YET YOU’RE POORER THAN EVER …
By FITSNEWS || A few months ago we reported on the initial third quarter economic growth estimates – citing the disproportionate impact of government spending (notably a surge in defense spending).
Gotta love that “War on Terror,” right?
Anyway, what originally printed as 3.5 percent growth has now ballooned to 5 percent – data which sent the Dow Jones soaring (closing above 18,000 for the first time in its history).
So … is the number legit?
Did the American economy really expand by 5 percent between July and September? Or was it the 16 percent increase in defense spending (up from less than 1 percent in the second quarter) – which contributed mightily to the 10 percent overall jump in government spending (up from a 1 percent decline in the second quarter)?
Yeah …
Things are great, though … assuming you were on the winning end of the greatest wealth redistribution in human civilization (unfortunately, most of you weren’t).
And while the talking heads toast this Christmas miracle, our friends over at Zero Hedge correctly point out this big GDP number – the largest the U.S. economy has put up in 11 years – isn’t everything it’s cracked up to be.
In fact it appears the U.S. Department of Commerce has simply shifted a huge chunk of Obamacare spending from previous quarters into the third quarter personal consumption data.
“Presto change-o,” in other words.
Take a look …
(Click to enlarge)
(Pic: Zero Hedge)
Ah, “stimulus.”
But hey … retail is booming, right? And all that money people are saving from gasoline will surely save the day, right? Right?
***
88 comments
For your sake,let’s hope that it isn’t.
LOL! Zero Hedge my ass.
Right on FITS (did Tango write it? :-) ). Gas savings are short-term as OPEC and Saudi’s are trying too bankrupt Russia (Syria) and Iran (no nukes).
Christmas is here and people are spending that money.
Makes you wonder how fast the economy would grow if taxes were cut.
Yeah, did your boyfriend write it?
No boyfriend. Married to a beautiful lady. Three children. Two step-children. Four grandchildren (2 boys/2 girls).
Hey, Tango! Nice dress!
Just amazing to me how Tango can own every liberal on FITS.
I’ve reported it before. They cannot stand to see two or more who see through their lies. Liberalism (Obama) is a jealous god.
Yes indeed. Have a great Christmas..
“Yes indeed. Have a great Christmas”
Get a room.
And set it on fire after you too are done. Won’t be fit for human inhabitation after you two perverts do your thang.
“They cannot stand to see two or more . . .”
Get a room.
Now that’s funny. Happy Holidays sad old trolls.
I think a simple Thank You President Obama would be sufficient.
I am gonna thank Obama for allowing gas prices to remain @ $3.50 a gallon a year for 5 years to fund ISIS and the muslim brotherhood?
Na.
what the fuck are you talking about..seriously is this how you view the world..one minute when you post as the grand asshat its all..”thank you Bush for low gas prices..you are my idol..” then when its turned around you bring up some completely imaginary isis connection..you truly need help..if you had any friends they would tell you this.
It’s Xmas, let the old man troll in peace. Apparently it’s all he has in this world.
Lol. Obama’s fault. I just filled up my rig under $30. Should I thank Obama for that too?
Right now, the democrats are trying to fix that. Here comes cap&strafe taxes on gas with a Fascist vengeance.
Best guess in the west= 12 to 16% increase per gallon in fuel taxes.
(Render unto Ceasar? He never taxed more than 13%, total. Merry Christmas.)
As I’ve said multiple times before, the president has fuck-all to do with the gas prices, but now that I have the opportunity I’ll gladly pull a GrandTango.
Gas under Bush: $4.12/gal, highest average gas price in history
Gas under Obama: $2.33/gal
Thanks Obama! [Insert cheeky grin here.]
You’re welcome. And by the way, Michelle and I really enjoy your posts. That guy Grand Tango – our daughters thinks he’s a girl – but what an a$$hole.
Once again you lie.
When Bush left office the average price was $1.80 a gallon.
Today under Obama the avg. price is still over $2.00 a gallon.
Flip: I give FITS credit for finding out the facts, and publishing them. He did a good job. But he was REAL soft on Obama in 2012 when we had a chance to fix their mess…Kinda hard to overlook that.
But he was REAL soft on Obama in 2012 when we had a chance to fix their mess…
FITS soft on Obama? lol…
Republicans had a chance? rofl…
Fixing this “mess” of high growth, low unemployment – holy crap! Last time they “fixed” something we all got screwed.
Well,Theyve already started.
The Very FIRST thing the Republicans did after winning ?
Helping the big banks!Wouldnt keep the government open till Obama agreed.
I don’t know about you, but the poor Ol banks are a major concern of mine.
Thanks Republicans!
Also, when is Fits going to run a feature on the “Kansas Miracle ” under Republican Governor Sam Brownback?
Supply Side in action!
Been there, done that, don’t do shit for regular people for, oh, 35 years now.
“Gas savings are short-term as OPEC and Saudi’s are trying too bankrupt Russia (Syria) and Iran (no nukes).”
Don’t forget all the fiscal damage to the shale producers in N. Dakota, et al(and independents in “dry” wells)
“Did the American economy really expand by 5 percent between July and September?” No.
That is quarterly growth 5% annualized. If growth was 5% for 4 consecutive quarters, then annual growth would be about 5%. In other words approximately 1.25% for each quarter. Compounding causes a slight error.
Assuming the other three quarters are 0. Since they aren’t (only the first one was) – we’re looking at 0, 4.6, 5, 4.8 for 2014 – or about 3.68 for the year. Bush years are back.
Is your glass half empty or half full? That’s my take away here. From the tone of the article, seems half empty.
It’s totally empty..and we’re borrowing water from 2099.
4.6% growth Q2, 5% Q3, likely 4.8% Q4. 300+K jobs in November. Ya’ll wouldn’t know an economc expansion if it came up and bit you on the ass.
Nobody has any money. Job creation is part-time or low paying full-time jobs. Food Stamp rolls continue to grow. Stock market is based on the speculators and printing of money-investors are having to drain their 401-k’s to pay for health care, kids defaulted student loans and general living expenses (taxes etc…).
Yet, Wal-Mart doesn’t pay a living wage, and most “workers” are on the dole too. Funny, little fuck.
Smirks only uses a ‘trademark’. Thanks.
Those ‘low paying’ full-time jobs would be fine if you could work 40 hours a week and have affordable health care.
Obamacare destroyed that.
Really? Back to reality in Crapville again. See I live in the world were most people have these things called full time jobs with benefits. I life in Opportunitown. We feel sorry for people from Crapville. Years back the Tea Party took over Crapville, and cut education spending. Now no companies want to go there, and the people live off Wal Mart and WIC.
One can work 28 hours at Walmart-Mart and another 20 to 28 at Home-Depot and haul in a very decent income, and still qualify for food stamps, rent breaks, bus tickets …
Do you actually live in such a place – if so I’d call it Crapville. Do you actually live in Crapville? In the real world, you know the one that doesn’t wake up to Steve Dooshy every morning, wages are up, jobs are increasing, people work full-time with benefits, and are buying new houses and new cars. Must suck there in Crapville. In the rest of the nation participation in the food stamp program has been declining since mid-2012, not increasing. But then again, when you wake up every morning in Crapville, atop Bullshit Mountain, looking at the smiling assface of Brian Kill-my-boner, I guess it’s always a shitty day. Hey, does the sun shine in Crapville? Do people live in houses in Crapville, or trailers? Do they ever see new cars, or do they all drive used Saturns in Crapville? Do people have manufacturing jobs in Crapville. Or simply Dish, internet and Wal-Mart jobs in Crapville.
Never been to ‘Crapville’. Spending much time in Ohio, Florida and Arizona has taught me that American’s are wonderful people and that this country is one of opportunity and beauty.
Try not being so hateful someday. Not my fault the American people have figured out that Obama is a traitor that is seeking not only to destroy our economy but our cultural and moral foundations as well. Only 15% of those that serve in our military support him.
I understand Christmas is a lonely,empty time for those that deny Christ. May I suggest you join a protest against the police today and shit in somebody’s front yard. That usually makes an American hating liberal feel better.
THe rest of us will be counting our blessings, celebrating the ‘season’ and thanking God for our families.
“Try not being so hateful someday” lololol I have probably never witnessed a more apt case of ..pot meet kettle..kettle meet pot…hypocrisy knows no bounds..you go girl..you go.
“I understand Christmas is a lonely,empty time for those that deny Christ.”
Good thing you’ve got that old greasy blow-up doll to celebrate with, huh?
I run a business that supplies new and used car dealers. My customer base is nationwide. I have watched my customers in the small used car business that sold cars for cash slowly disappear and rent their lots out to “we finance car lots.” This is a trend in the midwest and east coast.
Talking to car dealers across the country we also notice the payday loan companies have increased on their streets.
The car dealers that handle trucks and vans used in commercial applications have been able to stay in the cash car business but the ones that deal with the working public have seen their ability to do cash deals decrease due to the increased cost of used cars in the last few years and the decrease of disposable income among working people.
Inflation in food cost and stagnant wage growth has changed much of the economy.
One way to tell how well the economy is doing is to count payday loan companies, “we finance car dealerships” and pawn shops as you drive down the street.
If there is a large number increase of that type business then there is a large increase of the number of people that are living paycheck to paycheck.
I see the increase in my city and I get feedback from my customers in other cities that also see the trend.
From what I can tell any recovery that is happening is in small areas of the economy and not the over all economy.
I see those strips as well, but they are in strips, and oddly, tend to isolate in poorer areas of town, in poorer states – of which we are one.
What I see is in the poorer areas of town you have to wonder how they cover their overhead with the number of locations. In the more affluent areas of the metroplex they have shown up when they never existed at all in the past. There are not as many in the more affluent area but they are still there.
Who the hell is this nobody you are talking about?
76% of Americans are living paycheck-to-paycheck – Jun. 24 …
money.cnn.com/2013/06/24/pf/emergency-savings/
CNNMoney
Jun 24, 2013 – 76% of Americans are living paycheck-to-paycheck … Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less… “There really hasn’t been much relief,” said Megan Staton, director of ..
Welcome to ‘Obamaville’.
you have to go back to june 1013..BWAWAWAHAHAHA just admit it..your Obama obsession has made you a freak..seek help..the rest of the country is doing great but not in suckville i guess…
I run a business that supplies new and used car dealers. My customer base is nationwide. I have watched my customers in the small used car business that sold cars for cash slowly disappear and rent their lots out to “we finance car lots.” This is a trend in the midwest and east coast.
Talking to car dealers across the country we also notice the payday loan companies have increased on their streets.
The car dealers that handle trucks and vans used in commercial applications have been able to stay in the cash car business. They are selling equipment not household transportation. The ones that deal with the working public have seen their ability to do cash deals decrease due to the increased cost of used cars in the last few years and the decrease of disposable income among working people.
Inflation in food cost and stagnant wage growth has changed much of the economy.
One way to tell how well the economy is doing is to count payday loan companies, “we finance car dealerships” and pawn shops as you drive down the street.
If there is a large number increase of that type business then there is a large increase of the number of people that are living paycheck to paycheck.
I see the increase in my city and I get feedback from my customers in other cities that also see the trend.
From what I can tell any recovery that is happening is in small areas of the economy and not the over all economy.
One way to tell how well the economy is doing is to count payday loan companies, “we finance car dealerships” and pawn shops as you drive down the street.
If there is a large number increase of that type business then there is a large increase of the number of people that are living paycheck to paycheck.
Free Market™ in action. Down on your luck? Don’t worry, predatory ripoff artists are lining up to put their hands in your pockets to “help” you!
There is always an underclass to exploit in any society. It’s ripe for exploitation because they are desperate for options and are far less likely to realize you’re ripping them off. There’s a great potential for profit. It’s akin to how someone can take an unwanted byproduct and make something profitable out of it, except instead of being a benefit to society, you’re being a sociopath douche.
The real reason you see these title loan and payday advance companies popping up on the streets is because SC, as well as many, many other states, do not regulate them into oblivion by adopting usury laws, because the industry spends a portion of their profits on lobbying to make sure they keep the money rolling in.
I don’t think the economy is better by leaps and bounds, but I do think it is improving. Predatory businesses aren’t a good indicator of how things are going, though. When you’re squeezing water out of a rag, you’ve got to twist it harder and harder to get as much water out as possible. That’s all that is going on here. That’s why they target advertisements on daytime TV, build new shops in poorer neighborhoods, etc. It isn’t that there are suddenly more people to exploit, but that they are trying to reach out and maximize their exploitation.
Just remember, this is liberty. Don’t let some filthy statist tell you that the gubmint shouldn’t let businesses like this exist, it’s the poor person’s responsibility to choose whether or not they want to be exploited.
I am talking about the condition of the economy of the people rather than if such business structures should exist.
You stated it well in your phrase:
“those that became poor from the recession”
The number of those businesses have increased due to increased demand. They do serve a useful purpose. When the person has maxed out their credit cards and has to pay $200.00 to keep their car to go to work or keep their electricity on then they serve a useful purpose.
Few banks would ever loan at those small levels.
The large number of these businesses continue to stay in business due to the larger demand for these services both in the poorer areas of cities and the more affluent areas of the cities.
The concept of improvement and growth rates has to be considered in relational terms.
If you have a 50% decrease in the value of an asset and then a 50% increase in the value of an asset you still have a net 25% loss.
We are dealing with a major asset reduction in the realestate market. This is a balance sheet type of recession rather than an income statement type of recession.
The last recession that was asset valuation based in the United States was in the 1930s. It lasted about 10 years. Japan had an asset reduction recession in the 1990s. It also lasted about 10 years.
One of the problems still in the realestate market is the shadow inventory of forclosures that have not been finalized by the banks or released into the market.
If a bank keeps the forclosed property in inventory it can still keep the value on the books above real market value. If they sell it they have to take the real market value haircut.
By not selling properties into the market at this time there is still an artificial decrease in supply keeping the prices more stable. It may be another five to ten years before the excess supply is fully released by the financial industry.
I am not saying that the artificial supply is wrong. If such steps were not taken the effects on financial solvency both for the financial industry and the public could be very destructive and potentially effect the world economy.
We also live in a world market. My export business in international sales is down about 80% since 2007. Europe is still in bad shape.
A number steady going back to 2002. Duh.
Yes, and the big Christmas Present for the poor: BummerCare fines, fees will be due beginning 12/25 … average $600 per single-payer account, poor families average $1350 per family unit.
Of those 300k jobs “created”, 90% are being taken by “illegals”. (Drudge headline of two days ago.)
Q2,Q3 growth has been revised downward significantly. Q3, Q4 growth do not reflect significant decrease in housing sales decline, yet.
You can’t argue with Drudge, right?
.
“(Drudge headline of two days ago.)”
LOL It was NEVER in doubt where your BS comes from but thanks for confirming it anyway! LOL
Drudge is the state media outlet for the Mayor of Crapville.
GDP is a useless metric. The fact gov’t can print money, then spend it, & claim it creates growth is laughable even to a 5 year old.
Gold is near 4 1/2 year low. Which means the dollar buys more gold. Gold has lost a third of its value in the last 18 months.Other currencies are weaker against the dollar. The dollar will buy 18% more of an index of foreign currencies than it would two years ago. About half of that rise has been since July.
They must be using pretty good paper over at the Fed.
“The current inflation rate is at 1.3%.”
Nonsense.
“No more “money printing.””.
That is actually incorrect, bond purchases aren’t the only way that the Fed creates money. In fact, “hot money” is sitting in bank reserves…just waiting to be multiplied as it comes out.(The Fed claims it can drain these)
“Gold is near 4 1/2 year low. Which means the dollar buys more gold. Gold
has lost a third of its value against the dollar in the last 18 months.”
You are picking one metric. How about using a few that matter to the common man?
http://www.economicpolicyjournal.com/2014/07/there-is-no-inflation-if-you-dont-eat.html
“The dollar is stronger against other currencies.”
The world is awash in printed currencies and there’s currently a belief that the dollar is the best of them because most of the world is in recession right now, so a flight to the dollar.
That obviously helps the US gov’t right now. But, at any point in time that could change(and it has in the past) and bonds could be destroyed very quickly.
“They must have used pretty good paper over at the Fed.”
Time will tell.
Message to citizen from Crapville – OK – other metric – OIL.
Do you spend more money on food a year vs. the current savings on oil?
How’s the weather over in Delusionville?
Food cost for my household – about the same as they’ve been over the past five years. And we tend to purchase a lot of fresh veggies and stuff. Milk seems to fluctuate in tandem with gasoline prices. So overall, about the same. The Hannity / O’Reilly / Dushy inflation wave never showed up. Oh what a shock – Fox gets reality wrong. Meanwhile – back in Crapville – prices are up 50% year over year, and Bagel Bites are always increasing in price …… wait – I got it – Crapville is in Russia.
Using historical prices from the Chicago Mercantile Exchange
2009 lean hogs were $0.50 per pound 2013 $0.82 per pound
2009 live cattle was $0.82 per pound 2013 $1.24 per pound
2009 Corn was $3.75 per bushel 2012 $7.50 per bushel
2009 Soybean meal was $3.40 per hundred weight 2012 $4.60 per hundred weight
These are stables in the food area. You might want to check your actual expenditures from five years ago. I have seen similar price changes in produce.
You are interfering with his agenda driven rhetoric. He’s not interested in truth or even ascribing cause with causation.
He wants to make sure everyone know that Obama is the reason gas is low, but not the reason food is high.
To even suggest that years of sustained QE/money printing is hurting people under Obama’s regime(just like it did under Bush’s) is a sin in his mind regardless of the truth. (and also regardless of the fact that it would have most likely occurred under any sitting President)
One
of the sad things to me is the diversion of grain to gasohol production. It
increases grain prices which hurt the food cost for lower income working
people. The percentage curve on expenditures for necessities in life such as
food; utilities; and housing cost increase quickly until the income drops to the
public assistance levels.
People
that use public transportation should not have to have the extra cost involved
in reducing gasoline prices in their food budget.
Just
for your information I own a box truck that gets 7 miles per gallon in my
business and do not use public transportation.
Now that I agree with you on. Corn for ethanol is stupid. Sugarcane works better. Should import it from Brazil, and soon, we can start importing the cane from Cuba and maybe just distill the ethanol right there. Thanks again, el Presidente Obama – committed to energy independence.
Oooooohhhhhh – the Quantitative Easing hurt so many people. Got me a 4% rate on a new house – gosh that QE sucked so bad. Face it Fraudy – times is getting good thanks to Obama, and despite the efforts of our former Senator Jim The Quiter DeMinted, Mitchy Sugar Daddy McConnell and the rest of the Got Zero Plan party. Guess what buddy – how much credit you think the American people gonna give your conservatives for this evolving expansion. Zippo – nada – zero. That’s right. You’ll all get the credit you deserve. Nothing. You lose. Now good day Sir.
“Got me a 4% rate on a new house – gosh that QE sucked so bad.”
How many poor people are able to get home loans?
“Oooooohhhhhh – the Quantitative Easing hurt so many people.”
Yes, that’s precisely my point.
“how much credit you think the American people gonna give your conservatives for this evolving expansion.”
First of all, when you argue partisan points,you are arguing with yourself when it comes to our discussion. I don’t lean to either party in the current paradigm.
Secondly, expanding the currency base(and by GDP measure, the economy) doesn’t help poor people. It helps rich people.
“Now good day Sir.”
Then you’d say that a pork chop cost 60% higher that in 2009 – but I’m not noticing that. For beef, I don’t buy much of it anyway, but the steaks I buy were expensive before and they still are. Milk is about the same, actually just noticed it went down from 4.19 to 4.07. Got kids, but lots of that. Veggies are about the same all around – higher than canned but that’s OK. But hey, with any luck we can start gettin’ pineapple from Cuba – and that will go down from $5 a pineapple to $1.25 – oh corn, we buy ours fresh when it’s in season, else we don’t each much corn. We don’t drink much soda, and pizza’s are about the same price at the pizzeria.
I knew, when the Fed was caught red-handed just giving cash away to the large banks with computer market units, and the job count was rearranged to include part-time teachers as if they were career workers, things would reach the silly point. Wait’til the int’ll bond market craters and our paper money becomes hyperinflated.
Team Whiskey Zulu!
And the stock market and capital markets and bond traders in Crapville, they don’t buy current bonds, because they think the market will tank. So they never invest, just spend the money at Wal Mart and Hardees for breakfast. Another happy day in Crapville – just off I-95 near Florence.
But FITS told us Romney would be a disaster…
FITS…I give you credit for pulling up the hood, and giving us the truth, now. But where were you pre-election 2012? …Romney is a VERY successful businessman. He would have been GREAT for the economy, and he loves his country. He does not hate it.
But because of people like you…we have four extra years of failure that will have to be reversed when we finally get a competent, pro-American president back in the White House.
Like what would Romney have done differently?
He’d have screwed the whole thing up. Increased the uninsured rate, cut taxes on the wealthy, hiked taxes on the middle class, increased the deficit by putting troops into Syria and Iraq, and pushed oil prices to $140 a barrel by shaking his thing at Iran. Basically we’d all be worse off, much worse. In other words, take a look at what he did to MA.
But FITS told us Romney would be a disaster…
Oh, don’t worry, he would’ve been.
“The greatest wealth distribution in human civilization?”
That sounds suspiciously like some damn liberal Democrat stuff!
I thought Fits was a free market guy?
Not when the wealth distribution flows to the top 1%.
Well, as I read him,Fits “solution” to all this is to cut the taxes of the recipients of this “wealth distribution”,remove all restraints(known among Fits and his fellow Republicans as “burdensome regulations”)from their “free market” activities…
And Voila!
Economic nirvana!
It’s working SO well in Kansas.
Ideas for fixing Kansas’ budget hole:
1. Cut education.
2. Take Obamacare money. (No, seriously, not kidding.)
http://www.kansas.com/news/politics-government/article4606201.html
Thanks Obama!
Economic nirvana!
America may need a taste of “economic nirvana” to realize that all those “burdensome regulations” and “entitlement programs” that our grandfathers and great grandfathers fought for and passed down to us were actually meant to help us out.
Of course, a conservative/libertarian’s idea of “economic nirvana” might look to the rest of us like a Gilded Age 2.0, but…
Dow 18,000. Ya gotta love it. People who own stocks are getting rich the American way.
‘Zero Hedge’…if they’re ‘friends’ of FITSNEWS, that means they’re Koch funded.
As long as the GDP reflects only certain portions of the economy, it will not be accurate. Now, what HAS grown is the national debt.
the stock market is a leading economic indicator and it is doing well. I judge the economy by the stock market,