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Topic: Economy shrinks as federal spending cuts trump private sector’s growth |
Economy shrinks as federal spending cuts trump private sector’s growth
Washington Post, by Ylan Q. Mui
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Original Article
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Posted By:Dreadnought, 1/30/2013 10:52:43 PM
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| The American economy shrank at the end of last year for the first time since the recession ended, according to new government data, as deep cuts in federal spending torpedoed what otherwise looked to be a modest recovery. Consumers did their part, spending more and opening their wallets for bigger-ticket items such as automobiles. Companies invested in new equipment and software. Housing continued to climb. But those gains were overshadowed by the massive decline in government spending, especially in defense. The result was a 0.1 percent annualized dip in the nation’s gross
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Reply 1 - Posted by:
ArthurDent, 1/30/2013 11:11:26 PM (No. 9149645)
I get the feeling that this reporter talks to the wrong end of the horse, too.
He´d (?) be able to find the forest if there weren´t so many trees in the way.
His family has a long history of putting the cart in front...
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Reply 2 - Posted by:
Th-Gr-Sil-Majority, 1/30/2013 11:17:02 PM (No. 9149651)
...so the net-net as I see it, the only thing that kept our nose just above water the past few years, is the gov´t spending us into oblivion, while keeping their boot on the neck of that which can save us, the private sector...
...reminds me of being a kid watching Ed Sullivan with the guy twirling plates on sticks. They´re starting to fall...
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Reply 3 - Posted by:
devnull, 1/30/2013 11:33:51 PM (No. 9149664)
FTA: "The American economy shrank at the end of last year for the first time since the recession ended" ..... hey moron, the recession never ended, they just cooked the books until they had sufficient cover for their lie.
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Reply 4 - Posted by:
Hermit_Crab, 1/30/2013 11:40:04 PM (No. 9149668)
WHAT #$*_$*Q#)$* SPENDING CUTS?
(Sorry for shouting)
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Reply 5 - Posted by:
4Justice, 1/31/2013 12:59:28 AM (No. 9149703)
The only thing that made it APPEAR as if the economy was not shrinking was excessive government spending. But that is not true economic activity because government spending is artificial stimulus. The money didn´t come from the building of wealth by production. It was just conifiscated from the people or printed up as needed.
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Reply 6 - Posted by:
Quaestio, 1/31/2013 1:09:53 AM (No. 9149708)
Thank you #4, I´m glad I wasn´t the only one shouting. My guess is the reporter heard Obama say he cut $1T last year. That makes it real to morons/journalists.
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Reply 7 - Posted by:
steveW, 1/31/2013 1:26:54 AM (No. 9149715)
His Majesty´s scribes and minstrels sing the hypnotic Ballade of Decline.
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Reply 8 - Posted by:
Country Boy, 1/31/2013 2:39:53 AM (No. 9149735)
WaPo is directly contradicting the White House. Means the White House has lost almost all credibility.
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Reply 9 - Posted by:
KTWO, 1/31/2013 2:46:20 AM (No. 9149736)
GDP was not too bad. But the experts were surprised. Again.
This article tries to leave the impression that a cut in federal spending is a very bad thing.
I think Washington pumped up the GDP of previous quarters to keep it positive until the election passed. It worked.
Initial Unemployment Claims will report today (Thursday). That is more important to me.
Remember, Washington dispenses tons of money that is not counted as federal spending. e.g. Social Security. But whether you count them or not they are huge problems.
The real cuts were in Defense. Trying to stay below the debt limit until year end.
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Reply 10 - Posted by:
LanieLou, 1/31/2013 3:39:40 AM (No. 9149747)
Propaganda Alert! Who is buying all the vehicles? Obama´s fed agencies. Who is hiring? The IRS & ObamaCare slubs.
As for housing, the banks are sitting on billions of foreclosures that have not been processed yet. They are called " Zombie Loans" and if the consumer just walked away... the banks may not foreclose but rather keep after the consumers future earnings.
Growth my patootie!
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Reply 11 - Posted by:
Spidey, 1/31/2013 4:48:00 AM (No. 9149767)
The blame game on Obama´s failed economy is in full swing.The moved on from Superstorm sandy killing the economy and now it´s the payroll taxes going back up and phantom spending cuts.Federal workers are being hired by the thousands to chase people down who refuse to buy health insurance. How´s that for freedom,fairness and liberty,especially when only people that work get punished.
Everything Obama´s done since being in office needs to be shredded and the stimulus recipients should pay back every dime they got.Because it was unlawful enrichment.Under Obama,TARP was used as a payoff vehicle to his supporters.This money along with the stimulus have completely vanished without a trace.Government accountants don´t even know where the money went.
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Reply 12 - Posted by:
Trigger2, 1/31/2013 4:59:30 AM (No. 9149772)
This is the WaPo so I only read what the poster posted. Was Ylan trying to say that goobermint lavish spending is the only reason the GDP was in the positive (faked) for the last 4 years? If not, he missed a point because that fact is true.
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Reply 13 - Posted by:
stablemoney, 1/31/2013 8:57:11 AM (No. 9150134)
It´s been a great spending party with liberals on the receiving end of the cash. The rest of us are getting the bill, which we should repudiate. Yes, repudiate the debt. Get it from the liberals. We need a class action suit against liberals for damages and a surtax on liberals (90% of income) surtax to payoff this debt.
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