third.

This points to a demand dip in the first quarter of this year, which we saw yesterday in the durable-goods report — the worst in three years.  Expanding inventories in one quarter either means a sense that demand will explode or a drop in production in following months and quarters.  The durable-goods report provided an answer for what this inventory expansion meant.

Reuters takes a somewhat rosy look at the restatement:

The U.S. economy grew a bit faster than initially thought in the fourth quarter on slightly firmer consumer and business spending, which could help to allay fears of a sharp slowdown in growth in early 2012. …

Economists polled by Reuters had expected fourth-quarter GDP would be unrevised at a 2.8 percent pace. The economy grew at a 1.8 percent pace in the third quarter.

While the build-up in business inventories still accounted for much of rise in output in the last quarter, the revisions to GDP unveiled an improved tone for the first-quarter growth outlook.

Businesses were not as aggressive in their restocking efforts, which should help to allay fears of a sharper slowdown in output this quarter.

Well, one’s mileage may vary on that point, but consider this.  The difference in overall annualized GDP growth rates between Q3 and Q4 was 1.2%.  The difference between the rates of real final sales of domestic product was 2.1%.  That looks to me like a very aggressive restocking effort, and an artificial difference between the two quarters built entirely on that restocking effort in the face of weak demand.  It’s not recovery, and despite crossing a psychological barrier of 3%, it’s not even real growth of the kind that creates jobs in large enough numbers to get people back into the workforce.


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“Thank you Mr. president!”
-crr6

Meat Fighter on February 29, 2012 at 9:22 AM

OT, but when do the Feb unemployment numbers come out? This Friday or next Friday?

WordsMatter on February 29, 2012 at 9:22 AM

Nirvana is right around the corner./

Meat Fighter on February 29, 2012 at 9:23 AM

My restocking is called hoarding in some quarters. Maybe businesses have been restocking, but with gas prices going up, no one will be buying anything extra.

Kissmygrits on February 29, 2012 at 9:24 AM

Okay Ed – Now write this same article as if McCain were president.

Dave Rywall on February 29, 2012 at 9:24 AM

so, 4 more years? :(

nathor on February 29, 2012 at 9:24 AM

To be revised later… when nobody is paying attention. Hey look a squirrel causing war in Africa!! Look!

LoganSix on February 29, 2012 at 9:25 AM

Hey Obama, instead of a Volt I’d rather have a Tesla SUV instead

http://www.teslamotors.com/modelx

My Gawd PMSNBC broadcasted the whole speech in MI and I watched part of it at the doctor’s office waiting room. Dang, I sooo wanted to throw a shoe, break the TV and I could buy them a new and better one.

It was hard to keep count of all falsehoods per minute. If I didn’t know that it was at some warehouse, without looking it sounded like it was held at a Baptist church. Love Baptists! But c’mon…the union choir were screaming to be preached at.

ProudPalinFan on February 29, 2012 at 9:26 AM

Anyone betting on a bad economy on November 2012 will be disappointed

liberal4life on February 29, 2012 at 9:27 AM

This is great news….
I can tell all those people on the street corners that recovery is right around the corner…

Electrongod on February 29, 2012 at 9:28 AM

Heartache.

KeninCT on February 29, 2012 at 9:29 AM

Anyone betting on a Obama Victory in November 2012 will be disappointed.

liberal4life on February 29, 2012 at 9:27 AM

FIFY

Dunce

HumpBot Salvation on February 29, 2012 at 9:29 AM

That looks to me like a very aggressive restocking effort, and an artificial difference between the two quarters built entirely on that restocking effort in the face of weak demand.

$4 and $5 and $6 gallon gasoline is going to eat into disposable income. Expect to see inventory bloat, as we aren’t going to go to Target to buy things, those dollars are going to our gas tank. Thus businesses aren’t going to place any more orders for the next two quarters.

rbj on February 29, 2012 at 9:29 AM

Anyone betting on a bad economy on November 2012 will be disappointed

liberal4life on February 29, 2012 at 9:27 AM

I am sure all my out-of-work friends and under-employed friends will be happy.

Electrongod on February 29, 2012 at 9:29 AM

Imports increased even more than previously thought, exports declined, and real final sales of domestic product — GDP minus inventory additions — still lagged far behind the overall GDP rate

At the end of the day, our accounts imbalances with China and other trading partners present this country with its most pressing and serious problems. You can’t fully resolve the budget deficit and grow employment until the underlying causes of massive US trade deficits are addressed.

While the US is slowly losing its wealth to foreign competitors, especially China, people remain fixated and divided by politically and socially charged issues that actually have little bearing on our economic future.

bayam on February 29, 2012 at 9:30 AM

More good economic news for Obama, but it’s so “inside baseball” that it won’t matter. The fact is that Consumer Confidence is soaring despite gas prices and the public believes, rightly or wrongly, that things are getting better.

gumbyandpokey on February 29, 2012 at 9:31 AM

“$4 and $5 and $6 gallon gasoline is going to eat into disposable income.”

Gas hasn’t even hit 4 dollars a gallon here in WI yet. And even in places where it has gone up more, Obama’s numbers have done nothing but improve. The guy is impervious to things that normally destroy politicians.

gumbyandpokey on February 29, 2012 at 9:33 AM

They will relabel inflation as growth.

zmdavid on February 29, 2012 at 9:33 AM

Yeah, go dear leader, ignore those red flags
-lsm

cmsinaz on February 29, 2012 at 9:34 AM

More good economic news for Obama, but it’s so “inside baseball” that it won’t matter. The fact is that Consumer Confidence is soaring despite gas prices and the public believes, rightly or wrongly, that things are getting better.

gumbyandpokey on February 29, 2012 at 9:31 AM
——–

Fox is going to have to pee in the economic cornflakes 24/7 until November now.

Can’t wait to see how they spin the 13000 Dow.

Dave Rywall on February 29, 2012 at 9:34 AM

Does anyone recall Sheriff Joe predicting that GDP would grow at 7.0%???

he’s been anywhere from 4-5% off every quarter…

ted c on February 29, 2012 at 9:35 AM

I am sure all my out-of-work friends and under-employed friends will be happy.

Electrongod on February 29, 2012 at 9:29 AM

Its not roses out there but I believe its getting better. unemployment keeps dropping and people are getting back to work.

It will take a while to fix this stuff. It took 8 years of Bush policies for us to get here. Obama can’t fix it over night

liberal4life on February 29, 2012 at 9:35 AM

Fox is going to have to pee in the economic cornflakes 24/7 until November now.

Can’t wait to see how they spin the 13000 Dow.

Dave Rywall on February 29, 2012 at 9:34 AM

dadgum it dave, missed ya around here. The quality of trolls as of late has been, well…...disappointing, IMO.

ted c on February 29, 2012 at 9:35 AM

Obama is unelectable. This is his economy, he wrecked it.

ted c on February 29, 2012 at 9:36 AM

Obama is unelectable. This is his economy, he wrecked it.

ted c on February 29, 2012 at 9:36 AM

The economy was not in crisis when Bush left office right?

liberal4life on February 29, 2012 at 9:39 AM

The fact is that Consumer Confidence is soaring despite gas prices and the public believes, rightly or wrongly, that things are getting better.

gumbyandpokey on February 29, 2012 at 9:31 AM

Wrong! Fuel prices went from $3.94 to $4.49 in the past two weeks in my area. The only thing “soaring” is my disdain for this administration’s energy policies. Consumer confidence will drop like a rock as this, (and skyrocketing food prices) drains the consumer of any expendable income.

Rovin on February 29, 2012 at 9:41 AM

Ten swing states will decide the election, period. Likely voters in those states massively oppose Obamacare. All the Repubs have to do is hammer away at Obamacare 24/7 in those states from September 1 to November 6 and the election is in the bag. 24/7 baby.

WordsMatter on February 29, 2012 at 9:42 AM

My Gawd PMSNBC broadcasted the whole speech in MI and I watched part of it at the doctor’s office waiting room. Dang, I sooo wanted to throw a shoe, break the TV

Find Another Doctor!!!!!!

SayNo2-O on February 29, 2012 at 9:42 AM

New leftist hotness.

Cons are rooting for a bad economy!

tom daschle concerned on February 29, 2012 at 9:43 AM

The economy was not in crisis when Bush left office right?

liberal4life on February 29, 2012 at 9:39 AM

Bush left office over 3 years ago. This has been the longest recession and the longest period with unemployment over 8% in 70+ years. Thanks to Dear Leaders policies.

This is Obama’s economy. He owns it. He not only failed to fix it like he said he would…he’s made it worse.

HumpBot Salvation on February 29, 2012 at 9:43 AM

The economy continues into a crisis because Obama is unable, unwilling, unskilled enough to correct it. Libs are going to have to swallow that, among other things, that their guy just isn’t up to the task.

truth.

ted c on February 29, 2012 at 9:43 AM

Can’t wait to see how they spin the 13000 Dow.

Dave Rywall on February 29, 2012 at 9:34 AM

No spin. It is QE. When trillions of extra dollars are dumped into the system, it goes into bonds and the stock market.

Fallon on February 29, 2012 at 9:44 AM

Bush left office over 3 years ago. This has been the longest recession and the longest period with unemployment over 8% in 70+ years. Thanks to Dear Leaders policies.

This is Obama’s economy. He owns it. He not only failed to fix it like he said he would…he’s made it worse.

HumpBot Salvation on February 29, 2012 at 9:43 AM

Check the polls to see who Americans still blame for the bad economy

hint: it is not Obama

liberal4life on February 29, 2012 at 9:45 AM

The economy was not in crisis when Bush left office right?

liberal4life on February 29, 2012 at 9:39 AM

Oh and by the way…Obama has added more job depressing DEBT in 3 years than Bush did in 8. So he’s got that going for him.

HumpBot Salvation on February 29, 2012 at 9:45 AM

Stimulus, Obamacare, tyranny and lawlessness are the hallmarks of this administration. They’re tattooed with these failures. It shows.

ted c on February 29, 2012 at 9:45 AM

What one Obama policy has aided the economy?

tom daschle concerned on February 29, 2012 at 9:46 AM

Check the polls to see who Americans still blame for the bad economy

hint: it is not Obama

liberal4life on February 29, 2012 at 9:45 AM

Check the ballot..honey. Bush isn’t on it.

I got to ask…are you a performance artist?

HumpBot Salvation on February 29, 2012 at 9:46 AM

Check the polls to see who Americans still blame for the bad economy

hint: it is not Obama

liberal4life on February 29, 2012 at 9:45 AM

Leaders take responsibility. Demagogues seek to place blame.

Which one is yours?

ted c on February 29, 2012 at 9:46 AM

Bush left office over 3 years ago. This has been the longest recession and the longest period with unemployment over 8% in 70+ years. Thanks to Dear Leaders policies.

This is Obama’s economy. He owns it. He not only failed to fix it like he said he would…he’s made it worse.

HumpBot Salvation on February 29, 2012 at 9:43 AM
——-
Sure Obama owns it. But Bush owned it first.

Here’s where you tell us which president put through the Emergency Economic Stabilization Act of 2008.

If you don’t blame Obama and Bush, you’re just another partisan jackass.

Dave Rywall on February 29, 2012 at 9:47 AM

It will take a while to fix this stuff. It took 8 years of Bush policies for us to get here. Obama can’t fix it over night
liberal4life on February 29, 2012 at 9:35 AM

Or ever apparently. Yesterdays disaster of a durable goods report, housing at record lows and the mid February Gallup surge in unemployment are unfortunately looking like rough waters ahead.

Chuck Schick on February 29, 2012 at 9:47 AM

Let’s not forget that the holidays in Q4 inflated the numbers, too.

onlineanalyst on February 29, 2012 at 9:47 AM

This is clearly good news. But as Ed mentioned, there are major red flags for the 1st quarter. I would not be surprised to see the number drop below 1% for the 1st quarter.

milcus on February 29, 2012 at 9:48 AM

Can’t wait to see how they spin the 13000 Dow.

Dave Rywall on February 29, 2012 at 9:34 AM

No spin. It is QE. When trillions of extra dollars are dumped into the system, it goes into bonds and the stock market.

Fallon on February 29, 2012 at 9:44 AM
——
If McCain were prez you’d be saying this bullsh*t? Rigghhhht.

Dave Rywall on February 29, 2012 at 9:48 AM

This is great news….
I can tell all those people on the street corners that recovery is right around the corner…

Electrongod on February 29, 2012 at 9:28 AM

What, fewer apples and matchbooks being sold?

onlineanalyst on February 29, 2012 at 9:49 AM

Dave Rywall on February 29, 2012 at 9:24 AM

It would be better.

Cindy Munford on February 29, 2012 at 9:50 AM

The economy was not in crisis when Bush left office right?

liberal4life on February 29, 2012 at 9:39 AM

You mean the crisis that started when the Democrats – including Sen. Obama – went hog wild with pointless spending and larger-than-ever deficits, right?

landshark on February 29, 2012 at 9:50 AM

Check the polls to see who Americans still blame for the bad economy

hint: it is not Obama

liberal4life on February 29, 2012 at 9:45 AM

Oh…..
Then Obama can do no wrong…
Even though he sits in the Big Chair…
How convenient.

Electrongod on February 29, 2012 at 9:51 AM

Dave Rywall on February 29, 2012 at 9:24 AM

It would be better.

Cindy Munford on February 29, 2012 at 9:50 AM
——

Yes, exactly – Ed would be reporting this news as if it were all good news.

Dave Rywall on February 29, 2012 at 9:52 AM

The economy was not in crisis when Bush left office right?

liberal4life on February 29, 2012 at 9:39 AM

You mean the crisis that started when the Democrats – including Sen. Obama – went hog wild with pointless spending and larger-than-ever deficits, right?

landshark on February 29, 2012 at 9:50 AM

——–
You mean when Bush took your country to Iraq?

Dave Rywall on February 29, 2012 at 9:53 AM

The economy is, at best, anemic, stunted, riddled with regulations and gimmicks, none of which are showing signs of real growth. Its a manipulated and stilted system right now where entrepreneurs are recognizing that the risk to get involved is extraordinarily high and the reward is low. That’s not healthy. Brainstem liberals assert that it is great, or improving, but that is not the case, the evidence simply isn’t there.

Face it homies, the boss is taking a fall in November.

count it. /crr6

ted c on February 29, 2012 at 9:53 AM

If you don’t blame Obama and Bush, you’re just another partisan jackass.

Dave Rywall on February 29, 2012 at 9:47 AM

Most are unhappy with the rate of spending by W but Obama makes him look like a piker. Add to that his overwhelming desire to run every aspect of our lives (a charge always leveled at Republicans but actually practiced by liberals) and you can understand why are anxious to see him leave.

Cindy Munford on February 29, 2012 at 9:53 AM

Stimulus, Obamacare, tyranny and lawlessness are the hallmarks of this administration. They’re tattooed with these failures. It shows.

ted c on February 29, 2012 at 9:45 AM

Stimulus = started by Bush.
Obamacare = Great success in Massachusetts. Willard can testify to that.
tyranny and lawlessness = Romney will not even use these words to describe Obama. This proves you are a fringe.

liberal4life on February 29, 2012 at 9:53 AM

You mean the crisis that started when the Democrats – including Sen. Obama – went hog wild with pointless spending and larger-than-ever deficits, right?

landshark on February 29, 2012 at 9:50 AM

The Bush wars had no effect on the economy right?
You are so blinded by partisan rhetoric that you fail to see anything in an objective manner

liberal4life on February 29, 2012 at 9:54 AM

+100 Ted c @ 9:46

cmsinaz on February 29, 2012 at 9:57 AM

Remember the last time gas prices were this high? I was working for a small business that had large gas consumption getting guys to where the work was. Gas over 3.75 crippled the business. If gas remains high, Obama doesn’t have a prayer no matter how the left spins it.
Moms know they have to pay more to taxi kids and customers balk at a 40$ fuel surcharge. Gone are lunches out of the office if gas costs per week doubles. Life stagnates. It is tough to turn that one into sunshine and roses.
Although Odumbo will try.

ORconservative on February 29, 2012 at 9:57 AM

Can’t wait to see how they spin the 13000 Dow.

Dave Rywall on February 29, 2012 at 9:34 AM

Dow when Former Male Cheerleader left=8,200.
Dow under the Marxist Kenyan=13,000

Mission Accomplished!

KeninCT on February 29, 2012 at 9:57 AM

No spin. It is QE. When trillions of extra dollars are dumped into the system, it goes into bonds and the stock market.

Fallon on February 29, 2012 at 9:44 AM

Bingo. Banks are borrowing from the FED @ 0.25% and buying stocks in companies who are making a profit overseas instead of lending money to businesses in the US. The devaluation of the dollar, some caused by QE, always helps the market. Strong dollar=weak market, weak dollar=strong market.

marinetbryant on February 29, 2012 at 9:58 AM

The Bush wars had no effect on the economy right?
You are so blinded by partisan rhetoric that you fail to see anything in an objective manner

liberal4life on February 29, 2012 at 9:54 AM

I remember a little something that happened around the end of 2001.

I am sure that had nothing to do with these so called Bush wars that you mentioned.

But even if we want to forget 9/11…the economy recovered…until…
the housing crisis….
Which we all know is causes by Bush policies.

Electrongod on February 29, 2012 at 9:58 AM

Nothing goes down smoother than a Dave Rywall meltdown. Why don’t you threaten to hold your breath till Ed changes his post to what you want.

Obama’s policies have been a disaster, period. Obamacare is a hot mess people want repealed and he’s on track to create 250% the debt Bush did, all for the weakest recovery relative to recession ever recorded.

It’s called failure, Dave – a concept with which a whiny finger pointing liberal parasite like yourself should be intimately familiar.

Chuck Schick on February 29, 2012 at 9:59 AM

liberal4life on February 29, 2012 at 9:27 AM

KeninCT on February 29, 2012 at 9:29 AM

This could be a fun thread. :-)

Double the tards, double the fun!

MNHawk on February 29, 2012 at 9:59 AM

If McCain were prez you’d be saying this bullsh*t? Rigghhhht.

Dave Rywall on February 29, 2012 at 9:48 AM

In some alternate universe, there are a bunch of grown men in charge and their economy never took a hit from liberal housing policies, and never had the type of loser-picking crony capitalism in which the Democrats so excel.

What we are seeing here, in terms of damage to Obama contributor competitors in industry, makes adscam like like a child’s romp in the park.

unclesmrgol on February 29, 2012 at 9:59 AM

Stimulus = started by Bush.
Obamacare = Great success in Massachusetts. Willard can testify to that.
tyranny and lawlessness = Romney will not even use these words to describe Obama. This proves you are a fringe.

liberal4life on February 29, 2012 at 9:53 AM

Obama has 2x dead US agents blood on his hands yet fails to acknowledge any responsibility for it.
Freedom of religion is under assault, started by obama.
NBPP case was dropped by the DOJ
Radical appointments of Kevin Jennings, Van Jones et al demonstrate how out of step your guy is.

Own it, bub. They should buy stock in packing tape, cuz all their stuff is headed back to Chicago in a few months.

ted c on February 29, 2012 at 10:00 AM

Most are unhappy with the rate of spending by W but Obama makes him look like a piker. Add to that his overwhelming desire to run every aspect of our lives (a charge always leveled at Republicans but actually practiced by liberals) and you can understand why are anxious to see him leave.

Cindy Munford on February 29, 2012 at 9:53 AM
—–
Every aspect of your lives?
Are you kidding?
The GOP are the biggest nanny staters alive right now.

Hilarious how you casually brush off Bush’s spending.
-spent twice as much as the 6 previous prez’s combined
-increased discretionary outlays by about 50%
-increased the federal budget by over 100%
-added thousands of new socialist – oops – sorry, “federal subsidy programs”

Dave Rywall on February 29, 2012 at 10:00 AM

Spot on Cindy @9:53

cmsinaz on February 29, 2012 at 10:00 AM

Dave Rywall on February 29, 2012 at 9:52 AM

Enter tard #3, who is apparently constructing some kind of fantasy world of a McCain Presidency, in order to prove…er…just what are you trying to prove there, Captain Red Herring?

MNHawk on February 29, 2012 at 10:01 AM

Can’t wait to see how they spin the 13000 Dow.

Dave Rywall on February 29, 2012 at 9:34 AM

You should go all in, in this market. Someone of your intellect deserves nothing less.

MNHawk on February 29, 2012 at 10:03 AM

The economy was not in crisis when Bush left office right?
liberal4life on February 29, 2012 at 9:39 AM

There was also a democrat controlled congress too. Whose net worth mysteriously seemed to grow during this time unlike a lot of us citizens whose declined. Both parties are at fault no matter how much you dims and the repukes deny it.

bbinfl on February 29, 2012 at 10:03 AM

Enter tard #3, who is apparently constructing some kind of fantasy world of a McCain Presidency, in order to prove…er…just what are you trying to prove there, Captain Red Herring?

MNHawk on February 29, 2012 at 10:01 AM

History books appearently haven’t been updated since The Won became president

Hilarious how you casually brush off Bush’s spending.
-spent twice as much as the 6 previous prez’s combined
-increased discretionary outlays by about 50%
-increased the federal budget by over 100%
-added thousands of new socialist – oops – sorry, “federal subsidy programs”

Dave Rywall on February 29, 2012 at 10:00 AM

Electrongod on February 29, 2012 at 10:03 AM

Everyone here is such an Eyeore and its so disappointing. This is one report that in the big picture means little. We, as a party have to come together and work to defeat Barack Obama in November. No more infighting, no more listening to Rush, Levin, Eric Ericsson and Palin. I’m convinced all the aforementioned have in mind is causing a stir within the GOP that makes their voices more relevant and being shrill in order to sell books. DON’T LISTEN TO THEM!! THINK FOR YOURSELF!!!!

We can and will win in November but we need to stop shooting ourselves in the foot in order to do so. Early in the process the media tried to set the narrative that Romney was a weak candidate and Rush, Levin and the likes helped them solidify it with the voting public. They have played right into the main stream media’s hands in trying to destroy the candidacy of the one candidate that can beat Obama in the Fall. STOP PLAYING INTO THEIR HANDS. Buck the trend! Let’s all get behind Romney and push him over the top and create the wave that he will ride to a resounding victory in November. STOP LISTENING TO THE LIMBAUGH’S AND LEVIN’S and PALIN’S!!! THINK FOR YOURSELF!!!!

tpw on February 29, 2012 at 10:03 AM

You mean when Bush took your country to Iraq?

Dave Rywall on February 29, 2012 at 9:53 AM

Thanks for confirming that you’re a idiot and a partisan jackass. I was giving you the benefit of the doubt.

HumpBot Salvation on February 29, 2012 at 10:03 AM

Its not roses out there but I believe its getting better. unemployment keeps dropping and people are getting back to work.

It will take a while to fix this stuff. It took 8 years of Bush policies for us to get here. Obama can’t fix it over night

liberal4life on February 29, 2012 at 9:35 AM

You believe it’s getting better? Well I’m sold. And BTW, unemployment is dropping because people are NOT getting back to work but rather giving up looking altogether.

Which Bush policies got us here? The housing bubble? Well, that was started by his predecessor who repealed Glass-Steagall and pressured banks to lend to people who had no business owning homes. And this policy has been continued by Obama who’s done nothing to deal with the crisis. Or maybe you mean the Bush tax cuts? But Obama extended those for 2 years in December 2010. Oh, I’ll bet it’s the deficit spending by Bush that you’re referring to. But Obama has spent far more than his predecessor did, tripling the worst deficit Bush ever had every year he’s been in office and adding over $5 trillion overall to the national debt. Maybe it’s the wars you’re talking about. But Obama escalated our troop levels in Afghanistan, adhered to SOFA agreement in Iraq negotiated by Bush, and sent military support into Libya(without Congressional approval I might add).

So I’ll ask again. Which Bush policies are to blame for the mess we find ourselves in in 2012, Obama’s 4th year in office?

Doughboy on February 29, 2012 at 10:04 AM

Double the tards, double the fun!

MNHawk on February 29, 2012 at 9:59 AM

Tards? Is that acceptable talk in flyoverville?

KeninCT on February 29, 2012 at 10:04 AM

Hot Air, where all good economic news is greeted with disappointment.

plewis on February 29, 2012 at 10:04 AM

Obama cranked spending from 20% to 25% of GDP, Drywall. And nothing Bush did touches the hated ObamaCare

Chuck Schick on February 29, 2012 at 10:05 AM

Enter tard #3, who is apparently constructing some kind of fantasy world of a McCain Presidency, in order to prove…er…just what are you trying to prove there, Captain Red Herring?

MNHawk on February 29, 2012 at 10:01 AM
——
Proving the sheer and absolute lack of objectivity of you clowns.

From pissypants refusals to give Obama any credit for killing Bin Laden to crybabying over every shred of good economic news, you guys are amazing.

Oh well, at least your moronic candidate selection process is so long that the 25% of undecided voters out there get to hate your eventual nominee long, long before he ever utters a word in the POTUS campaign.

Obama is a mediocre and somewhat crappy president. Your alternatives are more mediocre and crappier. Please, please, please pick Santorum.

Dave Rywall on February 29, 2012 at 10:05 AM

Dow when Former Male Cheerleader left=8,200.
Dow under the Marxist Kenyan=13,000

Mission Accomplished!

KeninCT on February 29, 2012 at 9:57 AM

Hey chickflick fan. Don’t knock male cheerleaders.

Looks like they may be the only dating pool you have left.

http://www.besocial.com/profile/view/keninct

HumpBot Salvation on February 29, 2012 at 10:06 AM

From pissypants refusals to give Obama any credit for killing Bin Laden………
Dave Rywall on February 29, 2012 at 10:05 AM

Tell me….
If Bush was president when the word came in that we now know where Bin Laden is….
What would Bush do…..?
What would you do?

Electrongod on February 29, 2012 at 10:09 AM

Dave Rywall on February 29, 2012 at 10:00 AM

I don’t laugh it off at all. I’m one of the few who was against TARP and the disastrous auto bail outs. Take what W did and triple it, that’s what Obama has done. And as for nannies, it’s already started, Obamacare is the vehicle to rule our lives. Maybe you like that up in your neck of the woods but we think it sucks. Don’t you wish you had some liberal to grant the right of home ownership to everyone whether they could afford it or not? As for the 13000 stock market, we all have 401Ks or IRA’s so we hope it lasts, maybe it will help offset the gas prices.

Cindy Munford on February 29, 2012 at 10:09 AM

Dow when Former Male Cheerleader left=8,200.
Dow under the Marxist Kenyan=13,000

Mission Accomplished!

KeninCT on February 29, 2012 at 9:57 AM

http://www.besocial.com/profile/view/keninct

Dang dude..you dropped to 8179. Heartache.

HumpBot Salvation on February 29, 2012 at 10:10 AM

If McCain were prez you’d be saying this bullsh*t? Rigghhhht.

Dave Rywall on February 29, 2012 at 9:48 AM

You have no idea where the economy would be under a different president. You have no idea what I would say. That’s just silly nonsensical talk. If ifs and buts were candy and nuts…

Fallon on February 29, 2012 at 10:10 AM

That looks to me like a very aggressive restocking effort, and an artificial difference between the two quarters built entirely on that restocking effort in the face of weak demand.

And with rising gas prices, that demand is going to be even weaker.

GarandFan on February 29, 2012 at 10:11 AM

Tell me….
If Bush was president when the word came in that we now know where Bin Laden is….
What would Bush do…..?
What would you do?

Electrongod on February 29, 2012 at 10:09 AM
—–
Here are your answers:
Bush would kill him
I would kill him
next.

Dave Rywall on February 29, 2012 at 10:11 AM

Fallon on February 29, 2012 at 10:10 AM

It’s a lead pipe cinch we wouldn’t have Obamacare hanging over the heads of businesses and their abilities to plan accordingly.

Cindy Munford on February 29, 2012 at 10:14 AM

Double the tards, double the fun!

MNHawk on February 29, 2012 at 9:59 AM
Tards? Is that acceptable talk in flyoverville?

KeninCT on February 29, 2012 at 10:04 AM

Lighten up Francis.

Tim Zank on February 29, 2012 at 10:14 AM

From pissypants refusals to give Obama any credit for killing Bin Laden………

Dave Rywall on February 29, 2012 at 10:05 AM

Issues, boy? What does a GDP driven by growing inventories have to do with that?

And just who did “pissypants” give credit to?

You’re proving to be no smarter than the other two tards that have started gracing these forums in the past couple of weeks, ya know?

MNHawk on February 29, 2012 at 10:17 AM

Here are your answers:
Bush would kill him
I would kill him
next.

Dave Rywall on February 29, 2012 at 10:11 AM

Then the credit that Obama deserves is for doing what Bush would have done, or you, or me.
But the way the MSM and the left made it out…

It was like Obama just started walking on his own two feet without any help….and said his first words.

Electrongod on February 29, 2012 at 10:18 AM

“Thank you Mr. president!”
-crr6liberal4life

FIFM

Meat Fighter on February 29, 2012 at 10:20 AM

THe chocolate ration gets raised from 2.8 grams to 2.2 grams and all the retarded leftists cheer.

What a sad state of affairs.

tom daschle concerned on February 29, 2012 at 10:20 AM

Anyone betting on a bad economy on November 2012 will be disappointed

liberal4life on February 29, 2012 at 9:27 AM

Betting on it, not hoping for it. No one would be disappointed to see an end to the Great Recession. However resilient our economy might be, the country can’t fully recover while burdened with high energy costs and President Obama is in too deep with the radical environmental lobby to ramp up energy production in any appreciable way. And then, of course, there’s that pesky $15 trillion debt hanging over our heads, which makes the Greeks look like rank amateurs by comparison. And so on. Without entitlement reforms and drastic spending cuts, we’re heading for a crash, not if but when and probably soon. Then what, liberal?

troyriser_gopftw on February 29, 2012 at 10:25 AM

Then the credit that Obama deserves is for doing what Bush would have done, or you, or me.
But the way the MSM and the left made it out…

It was like Obama just started walking on his own two feet without any help….and said his first words.

Electrongod on February 29, 2012 at 10:18 AM
——-

What a pile of laughable partisan crap you have typed in there.

Not to mention a disgusting display of disrespect to the people who did the job – people who would do their job regardless of which clown was president above them.

Bush gives the order and somehow he’s in the trenches.
Obama gives the orders, and he’s just some stooge carrying out what Bush started, even though it took 3 years into his term to gather and act upon intelligence get the job finally done? Hilarious. So f*cking hilarious of you and your partisan ass.

Dave Rywall on February 29, 2012 at 10:27 AM

+3.0% annualized GDP growth rate and a presidential approval rating of 48% gives Romney only a 35% of winning in November (per Nate Silver’s tool on nytimes.com).

I wonder how long it takes for a spike in gas prices at the pump to show up in GDP growth.

playblu on February 29, 2012 at 10:32 AM

You mean when Bush took your country to Iraq?

Dave Rywall on February 29, 2012 at 9:53 AM

Brilliant! Because, as everyone knows, the Democrats didn’t vote for the Iraq war. Nope. They were against it all along. Bush went alone because the opposition was totally and irrevocably against it. Yessir. Right up until Joe “Bag O’Donuts” Biden claimed Iraq was going to be Obama’s greatest success.

Ah, yes those Iraq war deficits. Remember when they peaked at $400 billion? Remember when $400 billion was a lot of money? Remember when 3.3% growth, and 5% unemployment, under Bush was considered a “recession”?

Good times, Rusty.

landshark on February 29, 2012 at 10:33 AM

Bush gives the order and somehow he’s in the trenches.
Obama gives the orders, and he’s just some stooge carrying out what Bush started, even though it took 3 years into his term to gather and act upon intelligence get the job finally done? Hilarious. So f*cking hilarious of you and your partisan ass.

Dave Rywall on February 29, 2012 at 10:27 AM

You’re pathetic. Nobody..nobody was claiming Bush was in the trenches. Last I recall a certain junior senator from IL was lambasting him for air raiding villages and killing children.

So spare us your outrageous outrage you partisan jack@ss.

It was you idiots on the left who were proclaiming from the mountaintops that Obama parachuted into pock-ee-stahn and beat OBL to death with a 9 iron. So desperate to prop up the boy wonder..you looked like the idiots you are.

HumpBot Salvation on February 29, 2012 at 10:34 AM

Bush gives the order and somehow he’s in the trenches.

Dave Rywall on February 29, 2012 at 10:27 AM

You really do need to see a professional, you know? Anything else you want to throw out there, in order to prove that a GDP number bloated by inventory growth is anything other than a GDP number bloated by inventory growth?

Get help. We really do care.

MNHawk on February 29, 2012 at 10:37 AM

Well, Romney says the economy’s getting better, and he would know because he’s an economic genius. So there’s that.

Just Sayin on February 29, 2012 at 10:40 AM

Dave Rywall on February 29, 2012 at 10:27 AM

Come on, you have to admit that, minus the apologizing, The Won has pretty much stuck with W’s plans. How could he not give the go ahead to kill Bin Laden when they made a movie about Clinton passing up the chance. Oh, just try to view that movie ever again. Gives a whole new meaning to one hit wonder. Do you think the media would protect W like that?

Cindy Munford on February 29, 2012 at 10:42 AM

Come on, you have to admit that, minus the apologizing, The Won has pretty much stuck with W’s plans. How could he not give the go ahead to kill Bin Laden when they made a movie about Clinton passing up the chance. Oh, just try to view that movie ever again. Gives a whole new meaning to one hit wonder. Do you think the media would protect W like that?

Cindy Munford on February 29, 2012 at 10:42 AM
——

If Bush had killed Bin Laden, the media would celebrate, but then the 24/7 news would have said it took him too long.

Fact remains, Obama gets the kill and more of the credit because 3 years worth of action happened under his watch leading up to it and ultimately he gave the order. People who don’t like Obama can suck it up or continue the “Bush did all the work” bullsh*t.

Dave Rywall on February 29, 2012 at 10:50 AM

We are downing in BS from this regime. You can polish a turd until it shines, but it’s still a turd!

vietvet68 on February 29, 2012 at 10:53 AM

Since when is inventory growth after Christmas a good thing?

This means that nothing sold during the Christmas season.

faraway on February 29, 2012 at 10:54 AM

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