GDP Shrinks in 2011 to Pathetic 1.7% – Must Be Bush’s Fault
Posted by Jim Hoft on Friday, January 27, 2012, 6:19 AM
No doubt this must be Bush’s fault.
The GDP last year shrunk to 1.7% from 3.0% in 2010.
Business Insider reported:
From the just-released GDP report:
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.
The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
Not exactly a barnburner.
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Andreas K. commented:
Very misleading headline. The GDP shrunk to 1.7%? 1.7% of what?
Also, it went from a 3.0% growth in 2010 to a 1.7% growth in 2011. Newsflash, that’s still growth. Do you really expect to grow 3% or more every year? Or maybe even increasing the growth every year?
Unlimited growth is impossible. It’s a myth sold by politicians and economists.
Gary Gross commented:
The gospel according to Mitt says it’s Newt’s fault.
paul52 commented:
Is this “Recovery Winter”? Nerobama hears this and grabs his clubs for another round.
Adirondack Patriot commented:
Funny. He left that out his State of the Union speech.
Beachbum commented:
Obama2012 commented: Well if GDP is really bad then the stock market has tanked….oh, wait…. Its gonna be a long 2012 right wingers. Whatcha gonna do when BO is reelected? Cry more?
Ah yes … it’s getting that time … Bambi trolls are coming out to play. I guess they’ve received their marching orders and talking points.
pink tie Republican commented:
Actually, the 1.7% is not “real”, it is “nominal”. Since the CPI rose 3%, the “real” GDP growth was -1.3%. But few people understand the difference between “real” (adjusted for inflation) and “nominal”.
mike commented:
“#4 January 27, 2012 at 10:48 am
Obama2012 commented:
Well if GDP is really bad then the stock market has tanked….oh, wait….”
Oh wait indeed, just checked Fox, the Dow is down 70. Har, nice work Obammy.
bg commented:
++
OT..
via The American Spectator – January 27, 2012
Elliott Abrams Caught Misleading on Newt
[In other words, 26 years ago Newt Gingrich was busy incurring the institutional wrath not just of the mainstream media in general but ABC News quite specifically over the issue of their "grotesquely uncritical" treatment of the Soviet dictatorship.
What America is seeing in real time today in this 2012 presidential campaign in terms of Newt Gingrich taking on both the media in general and ABC News in particular is decidedly not new. There is a history here -- a long one -- of Gingrich calling out ABC. And, as seen in the now infamous ex-wife interview, ABC pulls no punches when dealing with Newt Gingrich.
One could go on here. This March, 1986 speech was a long, typically Newt presentation. Lots of history. Lots of constructive thought. Lots of talk about strategy, tactics, the military. At one point -- a full 15 years before 9/11, Gingrich addresses the need for an American strategy that will support "Islamic freedom."
The main point is that the Newt Gingrich who spoke on the floor of the House on March 21, 1986, was thoroughly pro-Reagan, honestly engaging in a serious intellectual effort to assess the strengths and weaknesses of American foreign policy in the day from a hierarchy of vision, strategy, operations or projects and then last but not least, tactics.
In grossly misrepresenting this speech as some sort of anti-Reagan jihad,
Elliott Abrams has ironically only called attention to Governor Romney's
lack of strengths and experience in this area.
Not to put too fine a point on this, but this kind of stuff is getting out of
control. Gingrich, Romney, and Santorum all have their strengths and
weaknesses.]
more here & here..
==
#1AMERICAN commented:
and odumb$hit is probably pissed it grew at all…as that is not his goal for the destruction of america…
bg commented:
++
re: #10
Rush Limbaugh – Januray 27, 2012
["Since the Congressional Record for 1986 was difficult to obtain electronically, Scheve trekked to the George Mason Library to physically track down the March 21, 1986 edition of the Congressional Record. Locating it, copying and scanning, he was kind enough to send to me," writes Jeffrey Lord. "So now I've read the Gingrich speech that is the source of all the hoopla. All seven, fine print pages worth of it exactly as it appeared in its original form. I can only say that what Elliott Abrams wrote in NRO [National Review] about Newt Gingrich based on this long ago speech is not worthy of Elliott Abrams. Specifically, Abrams implies that Newt Gingrich was spewing mindless vitriol about Reagan on the House floor.
“Not only not so, it was quite to the contrary,” which, I’m telling you… These special orders is where everybody first heard about Newt, and he was the premiere defender of Reagan. That’s why all this stuff yesterday had me scratching my head. Here’s a quote from Newt on this special order: “‘Let me be clear: I have the greatest respect for President Reagan. I think he personally understands the threat of communism.’ Gingrich then goes on — at Newtonian length — praising Reagan for Reagan’s understanding of Lenin, Reagan’s understanding of the real ‘purposes of a Soviet dictatorship’ and much more.
“He lists and applauds Reagan repeatedly for the President’s appreciation of ‘the threat in a more powerful Soviet empire’ and the threats posed by Communist Cuba and Nicaragua. He ranks Reagan with the great Cold War presidents in protecting freedom. In short, time after time after, Newt Gingrich — true to form — is there on the floor of the House relentlessly praising and crediting Ronald Reagan. Is it any wonder that years later Nancy Reagan would speak so publicly and warmly about ‘Ronnie’ passing the conservative torch to Newt? Is there any wonder that Michael Reagan has stepped into the middle of this current brawl to endorse Newt?]
==
Molon Labe commented:
#1
Are you an English major? What do you suppose the US economy has done for the two decades prior to Obama, actually since 1945. Please don’t parade your ignorance.
Molon Labe commented:
#4
What a numbskull. You think the meltdown of the market isn’t obvious to one and all? States are going bankrupt because their pension funds have been ruined in the market. Exactly how did the financial system get destroyed?
I just hope Obama puts the capital gains tax up to 30% as he has threatened. I can’t wait to see the dhimmies eating each other and then blaming Bush.
What a dullard.
Obama is so gay and so dead.
I bet even Romney can crush him. And Romney shouldn’t be able to beat Carter.
Raptor commented:
Are you kidding? You’re looking at a difference in GDP GROWTH over a 2 year period, and making a big deal out of it.
Here’s the % GDP growth annually from 2000-20011
2000 4.2%
2001 1.1%
2002 1.8%
2003 2.5%
2004 3.6%
2005 3.1%
2006 2.7%
2007 1.9%
2008 0.0%
2009 -3.5%
2010 3.0%
2011 1.7%
What happened between 2000 and 2001, from 2004-2008?? You going to harp on that?
A GDP % gain is a still a GAIN.
http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?page=2
Raptor commented:
#9….a one day, 70 point drop is a the stock market “tanking”?
Now, I don’t believe presidents have much to do with the stock market,
but if you want to look at it that way:
When Obama took office on Jan 20, 2009 the Dow Jones was at ~8200
as of today, it closed at 12,600
That doesn’t appear to be a “tank”. It looks more like +4400
Raptor commented:
#13. The GDP certainly has not grown every year since 1945.
As for the “US Market” The DJI dropped from an all time high of 14,000 in Oct 2007, to
a bit over 8000 in November 2008. It further dropped to 6600 in March 2009.
Since then, it risen back to 12,600.
“Obama is so gay and so dead.”
I hope you’re a teenager.
midusdew commented:
Andreas K. your absolutely right!
With all them guv workers gdp is on the rise….
get a clue dude!