The REALLY Great Depression Continues Apace
GROSS DOMESTIC PRODUCT AND CORPORATE PROFITS: Second Quarter 2008 (Preliminary)
Hmmm.
After listening to the Cavalcade o' Whiners at the DNC and the repeated characterizations of America as something out of "The Grapes of Wrath" we are certain this is a mistake.
GDP grew 3.3% in Q2?
Why, people are losing jobs.
Yeah, but this happens ALL THE TIME.
People lose jobs then get new jobs.
Industries disappear and are replaced by new, better ones.
That's a free market economy.
We are happy we spend 10 hours a day pecking at a keyboard writing software as opposed to shoveling coal into a blast furnace.
Our only concern is that the government will heap more onerous burdens on our employers and give them cause to ship our functions somewhere more cost effective.
The Left loves to trot out the argument ad misericordiam as a rationale for transforming a fairly free economy into one run by people who have never had real jobs in productive industries.
The unemployment rate in July was 5.7%, right around the post-WWII average.
What is to be gained by, essentially, lying about the state of the economy?
Well, winning an election and continuing the infantilization of America and convincing more and more people that they will be living in cardboard boxes unless the "superior" intellects of people like the flaccid current friend of unrepentant terrorists and product of the corrupt Chicago political machine are entrusted to properly organize an $11.7 trillion dollar (Y2000 dollars) economy better than millions of individuals making billions of decisions can.
See, Obama (Or Kerry or Gore or Clinton) is smarter than you.
You can't be trusted with your own money to provide for your children's education (gotta suck up to those teachers' unions), purchase your own health insurance or plan for your golden years.
You need the really smart people with Ivy League credentials for that.
You are barely capable of wiping your own arse.
And they MIGHT get to that eventually.
It's fitting that Oprah was present at Obama's coronation, for she represents much of what is wrong with America.
Her ascendance to popularity coincided with the willingness of people to whine in public forums as opposed to sucking it up and fighting on.
Given the circumstances -- an oil shock and a credit crunch, the latter caused in great part by government policies that compelled lenders to extend mortgages to people that could not afford them -- the economy has held up quite well.
What is NOT needed are higher taxes on the people whose investments create jobs nor punitive actions against industries -- the energy sector, for example -- that produce stuff we need.
In our fantasy world, the oil and pharmaceutical companies would pull an "Atlas Shrugged".
Take a couple weeks off and produce NOTHING.
We suspect Americans would miss them more than they would miss all the "community organizers" -- whatever the hell that is -- were they to pull a similar gambit.
The solution to whatever problems we have is not more government intervention, but less.
Lower corporate taxes, less regulation and an increase in energy production by extracting our own oil and building new refineries and nuke plants.
Obama's massive ego notwithstanding, the Left's prescribed road to serfdom is a dead end.
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.3 percent in the second quarter of 2008, (that is, from the first quarter to the second quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.
The GDP estimates released today are based on more complete source data than were available for the advance estimates issued last month. In the advance estimates, the increase in real GDP was 1.9 percent (see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from exports, personal consumption expenditures (PCE), federal government spending, nonresidential structures, and state and local government spending that were partly offset by negative contributions from private inventory investment, residential fixed investment, and equipment and software. Imports,
which are a subtraction in the calculation of GDP, decreased.
-more-
Hmmm.
After listening to the Cavalcade o' Whiners at the DNC and the repeated characterizations of America as something out of "The Grapes of Wrath" we are certain this is a mistake.
GDP grew 3.3% in Q2?
Why, people are losing jobs.
Yeah, but this happens ALL THE TIME.
People lose jobs then get new jobs.
Industries disappear and are replaced by new, better ones.
That's a free market economy.
We are happy we spend 10 hours a day pecking at a keyboard writing software as opposed to shoveling coal into a blast furnace.
Our only concern is that the government will heap more onerous burdens on our employers and give them cause to ship our functions somewhere more cost effective.
The Left loves to trot out the argument ad misericordiam as a rationale for transforming a fairly free economy into one run by people who have never had real jobs in productive industries.
The unemployment rate in July was 5.7%, right around the post-WWII average.
What is to be gained by, essentially, lying about the state of the economy?
Well, winning an election and continuing the infantilization of America and convincing more and more people that they will be living in cardboard boxes unless the "superior" intellects of people like the flaccid current friend of unrepentant terrorists and product of the corrupt Chicago political machine are entrusted to properly organize an $11.7 trillion dollar (Y2000 dollars) economy better than millions of individuals making billions of decisions can.
See, Obama (Or Kerry or Gore or Clinton) is smarter than you.
You can't be trusted with your own money to provide for your children's education (gotta suck up to those teachers' unions), purchase your own health insurance or plan for your golden years.
You need the really smart people with Ivy League credentials for that.
You are barely capable of wiping your own arse.
And they MIGHT get to that eventually.
It's fitting that Oprah was present at Obama's coronation, for she represents much of what is wrong with America.
Her ascendance to popularity coincided with the willingness of people to whine in public forums as opposed to sucking it up and fighting on.
Given the circumstances -- an oil shock and a credit crunch, the latter caused in great part by government policies that compelled lenders to extend mortgages to people that could not afford them -- the economy has held up quite well.
What is NOT needed are higher taxes on the people whose investments create jobs nor punitive actions against industries -- the energy sector, for example -- that produce stuff we need.
In our fantasy world, the oil and pharmaceutical companies would pull an "Atlas Shrugged".
Take a couple weeks off and produce NOTHING.
We suspect Americans would miss them more than they would miss all the "community organizers" -- whatever the hell that is -- were they to pull a similar gambit.
The solution to whatever problems we have is not more government intervention, but less.
Lower corporate taxes, less regulation and an increase in energy production by extracting our own oil and building new refineries and nuke plants.
Obama's massive ego notwithstanding, the Left's prescribed road to serfdom is a dead end.
posted by Mr. Buzzcut at 10:53 PM
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