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Tuesday, October 25, 2016

Washington (AFP) – The U.S. economy grew at a robust annual rate of 4.6 percent in the second quarter, stronger than previously estimated, the Commerce Department reported Friday.

The department, which last month raised the growth estimate to 4.2 percent, said it had more complete data that showed larger increases in business investment and exports.

© / Joe Raedle 

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Copyright 2014 The National Memo
  • charleo1

    After all the yammering in the Right Wing nut house, about how Obama, and his Communist cohorts were absolutely wrecking the free market economy. A spectacular report is met with an apparent yawn by well, everyone. First, it doesn’t advance the Right Wing’s narrative. So, there that. Then, when the real economy, wages, job security, and consumer spending, in a lopsided economy, where 95% of these gains go to the top 1%. It’s hard to justify singing more than one chorus of, “Happy days are here again.” But, damn it, kudos to the President, and his team anyway! This was not an easy jam to get us out of. And we should remember that, this November.

    • neeceoooo

      You are correct, 6 years ago, I said “it will take years to get us out of the mess that Bush left us in”.

      • Independent1

        Do you or anyone on this blog believe that a comparison can really be made between the mild recession that Reagan inherited back in 1981 and the near catastrophic recession that Obama inherited in 2009 which Ben Bernanke has said had put America and the world at a closer point of total collapse than the Great Depression of the 1930s??

        And yet, 6 years into his presidency, Obama has reduced an unemployment rate that hit 10.1% down to 6.1%, while it took Reagan 7 years to reduce an unemployment rate THAT HE allowed to get to 10.8%, down to 7.1%. In 8 years, Reagan was never able to get our unemployment rate to 6.1%, yet analysts are projecting that under Obama it will get to 5.4% in 2015.

        Despite having inherited an economy that was in multiple times more trouble than Reagan, and against GOP obstructionism that hasn’t been seen since FDR was in office, Obama has demonstrated clearly that DEMOCRATS know far more about running a government than Republicans will ever know!!!

        A contributor to Forbes has evidence that Obama has outperformed Reagan in virtually every measure category related to the economy. For those who are interested in seeing the proof of that, here is the link to the Forbes article:

        • charleo1

          I think it’s extremely important to acknowledge, the economy of Reagan, was a Ferrari, compared to the jalopy turned over to the Obama team in Jan of ’09. As I know you well know, but for those who do not, the economy didn’t just lose 800,000 jobs that first month, It had been shedding jobs at that rate since July, of ’08. As the housing sale boom teetered, and began it’s widespread fall, in early ’08. And investors started calling in their hedges, default insurance, as February’s stumble, became April’s rout, that became August’s panic run for the door. As anyone could see, this baby’s coming down, and I want out, before they run of money! Because again, everyone knew AIG, and the entire Wall Street bunch, on both sides of the Atlantic, were leveraged out to insane levels. And there was absolutely no way they had the cash to cover all their contractual obligations. So, they were looking at bankruptcy, on a scale they couldn’t imagine. Then, liquidation, and pennies on the dollar. Until the Gov. stepped in. Some think they only loaned out 800 billion. But, they actually promised a lot more. They had to, to prevent a run on, CDOs, some peg at an estimated world wide number of $60 trillion dollars! So, to say this in any way compared to what Reagan faced, is absurd. Many people still do not grasp the enormity of situation. It dwarfed the financial capacity of the Federal Gov. And tested the confidence of the World in the ability of the U.S. financial system to be up to the test. And the new President, Barack Obama played a big part in engendering that kind of calm, and restraint from investors to hold off cashing in. And allow the time necessary to sort this all out in a orderly way. It was a huge accomplishment, for which he has gotten precious little credit. But, he knows, and those investors with their companies, and client’s money on the line, knows. As does Wall Street and Ben Bernanke, and Europe know. History may well place these first few months of his Presidency, as his finest hour.

          • Independent1

            Great summary – thanks!! And what’s really telling and appalling – is that GOP presidents since Teddy Roosevelt have been so destructive to America’s economies, time and time again, that all RWNJs can do is grab onto an evil bumbling idiot and idolize him as if he was some kind of saving messiah, when in reality, he was the greatest destroyer of the American way of life that had every been wrongly elected to the highest political position in America. If truth be told, Ronald Reagan did far more to destroy a growing American economy that he inherited, than he ever did to do anything about making that growth sustainable.

            Reagan turned an economy that created 10 million jobs under Carter in the 4 years before he took office and then 12 million in his 1st for years, into an economy that could barely create 7 million jobs in the next 8 years. And it was a Democrat who has proved just how inept Reagan truly was, in that after those dismal 8 years of only around 7 million jobs being created, Clinton succeeded in creating almost 24 million jobs during his 8 years in office which then another totally inept Republican once again destroyed our economy.

            But what was especially bad in Reagan’s disastrous 8 years in office, is that in the process of destroying the economy, he taught the American people to hate their government, and the entrepreneurs of Americas corporations and even small companies to care little for the people who work for them, no matter how loyal and dedicated a service they give them.

            What boggles my mind is that supposed presidential scholars seem to still consider this bumbling idiot as to having been some kind of economic wizard, when the only thing he was a wizard about was trashing America. How can people who claim to be presidential scholars totally overlook the destruction this terrible person inflicted upon our country??????

          • charleo1

            I think the answer to your last question, is they’re aim is not to educate, but to sell books. The Right’s adulation of Reagan, has a lot more to do with their inner Party politics, and the fortunes of their last 3 Presidents, that were not Reagan. Than Reagan, or the Reagan Presidency itself. Some of their glossing over of his foreign policy boondoggles, and the fraudulent failure of his top down, supply side economics. Sound a more like the N. Korean fables they make up about about their, “Great Leader,” Kim Il Sung, than the realities of where his Presidency took, and left the Country. Which in terms of the Middle Class, was literally off a cliff. The emphasis on deregulation of the financial markets he introduced, was based not on any sound economics, but pure ideology. And was the play book that eventually led to the Great Recession, that could not have hit the Middle Class any harder, if it had been intentionally fashioned to take them out. It’s important to include in this, the prices of homes valued over 1 million dollars, were hardly effected. And that part of the real estate market quickly recovered. While the value of homes below the threshold of $500,00, lost nearly half their value. And many are still making payments on a $350,000 mortgage, while living in a house with a market value of $225,000, to $250,000. While the CDOs sold as triple A investments, were covered by the U.S. Govt. dollar for dollar. So it takes a lot of moxie to for the Right to start bitching about wealth redistribution, after we had just witnessed the greatest exchange of wealth from the Middle Class, to the top .05 percent of the wealthiest people in the Country. But, many people did not recognize what they were seeing. And with a little time, the Right was able to develop a narrative that exonerated this group that had invented, and carried off the heist. Enabled by Reagan’s dream of deregulation. And blamed the whole thing on the poor. And incredibly, a feckless, “Big Govt.” “that needed to get of of the free market’s way” They also later denied having anything to do with the bank bailout, engineered in the last days of the Bush Presidency, by Hank Paulson, a former head of Goldman-Sachs. Who, speaking of GS, came out incredibly richer, and more powerful, after the near collapse of the World’s largest economy, than they were before. Due to Lehman Bros. one of their top competitors being allowed to fail, and their assets folded into the portfolio of GS, while their liabilities were shouldered, backed and guaranteed by the Gov. as part of the package to bail out the shysters. This too the Right Wing managed to lay at Obama’s doorstep. Much the same way as most of the Right Wing still believe Saddam Hussein was in cahoots with Al Qaeda, and Ronald Reagan defeated the Communist of the Soviet Union.


      • charleo1

        Let us hear your truth, then.

  • Paul Bass

    And where are all our local trolls?
    Yea, right, only bad news suit their agenda. Go suck an egg, ken and joe.

    • Why should we comment on obvious propaganda? You do realize that between now and the elections the country will be doing so well. Everyone will have a new car, 6 figure jobs, and free medical care. The national debt will disappear, and the world will be at peace. Everything will be soooo good under the liberals, at least until after the election, then reality will return. All the regime is feeding the mostly dumb Americans is what they want them to think. Liberals are real good at lapping up all the bs this regime feeds you. Hopefully, there will never be another liberal in office after this upcoming election.

  • Scott Smith

    It is patently unjust for the central government to be wasting over $1 million a day on the baby murder factory known as Planned Parenthood.

    • Independent1

      You obviously aren’t old enough to remember how dire things were before Roe vs Wade when the news was constantly filled with news items about women dying during abortions because since abortions were illegal, many women sought out anyone they could find to attempt to perform one for them – many finding quacks whose main tool of choice was a coat hanger. There were botched abortions taking place in even the most inconceivable of
      places with thousands of women dying from bleeding to death.

      And you’re obviously also too clueless to realize that more abortions occur in places where they’re illegal than where they’re legal. And why is that?? Because despite your mindless ignorance, Planned Parent hood whose abortion activity amounts to only about 3% of what they do, actually counsels women about the downside of having an abortion before they agree to actually perform one. So unlike places where abortions are illegal where there is generally no one making a big effort to counsel women against an abortion – at least no one a pregnant women who wants an abortion would even remotely trust – unlike places like Planned Parent Hood who women go to for help with other guidance in other healthcare issues women need. (And I am no expert on just what all those are.)

      But I can remember well enough what it was like before Roe vs Wade when there were thousands of women dying yearly from botched abortions. Anyone who thinks that making abortions illegal and shutting down clinics that provide safe abortions is the solution – does so from absolute ignorance of the facts.

      If it’s your objective to see women dying from botched abortions, than continue with your idiot rhetoric. If what you really want to see is a reduction in abortion, then shut up about banning them and start championing the activities of agencies that provide women with the information and contraceptive devices they need to preclude the need for an abortion in the first place. That’s the only way to reduce abortions without putting hundreds of thousands of women’s lives at risk.

      • Old enough to remember? Aren’t you still in school living in your parents basement? Let us know when you start shaving kid.

    • charleo1

      And this is related to a projected growth in the U.S. economy, not seen in more than a decade, how? The intellectual dishonesty of the, supposed “small government,” advocates, of the Conservative Right. As it relates to their insistence that law enforcement insert itself into the personal, and legal decisions of private citizens. Which the Supreme Court has determined, and reaffirmed, on the matter of abortion, in compliance with the 4th Amendment to the Constitution, are none of the State’s business, has been nothing less than staggering. So some believe it is immoral, that life begins at conception, that it is murder. To that minority, I say so what? So what if you do believe that? I believe we are a Nation of laws. And laws are not suggestions, and Rights are non negotiable. Nor as is the full application of the 4th Amendment. Protecting our Rights from illegal intrusion by State authorities into our lives, is not negotiable, under any circumstances. And again, this from a Party who’s adherents, and advocates have taken regularly to waving their copies of the Constitution around, every bit as furiously as a Pentecostal Preacher on Sunday morning. While picking, and choosing which Rights they’d die before relinquishing, and others they’d rather put up for a vote, or regulate out of existence. Now, how about some credit for a President your Party has fought every step of the way, to economic recovery, and thankfully lost? Well, how about for your Country, then? I didn’t think so.

  • Ricardo Tubbs

    Article 1 of our sacred Constitution clearly defines the power of the purse as belonging to Congress.