Economy Contracts This Quarter

archer wrote: It was not just an anecdotal jab, proved was probably too strong a word, but if you follow the economists you will find that many of them counsel against cutting government spending in a recovering economy.

By "the economists" do you mean all economists?

Krugman is one of those economists, and the one that gets the most media attention.

I love to see someone show how there has been any significant real cuts in 2012 total Federal government spending. This sounds like a one-quarter GDP anomaly. Hopefully.

Rick wrote:

archer wrote: It was not just an anecdotal jab, proved was probably too strong a word, but if you follow the economists you will find that many of them counsel against cutting government spending in a recovering economy.

By "the economists" do you mean all economists?

If I had meant all economists I would have posted all economists. I specifically posted that many of them counsel against cutting government spending.

archer wrote:

Rick wrote:

archer wrote: It was not just an anecdotal jab, proved was probably too strong a word, but if you follow the economists you will find that many of them counsel against cutting government spending in a recovering economy.

By "the economists" do you mean all economists?

If I had meant all economists I would have posted all economists. I specifically posted that many of them counsel against cutting government spending.

Oops, my bad. Sry archer... I must have skippped over the "many of them part"....(thinking before I finish reading again)

Perhaps the problem is that the #'s for guns and ammo were misreported.

I though this piece was well done. About half of you will like it. I am excerpting this paragraph because I am hoping someone can tell me what it means. (LOL, no pressure).

http://frontpagemag.com/2013/tom-blumer ... ontPage%29


"AP’s next fable had to do with how “government spending cuts” were largely to blame for the negative result. In making this claim, the AP repeated a mistake the press has been ignorantly making for years in assuming that “government spending” is the same thing as “government consumption expenditures and gross investment” in the GDP report.

It isn’t. The latter term represents purchases of real goods and services plus capital investments in fixed (long-lasting) assets. It isn’t even one-third of all federal “government spending,” which includes transfer payments and myriad other items which, though in some cases defensible, don’t add economic value. The fact is that “government spending” skyrocketed by 12% from the third quarter to the fourth quarter, rising from $810 billion to $908 billion. Since expenditures and gross investment included in GDP went down, spending that added no value clearly soared by even more.

The AP’s final major gag line had to do with taxes. All of a sudden, today’s bad news “could raise fears about the economy’s ability to handle tax increases that took effect in January.”

And now Team Obama is shutting down his Jobs Council after months of not meeting. Too bad unemployment is still over 7%.