White House on GDP report: Hey, at least it wasn’t negative!

posted at 12:01 pm on July 27, 2012 by Ed Morrissey

If you’re feeling in the dumps, don’t be silly chumps –

Just purse your lips and whistle. That’s the thing!

Faced with another decline in American economic output, the White House chose to, er, look on the bright side of life (via Katie Pavlich):

“Today’s report shows that the economy posted its twelfth straight quarter of positive growth,” Alan B. Krueger wrote in a statement. “Over the last three years, the economy has expanded by 6.7 percent overall, and the private components of GDP have grown by 9.9 percent.”

Krueger did say that more needs to be done. “While the economy continues to move in the right direction, additional growth is needed to replace the jobs lost in the deep recession that began at the end of 2007.”

In other words, having an average growth rate of 2.2% after a recovery is supposed to cheer us up?  The economy clearly isn’t “moving in the right direction” the last two quarters — and in fact, it’s been going in the wrong direction, declining in each quarter.  Consumer spending dropped dramatically from a mediocre 2.4% growth rate in 2012Q1 to 1.5% in Q2.  That means American consumers aren’t pursing their lips and whistling; they’re conserving their money as the storm approaches.

Jim Pethokoukis puts Krueger’s sunshine spin in perspective with this chart:

He also argues that these results make Obama’s re-election chances rather dim:

Earlier this year, the Obama White House predicted the economy would grow 3% in 2012. Today’s GDP report shows that ain’t going to happen. The Commerce Department said the economy grew at an anemic 1.5% annual rate from April through June, after a revised 2.0% in the first quarter. It now seems likely the economy will be lucky to grow at 2% for the entire year. And that’s after growing just 1.8% last year.

Indeed, research from the Federal Reserve finds that that since 1947, when year-over-year real GDP growth falls below 2%, recession follows within a year 70% of the time. The U.S. economy remains in the Recession Red Zone.

The new data also show just how weak the Obama recovery has been, expanding at an annual average pace of just 2.2% vs. 5.7% for the Reagan recovery. …

And when you plug these new numbers into the election forecasting model of Yale University’s Ray Fair — assuming next quarter is no better than the past two — it shows a 4-point Mitt Romney victory over Barack Obama (in the two-party vote totals).

There really isn’t much else the White House can say about these numbers.  They have to paint them with as much optimism as possible, but the decline in consumer spending indicates that Americans aren’t buying the rosy analysis.  It might be that Team Obama will have to be singing this song all the way past the November election — for their own sake:

Addendum: Monty Python has their own YouTube channel, with high-quality renditions of their own clips.  If you’re looking to waste a solid day or two, I can’t think of any better way to do so.


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Ed, what’s your favorite Python skit?

Bmore on July 27, 2012 at 12:04 PM

Thank you for embedding that video. Lovely :)

beatcanvas on July 27, 2012 at 12:06 PM

Ed, what’s your favorite Python skit?

Bmore on July 27, 2012 at 12:04 PM

I’m not sure I could pick one out — they’re all pretty awesome.

Ed Morrissey on July 27, 2012 at 12:07 PM

If you can’t narrow it down to just one skit, favorite movie?

Bmore on July 27, 2012 at 12:08 PM

I wish I could whistle in a post.

NotCoach on July 27, 2012 at 12:09 PM

“At least is wasn’t negative!!” – Dumbest administration ever

Meanwhile…

46 million Americans on foodstamps

22.3 million households on foodstamps

8.7 million on disability

“doin’ fine” – Moron President

Weight of Glory on July 27, 2012 at 12:10 PM

im interested in what caused the huge bump in last quarter’s GDP, it was revised upward over 1%

chasdal on July 27, 2012 at 12:10 PM

watching John Cleese do a live Ministry of Silly Walks on the video Live at the Hollywood Bowl is side-splitting funny!!

chasdal on July 27, 2012 at 12:11 PM

Annual federal DEFICIT: 8% of GDP
Annual “Growth”: 1.5% of GDP

People should be ARRESTED for this. And also for the fraud of claiming any “growth” with borrowed money.

What’s that magic multiplier, again? Borrowing and spending $4 to claim less than $1 of “growth”? PURE GENIUS!!!

ThePrimordialOrderedPair on July 27, 2012 at 12:12 PM

If you can’t narrow it down to just one skit, favorite movie?

Bmore on July 27, 2012 at 12:08 PM

Almost as tough! Loved them all, but Holy Grail is probably the most enduring. Meaning of Life was the best-produced.

Ed Morrissey on July 27, 2012 at 12:12 PM

Nothing to see here move along

cmsinaz on July 27, 2012 at 12:13 PM

Crickets chirping still its mitt bash all day long

cmsinaz on July 27, 2012 at 12:14 PM

im interested in what caused the huge bump in last quarter’s GDP, it was revised upward over 1%

chasdal on July 27, 2012 at 12:10 PM

Unicorns.

The Rogue Tomato on July 27, 2012 at 12:14 PM

That means American consumers aren’t pursing their lips and whistling; they’re conserving their money as the storm approaches.

It may also mean that they don’t have money to spend other than what is necessary for basics. As food prices rise and gas stays stubbornly high there is little no discretionary cash left.

It’s ugly.

Cody1991 on July 27, 2012 at 12:16 PM

Is that a cliff I see above me? That would explain the lightness of being that I’m feeling and the wind whistling in my ears.

platypus on July 27, 2012 at 12:16 PM

The best Python skit off all time

The TWIT OLYMPICS of course.

gerrym51 on July 27, 2012 at 12:17 PM

How about the parrot skit.

“This economy isn’t dead.”

“It’s pining for the fjords!”

gwelf on July 27, 2012 at 12:17 PM

Don’t purchase anything you don’t need. Every retail sale is one more vote for Obama and Harry Reid’s senate.

matthew8787 on July 27, 2012 at 12:18 PM

Love the clip, but that Zero pic used here is just PRICELESS, and so verrrry appropriate.

pambi on July 27, 2012 at 12:20 PM

Reagan’s 18.5% growth in GDP vs. Obama’s 6.7%? Let’s see, didn’t Reagan do something called “cutting tax rates across the board”, including for the evil rich? Could that have had a little something to do with it?

TXUS on July 27, 2012 at 12:22 PM

Yeah, Holy Grail, just something about it. Nights who say Ni, and taughting the French. You’re right though all very funny. Meaning of life, very good, smart. Lots of folks seemed disappointed with, The life of Brian, I thought it was great!

Bmore on July 27, 2012 at 12:22 PM

The best Python skit off all time

The TWIT OLYMPICS of course.

gerrym51 on July 27, 2012 at 12:17 PM

Barrack Husein Obama running a bit wide there and now they’re coming into their … And Barrack has run himself over, what a great twit!

NotCoach on July 27, 2012 at 12:23 PM

The only reason Obama is trying to sound all Pollyanna on these numbers is because of the election. Otherwise, they’re heading in the right direction they want.

Liam on July 27, 2012 at 12:24 PM

Best Python skit: Country Club
Best Python movie: Jabberwocky

Liam on July 27, 2012 at 12:25 PM

Isn’t having lowered expectation for minorities, ahem, racist?

Archivarix on July 27, 2012 at 12:25 PM

And no Rush is saying that the government is going to take over the credit agencies and force banks to make sub-prime loans again.

That’ll work.

CorporatePiggy on July 27, 2012 at 12:25 PM

You know, I think I will spend some time watching some old Python skits, I could use a laugh. Thanks Ed.

Bmore on July 27, 2012 at 12:26 PM

“I’ve tried real hard”
 
- President Barack H. Obama, July 2012

rogerb on July 27, 2012 at 12:26 PM

“I don’t want to talk to you no more, you empty headed animal food trough wiper. I fart in your general direction. Your mother was a hamster and your father smelt of elderberries.”

Still one of my fave Holy Grail quotes.

search4truth on July 27, 2012 at 12:27 PM

Hilarious.

The Obama admin is going to “good news” us straight into bakruptcy.

Tim_CA on July 27, 2012 at 12:29 PM

Best Python skit: Country Club
Best Python movie: Jabberwocky

Liam on July 27, 2012 at 12:25 PM

Gotta go with:

Spanish Inquisition

Holy Grail

Tim_CA on July 27, 2012 at 12:32 PM

Spam

theblacksheepwasright on July 27, 2012 at 12:33 PM

This is rich.

“Is Obama losing his brand?”

Not at all. The people have just figured out what a Liar and Thug he has always been, a Machiavellina, Orwellian, Muenchhausean and Ponocchean one.

The Punk in Chief has never been nice.

Schadenfreude on July 27, 2012 at 12:33 PM

Dennis Moore, Dennis Moore, Riding through the night.
Soon every lupin in the land Will be in his mighty hand
He steals them from the rich And gives them to the poor
Mr Moore, Mr Moore, Mr Moore.

spinach.chin on July 27, 2012 at 12:33 PM

“There really isn’t much else the White House can say about these numbers.”

Sure they can…

… Every thought, plan, policy, executive order, regulation, bill, law, and intention implemented in the past three and half years has resulted in these numbers.

Why not take a bow…?

Seven Percent Solution on July 27, 2012 at 12:34 PM

Why do I see Obama, or actually his boot licker Jay Carney coming out today and saying…..

“It’s only a flesh wound. Really!”

Teacher in Tejas on July 27, 2012 at 12:35 PM

If I didn’t know better, I would think I am reliving what my parents went through in the 30s. A crash, a recession which is made into a depression with stupid policies. Oh wait, I AM watching the same scenario play out – and the idiot in chief telegraphed it as did Time by showing him as FDR. Remember, he is the perfect democrap prezzy. Let’s see – stupid bank regs – check. Add welfare/safety net – check. More regs – check. Blame Hoover/Bush – check, check. I could go on, but my fingers tire. Insanity, thy name is democrap.

baseballguy on July 27, 2012 at 12:36 PM

Oh yeah. And if it weren’t for WWII, the depression would have continued for many years.

baseballguy on July 27, 2012 at 12:36 PM

Gotta go with:

Spanish Inquisition

Holy Grail

Tim_CA on July 27, 2012 at 12:32 PM

“No one expects the Spanish Inquisition!”

Liam on July 27, 2012 at 12:37 PM

Contrast that with this.

A Rising Star.

SWalker on July 27, 2012 at 12:38 PM

“Your arms off” or evil bunny bit.

Wouldn’t it be funny if we could sing this as a goodbye song in response to the Obamabots singing “na na na na hey hey hey goodbye” to GW as they did during O’s inauguration.

MontanaMmmm on July 27, 2012 at 12:38 PM

Barry truly is the president for the “participation trophy” generation.

wildcat72 on July 27, 2012 at 12:39 PM

Personal favorite skit is “we were so poor”
Movie is Holy grail.

TIdbIT on July 27, 2012 at 12:39 PM

“I don’t want to talk to you no more, you empty headed animal food trough wiper. I fart in your general direction. Your mother was a hamster and your father smelt of elderberries.”

Still one of my fave Holy Grail quotes.

search4truth on July 27, 2012 at 12:27 PM

You don’t frighten us, English pig dogs. Go and boil your bottoms, you sons of a silly person. I blow my nose at you, so-called Arthur King–you and all your silly English kniggits!

Axeman on July 27, 2012 at 12:40 PM

Yeah. It’s just a flesh wound.

Cleombrotus on July 27, 2012 at 12:40 PM

Guess that skit is really called the four Yorkshire men : http://www.youtube.com/watch?v=Xe1a1wHxTyo

TIdbIT on July 27, 2012 at 12:41 PM

Personal favorite skit is “we were so poor”
Movie is Holy grail.

TIdbIT on July 27, 2012 at 12:39 PM

Four Yorkshire Men. Yeah, that’s one of my favorites, too.

Axeman on July 27, 2012 at 12:41 PM

try to tell the kids today that…they wont believe ya

i vote silly walks. with a government grant we can make it a LOT sillier.

yes, the eceonomy is still showing positive growth, becuase it has been NAILED to the perch….

t8stlikchkn on July 27, 2012 at 12:41 PM

Obama Administration.

“We didn’t build this GDP”

ToddPA on July 27, 2012 at 12:42 PM

The smartest economic genius in the history of the universe spen…er borrowed over $300 billion to get the overall GDP to grow by $117 billion.

For trolls and 0bamabots that is a $183 billion giant step toward bankruptcy. 0bamanomics in action.

jukin3 on July 27, 2012 at 12:43 PM

Top hole. Bally Jerry pranged his kite right in the how’s your father. Hairy blighter, dicky-birdied, feathered back on his Sammy, took a waspy, flipped over on his Betty Harper’s and caught his can in the Bertie.

Axeman on July 27, 2012 at 12:43 PM

“No one expects the Spanish Inquisition!”

Liam on July 27, 2012 at 12:37 PM

lol…..Exactly what makes it so dangerous.

Tim_CA on July 27, 2012 at 12:44 PM

Oh, but you can’t expect to wield supreme executive power just because some watery tart threw a sword at you.
Come and see the violence inherent in the system. Help! Help! I’m being repressed!

t8stlikchkn on July 27, 2012 at 12:44 PM

There really isn’t much else the White House can say about these numbers.

Sure there is.

He could start with, “I’m a miserable communist socialist failure, but since I’ve already got enough, I’m resigning”.

Cody1991 on July 27, 2012 at 12:46 PM

Oh, but you can’t expect to wield supreme executive power just because some watery tart threw a sword at you.
Come and see the violence inherent in the system. Help! Help! I’m being repressed!

t8stlikchkn on July 27, 2012 at 12:44 PM

Look, strange women lyin’ around in ponds, distributin’ swords is no basis for a system of government!

Axeman on July 27, 2012 at 12:47 PM

The SHANIQWA economy…

mnjg on July 27, 2012 at 12:50 PM

Most Appropriate:

Dennis the Constitutional Peasant

Tim_CA on July 27, 2012 at 12:50 PM

The Architect Sketch

http://tinyurl.com/633zynh

And “Grail” is still the champ.

connertown on July 27, 2012 at 12:57 PM

Let me guess; that is the government inflation numbers that don’t include food or fuel?

Of course. Thank goodness i never eat or travel or that might not really apply to me.

gekkobear on July 27, 2012 at 12:59 PM

how close was eggleston to this? he posted Q2/Q3 and Q4 predictions a few weeks ago in a thread.

t8stlikchkn on July 27, 2012 at 1:00 PM

Would you like a mint sir? It’s wafer thin…

Psycotte on July 27, 2012 at 1:03 PM

Obama’s “Cheese Shop”.

Dr. Carlo Lombardi on July 27, 2012 at 1:15 PM

rogerb on July 27, 2012 at 12:26 PM

Anytime someone says I tried it is generally an excuse for failing.

chemman on July 27, 2012 at 1:27 PM

Said Obama to the government fat cat dining at the government trough, “Please, digest just one more tax increase, it’s wafer thin.”

maubman on July 27, 2012 at 1:28 PM

If Bush were still President, the media would be saying we’re heading toward a double-dip recession. Now…at least it’s not negative!

Steve Z on July 27, 2012 at 1:29 PM

Ed, what’s your favorite Python skit?

Bmore on July 27, 2012 at 12:04 PM

Obama reminds me of the 8-foot knight (in “Monty Python and the Holy Grail”) whose arms have been hacked off claiming that “it’s only a flesh wound”.

The private sector is doing fine…

Steve Z on July 27, 2012 at 1:34 PM

If a Republican had these numbers they would have a 10% approval rating, if that.

We’d hear granny eating dog food stories, not people spending more time with family without the stress of work stories.

Wagthatdog on July 27, 2012 at 1:35 PM

While my screen name may suggest otherwise, the best Python skit is “Nudge Nudge Wink Wink.”

Throat Wobbler Mangrove on July 27, 2012 at 1:36 PM

o/t, but interesting article…

What’s The Matter With Texas? Nothing.

M2RB: ZZ Top, live from Paris, 2010

Texas: It has that effect on Liberals.

Resist We Much on July 27, 2012 at 1:50 PM

Newsflash: it IS negative.

After accounting for the REAL inflation rate, adding back in food and fuel, it’s slightly negative. If you figure the PER CAPITA GDP, it’s been negative every quarter for the past year and a half.

logis on July 27, 2012 at 1:50 PM

“There are some who call me……….Tim?”

Tim_CA on July 27, 2012 at 1:51 PM

So when everyone in America loses their job, President Obama will simply say that there is a positive 1 jobs created (his own) and the economy is moving in the right direction.

Varchild on July 27, 2012 at 2:05 PM

watching John Cleese do a live Ministry of Silly Walks on the video Live at the Hollywood Bowl is side-splitting funny!!

chasdal on July 27, 2012 at 12:11 PM

..Bring Out Your Dead. Pretty good metaphor for this Obama-generated economic recovery and the First Moron’s spin on the Q2 GDP. In fact, it work’s for Sheriff John’s ACA tax/health plan/whatever as well.

“I’m not dead yet! I’m getting better!”

The War Planner on July 27, 2012 at 2:08 PM

If Barry had been the captain of the Titanic, he’d have remarked, “Hey! At least we won’t be paying docking fees in New York!”

GarandFan on July 27, 2012 at 2:14 PM

“US GDP Drops to 1.5 Percent Growth in Second Quarter of 2012″

“Just like we’ve tried their plan, we tried our plan, and it worked…that’s why I’m running for a second term.” – Barack Hussein Obama, The WORST PRESIDENT IN AMERICAN HISTORY, 23 July 2012.

TeaPartyNation on July 27, 2012 at 2:17 PM

So…. Obama’s election year message is… “hey, it could be worse” ? Yeah, a real winner there. Would love to have that message on an ad along with images people in front of their foreclosed houses and closed businesses and people holding signs begging for work.

PackerFan4Life on July 27, 2012 at 2:41 PM

White House on GDP report: Hey, at least it wasn’t negative!

…YOU LIE…!!!

KOOLAID2 on July 27, 2012 at 2:44 PM