In the final report on the state of the overall economy before the presidential election, it appears economic growth not only picked up a little steam in the third quarter, it also exceeded expectations.
The U.S. economy grew 2.0% in the third quarter, fueled by higher consumer and government spending and more home building, according to a preliminary government estimate. Economists surveyed by MarketWatch projected gross domestic product would rise to 1.7% from 1.3% in the second quarter.
Consumer spending, which has the biggest impact on GDP, rose 2.0% in the July-to-September period, compared to 1.5% in the second quarter. Real final sales of U.S.-made goods and services advanced 2.1%, compared to 1.7% in the prior three-month period. Government spending jumped 3.7%, the biggest increase since mid-2009, mainly because of higher defense outlays. Also, investment in housing surged 14.4%.
For those keeping score, the United States has now seen economic growth in 13 consecutive quarters, which represents a sharp turnaround from the economic contraction we saw at the height of the Great Recession four years ago. The news also contradicts the notion that "uncertainty" out of Washington is leading to slower growth.
In terms of the politics of the report, I suspect Republicans will offer two kinds of arguments. The first is that 2% GDP growth is inadequate, and this will definitely have some merit -- given the severity of the recession, and how much ground there is to make up, everyone would like to see even more robust growth. That said, the enormous progress over where we stood when President Obama took office should be obvious to anyone who cares about the facts (and arithmetic).
The second argument, if the right's reaction to the most recent jobs report is any indication, is that the GDP report was prepared by officials involved in an elaborate conspiracy, and that economic growth isn't as strong as the figures suggest. Those who believe such nonsense are to be ignored.
Above, you'll find a chart showing GDP numbers by quarter since the Great Recession began. The red columns show the economy under the Bush administration; the blue columns show the economy under the Obama administration.
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"That said, the enormous progress over where we stood when President Obama took office should be obvious to anyone who cares about the facts (and arithmetic)." The last line is the crux of it...Repulicans distain facts.
and can only use out dated math.
perhaps you should check out this current chart. Looks like someone is a laggard.
http://www.calculatedriskblog.com/2012/10/september-employment-report-114000-jobs.html
We know who the laggard is it is the guy you Mitt wits support. Nice thought no one would click on your link, typical Mitt wit I don't so no one else will, here is what I got by clicking your link
I would say something but, I'm afraid of snakes. There are still 2 unaccounted for snakes in my house. Horny and Elvis.
Shooter...sigh.
With Mitt Romney at the helm, will the positive economical indicators then be believed?
How long will Mitt be able to ride on the coattails of the upward swing Obama has generated? It'll be his personal "Mission Accomplished" before he and the Republicans in Congress reverse the positive trends reinstating the same greed-centric machinations the administration of He-Who-Shall-Not-Be-Named used to bottom out our economy a mere 4 years ago.
How long? 6 months? A year? Whatever happens on Mitt's watch, he'll get plenty of road out of the single consistent principle of his entire political platform, blaming Obama.
I should chime in here.
Click for references.
Republicans collapsed the economy every time they won starting with Ulysses S Grant.
The only exceptions are Reagan and Taft. Coincidentally, the only republicans that singed immigration-friendly legislation while increasing education spending.
Updated chart link...
http://1.bp.blogspot.com/-EWouogKfASQ/UG7XS4tBLpI/AAAAAAAASSk/3I8Qqm8-cVs/s320/JobLossesSept2012.jpg
No, Republicans choose to factor in all of the facts, not just the ones that sound appealing if others are neglected. Rich people have money and they're the first to notice when their money loses value.
That's why Democrats do not include inflation in their reports. By pandering to the poor, those who do not see inflation anywhere other than the checkout line, Democrats are celebrated as heroes. A little public ignorance goes a long way during an election year.
And this important, fact-based story on the issue most voters care the most about is the top, bold-type headline on all of the following news sites right now:
IMHO it is more like we would prefer growth to be more robust, but after a financial collapse of the size we had, we are fortunate to have any growth. None the less, good news but only until that fiscal cliff debacle takes place which, happily, is post election.
I wish someone would once in a while put this in perspective with the rest of the world. The US does not exist in isolation. It is doing much better than Europe, and quite well when contrasted with slowdowns in China, India, and South America.
Spot on!
The European "austerity model" is the same plan the GOP has for us. Once again we have the Einstein theory of insanity: "doing the same thing over and over, and expecting a different result".
Exactly Wayne---! Has this point ever been explored in campaign speeches?
Day-3905329: They have to get rid of those Republican types in Europe if they want to fix their economies. Europe has too many scum bags that are consumed in power craving, corruption, arrogance, greed, being hypocrites, and deceiving. Did you notice the violent protests in Europe that is what happens when you have morons in control of things and it can get dangerously worse too. Have a moron Romney in the White House you will have that here.
Thinking the same thing - compared to Europe and other struggling regions. The United States, despite a collaspe of our financial system, is doing well, and looks like it will continue to do better as long as we can get the federal government and state governments on fiscal track.
I see no policy or position that Romney has laid out that would continue this recovery. In fact, I see the opposite.
No way I'm voting for any republican this year. They are all superficial.
Great observation, now go up even higher to the far right corner of the universe. now left...keep going.
Well one thing for absolutely sure, if its good for America its bad for the Teapublicans. they will fine ways to turn any positive to a negative.
cause if its good it doesn't fit their business plan for America!
It is a bit concerning that we haven't had back-to-back quarters of lower than 2% GDP growth since early 2009. I'm sure this could be related to any number of factors (gears stop turning leading up to election season? Continuing congressional obstructionism?).
Still, disconcerting no matter the reason. The fact that Congress appears likely to remain in Republican control, and that they may even pick up enough seats in the Senate to get full control, coupled with a shockingly tight Presidential race is a very scary proposition indeed.
GO VOTE.
But, of course, the Republicans will claim that Government agencies will say what the President wants, i.e. - cooking the books to favor 'his' needs. This is becoming pretty common. It's also hard to fight back against as guys like Limbaugh - will keep pushing the idea that the President totally controls every opinion and fact generated within the Government. Low-information voters just eat that up.
Funny how quickly the Republicans forget that 'their Presidents' are masters at what they accuse Obama of doing. Iraq... need I say more.....
Obama/Biden 2012 !!!
The Republicans' main problem with Obama and Bernanke is inflation. Inflation is worse than unemployment. Your unemployment check should not be worth more than your paycheck. If your paycheck only buys half of what it would without runaway inflation, you're doing better collecting your 66% unemployment. And your 66% unemployment check is far less of a burden on the taxpayer than a government job that places 100% of the burden of your wage on tax revenue. Don't misunderstand: Working a private sector job is better than being unemployed. But working a government job, or 'stimulus' job is not better for the economy than being unemployed. Inflation makes us all poorer, currently by 5% per year... compounded. Put another way, we lose more money to inflation than to mortgage interest. There's something seriously wrong with this system. If the money we save in banks loses to inflation, that's future investment capital... disappearing. That's why "stagflation" occurs.
DerekE, that sounds ever so slightly concern-troll-y, but in the event you are serious and concerned, relax about the Senate. Electoral-Vote.com shows Dems potentially gaining seats.
I assure you, it is a concern and not troll-y. It was a direct response to this article from the Washington Post, and my intent is to increase turn-out to ensure it doesn't happen, not to troll an internet thread that has no true impact:
http://www.washingtonpost.com/politics/decision2012/as-key-senate-races-get-tighter-republicans-hopes-rise/2012/10/24/3678d69e-1d3a-11e2-9cd5-b55c38388962_story.html
" The news also contradicts the notion that "uncertainty" out of Washington is leading to slower growth."
so much for that talking point,, the we can not do any thing cause we dont know.
LOL guess these big shots dont have the balls their suppose to have being the big time adventures. captains of business, if a real captain ran his company like those business men, he would be in Jail for dereliction of duty!
Here is an interesting point of things to when Jesus said he would make a woman a man. If you look at things, Jesus has really done that in America and the world. But now the religious hypocrites want to take us back to the stone ages on falsehoods, deceptions, and lies. Thus God and Jesus has been instrumental in women getting their rights, freedoms, equality, freewill, choices, etc throughout the world. And to deny a woman any form of her rights would be outright wrong to do. Look at what Jesus said and what has happened than look at what these Republicans, extremists of hatred, and extreme wealthy want to do. Now who has really been doing God’s work? Republicans, extremists of hatred, and the extreme wealthy you lying pack of crap.
Told you it was the Democrats that always had to fix the crap the scum Republicans created with their corruption and deceptions.
Wrong. The Democrats throw a 4-8 year "spending party" and leave the GOP to with the mess and the bill. The first 4 years of GOP leadership is just cleanup. This is called Austerity. The next 4 years of GOP leadership is restructuring. Setting up a sustainable economy that has the balance to pay the bills. This is called Recession. Once the Recession has run its course and corrected market errors, prosperity is renewed and BAM, someone elects another Democrat to wave the banner of success and the party starts anew.
George W. Bush was the only "Republican" in history to rack up a major tab, cut taxes anyway, spend more on medicare AND start multiple wars... just before ANOTHER round of tax cuts... and then leave the next president to clean up the mess and pick up the bill. Unprecedented and despicable.
Being stuck with an F.D.R. level "triple-whammy" pile of economic crap is no reason for Obama to make it worse and then point behind him. When you're in a debt crisis, the last thing you need is a liberal with a pen in the White House.
Heard last night that 80 CEO's petitioned congress to raise their tax's.But how can congress do that,since all republican's signed the Grover Nordquist pledge?A big change in congressional seat's is needed,but I do'nt think that's going to happen.
It won't happen - democrats taking over the house - but CEOs can in fact push the republicans to one, smack their red-headed stepchild tea partiers, and two, be realistic with the budget in regards to both spending and revenue increases.
That pledge is a piece of paper. Republicans will gut constitutionally mandated free elections but they won't "violate" a paper pledge.
Take that Mitt R-money, you big fat stupid Mormon fraud you!
Poopoo head, I fart in thy general direction.
There was a comment above indicating GO VOTE.
Absolutely.
Let's show the Super-Pacs who is in charge regardless of how much money you have and spend.
VOTE NOW IF YOU CAN
WHATEVER YOU DO, VOTE!
Sorry, no can do.
I live in Colorado which may turn out to be the real swing state. I have voted.
All those who live in the Northeast in the path of Sandy need to vote ASAP. If Sandy causes power outages in the heavily populated Northeast, we may not know who is elected until Christmas.
VOTE NOW!
And if growth sere substantially higher, say 4-5% of GDP, GOP would call it terrible as well as a harbinger of inflation which they define as higher average hourly wage.
In short, don't bet on anything politicians say about economics.
... but what about - "what economists say about politicians ?"
/snark - just couldn't help myself....
No, actually, due to an average of 5% inflation annually, Republicans will tell you that less than 7% growth is either stagnation or decline. Hourly wage is irrelevant to inflation, and always rises retrospectively, if at all. Republicans define inflation as being what it is. Inflation is the addition of money to the money supply when tangible goods are not added to the market in an equal value to the created money. It's not surprising how many Republicans get rich. Republicans understand what money is. Democrats tragically don't.
Why isn't this on the front page of newspaper? Or even a few newspapers?
Don't answer this question. . .