US economy grew less than reported, 3 percent not 3.2 percent, Smaller gains in consumer and business spending, European debt risks
US economy grew less than reported, 3 percent not 3.2 percent
What about US debt risks?
From Bloomberg May 27, 2010.
“Economy in U.S. Expands Less Than First Estimated”
“The U.S. economy grew in the first quarter at a slower pace than previously calculated, reflecting smaller gains in consumer and business spending and highlighting the risks to the recovery posed by the European debt crisis.
The 3 percent increase at an annual rate in gross domestic product was less than the median estimate of economists surveyed by Bloomberg News and compares with an advance estimate of 3.2 percent issued last month, figures from the Commerce Department showed today in Washington. Corporate profits grew and incomes were revised down.
Households are gaining confidence this quarter as employment improves, and manufacturing is powering ahead as business investment and exports keep growing. The setback in stocks and rebound in the dollar caused by Europe’s financial troubles may cool spending here and abroad, giving the Federal Reserve additional scope to keep interest rates low.
“We are at a fairly fragile turning point,” said Julia Coronado, a senior U.S. economist at BNP Paribas in New York. “There’s a lot of headwinds that the economy is struggling with.”
More Americans than forecast filed applications for unemployment benefits last week, indicating firings persist even as the economy rebounds and employment picks up, figures from the Labor Department also showed today. Initial jobless claims fell by 14,000 to 460,000 in the week ended May 22. Economists forecast claims would drop to 455,000, according to the median estimate in a Bloomberg News survey.”
Read more:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9_SP2F3vb58&pos=2
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• We don’t need no “stinkin” government between us and our economy!
The needs for family survival are the same today as they were when our economy was booming from 2000 to 2007. Housing, transportation, food, energy, medical help, education, furniture, entertainment and of course inter net access are the means of survival for modern man. The only item that has come between these needs and the publics’ ability to obtain them is this current government that is hell bent upon “redistributing the wealth.”
They repeat they want to take the wealth from the wealthy and give to the non wealthy so that the under privileged (by their definition) will enjoy the benefits previously only enjoyed by the wealthy. This sounds like a well intentioned road-to-hell-good-idea to the bleeding hearts ignorant but it is not a good idea.
The reason being is because when this regime is through redistributing the wealth it will be like this:
The wealthy will have been looted and the loot will be divided among those in power. The poor will get no more than they already have and may very well lose many benefits they already enjoy, and the wealthy who were looted will have no more to be taken and many of them may deteriorate to the become among the poor with their hands out for government alms. The looters will take all the power and all the wealth they redistributed for themselves.
This evil plan began long before Obama was in office with the George Soros instigated plan to withdraw billions from the American and world banks around the same hour at the end of August 2008. Remember when Hank Paulson claimed the banks were “too big to fail” and they were bailed out while Bush was still in office?
Wasn’t that the great “tarp plan”? Check this out. The government bailed out the banks because of all the defaulted loans on single family homes. In fact—the banks didn’t lose a dime on all those defaults. Why then, if some one would please tell me, didn’t the banks send the home owners who defaulted a deed with a note saying—mortgage paid, keep your homes and may you prosper. No the cheating lenders are collecting two times on the loans. It turns out the best thing that ever happened to the banks was the housing crunch and the sub prime loans! As usual it is we the public who got screwed, blewed and tattooed.
Then the first major act of pirating by the commander & thief after he fraudulently assumed presidency was the “stinkulus bill” that was supposed to create jobs. That just turned out to be Obama’s “pay for his play” fund.
The deeper in debt Obama puts America in, the more unemployment, the more government hand outs, the more he can make honest, hard working middle America lose all they have, the happier Obama, George Soros or Maurice Strong are.
They are practicing Cloward/Piven theories while they use Saul Alinsky tactics upon America as they deliberately attempt to totally bankrupt and takeover America so it can become their oligarchy!
The only item standing between American citizen’s prosperity and restoration of every American’s rights is Obama and his shadow government of czars. Once he and his vile ilk are out of office—one way or another—the economy including the housing market will return with a lot of effort in a couple of years!
This is why we must legally remove the fraud from the WH immediately. If we fail to do so, it may take many years before America will recover from the almost irreparable damage this lunatic and his power grabbing cronies are doing.
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