US 3rd quarter GDP revised up to 5% - best in 11 years.

[Spungo]

Because the only possible definition of "a good job" when a President enters office during the worst economic downturn in 81 years is zero unemployment by the middle of his second term? Merely seeing the economy drastically improve during those six years isn't sufficient to earn that praise?

He fixed the economy yet the number of people on food stamps goes up every single year. There's clearly a massive fraud problem.

People see the food stamp fraud and they're not pleased. Obama is now regarded as Bush II. Actually the last Bush was Bush II. This would be Bush III.

The economy is so strong that the central bank has been forced to stimulate the economy for 6 years and continue saying it will be a "considerable period" before interest rates normalize to prevent the formation of asset bubbles (too late). The stock market damn near crashed until Bulltard hinted at money printing 4.0.

Of course, that comes as a shock to absolutely nobody since inflating asset bubbles has been the stated goal since day 1:

 

[unokitty]

I have come to expect this of Democratic regimes. They just do the economy so much better than the Republicans.

Svnla, you live in the South..... nuff said.

...not all households have benefited alike, and wealth inequality has widened along racial and ethnic lines.

The wealth of white households was 13 times the median wealth of black households in 2013, compared with eight times the wealth in 2010, according to a new Pew Research Center analysis of data from the Federal Reserve’s Survey of Consumer Finances. Likewise, the wealth of white households is now more than 10 times the wealth of Hispanic households, compared with nine times the wealth in 2010.

Wealth Gaps by RaceThe current gap between blacks and whites has reached its highest point since 1989...

The wealth gap between middle and upper class is also at record levels.

Personally, not sure that I would brag about an economy that sets a record for wealth gap between the races as well as between middle and upper income households...

But I am glad that bshole is doing well...

Uno

 

[TheSlamma]

Seems the US economy is doing much better than the rest of the world. Does this finally start to trickle down to the average person on the street or does it simply kick the FED into raising rates and doing nothing for the average Joe?

I would love to actually get some decent interest on my savings account. I know most of you grasshoppers think the only way for the economy to work is for everyone to set their money on fire in the form of buying crap made in china and 90% of the money going to a CEO, but some of us ants would like to make it to retirement age and actually retire.

 

[Screech]

I would love to actually get some decent interest on my savings account. I know most of you grasshoppers think the only way for the economy to work is for everyone to set their money on fire in the form of buying crap made in china and 90% of the money going to a CEO, but some of us ants would like to make it to retirement age and actually retire.

Retiring at retirement age? whooooaaaaaa now, slow down, you must be new here

For those of us too lazy to look for ourselves, does this report have data on income changes for people at median incomes?

 

[Zaap]

I would love to actually get some decent interest on my savings account.

Unless that savings account is actually a properly managed investment account... you can forget it. Stock up on dog food and find yourself a decent refridgerator box if you plan to retire on bank savings account interest.

 

[alcoholbob]

You aren't likely to see savings accounts to get that kind of interest in the US in your lifetime, big banks hardly get any profit from business investments like in the past. In some countries though savings accounts do acrue interest. Although you might lose some if the exchange rate tanks later. Which drives some to invest in Rmb since its exchange rate doesn't fluctuate as wildly as say Brazil. Now a savings account in China for example might earn 5%. Some banks sell 1 year foreign currency CDs here in the US at 3-3.5% interest in the US and just pocket the difference of 1.5-2%. Of course to make a profit they need more money than a typical CD.

 

[theeedude]

Obama will be regarded as Clinton 2. A great president hated by the usual haters.

 

[werepossum]

R&D is research, its not an accomplishment.

Do you know how many times you have to fail before it makes something useful? Why would you count all the times you paid for failures in a statistic of how many times you are successful? It doesn't make logical sense to include it.

The number of stupid shit experiments you will see in an R&D budget if you worked in management to see such information...

Couldn't the same be said of a great many business ventures? How many will never pay off? The pension thing, now that's certainly a valid point - IFF the article cited is correect and honest.

the 2009 stimulus kept the US better off than other countries that didn't do similar measures. so it already worked. without republican fiscal-policy-at-random demands the economy would have recovered years ago and we'd be a good bit ahead of where we are now.

That would be "ahead" as measured in trillions in national debt.

He fixed the economy yet the number of people on food stamps goes up every single year. There's clearly a massive fraud problem.

People see the food stamp fraud and they're not pleased. Obama is now regarded as Bush II. Actually the last Bush was Bush II. This would be Bush III.

The economy is so strong that the central bank has been forced to stimulate the economy for 6 years and continue saying it will be a "considerable period" before interest rates normalize to prevent the formation of asset bubbles (too late). The stock market damn near crashed until Bulltard hinted at money printing 4.0.

Of course, that comes as a shock to absolutely nobody since inflating asset bubbles has been the stated goal since day 1:

Obviously all that is correct, but let's not lose sight of the big picture: No matter what games are being played to paint a rosier picture, the actual picture is covered with less feces than a year ago.

 

[sunzt]

Couldn't the same be said of a great many business ventures? How many will never pay off? The pension thing, now that's certainly a valid point - IFF the article cited is correect and honest.


That would be "ahead" as measured in trillions in national debt.


Obviously all that is correct, but let's not lose sight of the big picture: No matter what games are being played to paint a rosier picture, the actual picture is covered with less feces than a year ago.

FWIW, poll numbers show obama back at 50% approval:

http://www.cnn.com/2014/12/23/politics/obama-approval-rating/index.html?hpt=hp_t2

 

[werepossum]

FWIW, poll numbers show obama back at 50% approval:

http://www.cnn.com/2014/12/23/politics/obama-approval-rating/index.html?hpt=hp_t2

I can believe that. An appalling number of Americans believe the Oval Office is equipped with a Gas Prices dial.

 

[Slew Foot]

Obama will be regarded as Clinton 2. A great president hated by the usual haters.

A guy who was lucky enough to get out before the bubble popped? That being said, I liked Clinton, Obama not so much.

 

[HomerJS]

He fixed the economy yet the number of people on food stamps goes up every single year. There's clearly a massive fraud problem.

People see the food stamp fraud and they're not pleased. Obama is now regarded as Bush II. Actually the last Bush was Bush II. This would be Bush III.

The economy is so strong that the central bank has been forced to stimulate the economy for 6 years and continue saying it will be a "considerable period" before interest rates normalize to prevent the formation of asset bubbles (too late). The stock market damn near crashed until Bulltard hinted at money printing 4.0.

Of course, that comes as a shock to absolutely nobody since inflating asset bubbles has been the stated goal since day 1:

Two points I don't believe anyone has stated the economy is "fixed" we are on a trend of improvement in most areas.

By these charts your biggest beef with Obama is he failed to "fix" the mess left to him by Republicans. Are you aware we were losing 800K jobs/months at end end of Bush II??

As for the food stamp chart lets see the end of 2014 numbers. Those stats would likely lag behind an improving economy.

 

[Matt1970]

Obama will be regarded as Clinton 2. A great president hated by the usual haters.

I have got to see the color of the sky in your world some day.

A guy who was lucky enough to get out before the bubble popped? That being said, I liked Clinton, Obama not so much.

Clinton was a good leader. I didn't agree with him all the time, but he knew how to give a good speech, knew how to rally both sides and get things done. Obama knows how to blame others for problems and he isn't even good at that anymore.

 

[Blanky]

Obama has had more of a positive influence on the economy than partisan Republicans want to admit. Obama has had less of a positive influence on the economy than partisan Democrats want to admit.

 

[HomerJS]

I have got to see the color of the sky in your world some day.



Clinton was a good leader. I didn't agree with him all the time, but he knew how to give a good speech, knew how to rally both sides and get things done. Obama knows how to blame others for problems and he isn't even good at that anymore.

You are right the job losses we sustained were clearly Obama's fault

 

[Matt1970]

I had a feeling that would bring the hacks out of the woodwork.

 

[Engineer]

I would love to actually get some decent interest on my savings account. I know most of you grasshoppers think the only way for the economy to work is for everyone to set their money on fire in the form of buying crap made in china and 90% of the money going to a CEO, but some of us ants would like to make it to retirement age and actually retire.

You're definitely preaching to the choir on that one!

Obama has had more of a positive influence on the economy than partisan Republicans want to admit. Obama has had less of a positive influence on the economy than partisan Democrats want to admit.

I can agree 100% on that for most presidents. Our issues started decades ago when the middle class was stripped of jobs and wages (and had it supplemented with tax cuts down to the 'negative levels' as well as credit).

 

[Matt1970]

You're definitely preaching to the choir on that one!



I can agree 100% on that for most presidents. Our issues started decades ago when the middle class was stripped of jobs and wages (and had it supplemented with tax cuts down to the 'negative levels' as well as credit).

Same here.

 

[Atreus21]

Does the price of oil have anything to do with this?

 

[Matt1970]

Does the price of oil have anything to do with this?

It has a lot more to do with it that anything our government has done.

 

[Engineer]

It has a lot more to do with it that anything our government has done.

I would say that it has far more effect on the 4th quarter than the 3rd. Oil peaked at $107'ish at the start of the 3rd quarter and went down to the low 90's. Since then, it has went from the 90's to the mid $50's but all of that was in the 4th quarter. Not to mention, the price of gas lagged the oil prices so the 3rd quarter didn't see anything like the 4th quarter will see (not saying that the 4th quarter will be better GDP wise than the 3rd, just that the 4th quarter had better relief on oil/gas prices than the 3rd by far).

Besides, our government officials spent billions to get the economy moving....all in election campaigns!

 

[HomerJS]

I had a feeling that would bring the hacks out of the woodwork.

That's Mr Hack to you.

What's the matter, don't like it when facts are shoved up your ass??

 

[glenn1]

If the recovery continues and we start to see higher inflation and continuing lower employment, that is when we need to begin to implement austerity, yes. Not yet, but if trends continue then in the not too distant future.

Yep, the classic Eskimospy economic plan: when times are bad, focus on spending boatloads of tax money while maintaining high taxes on the rich; when times are good focus on taxes for the rich while maintaining high spending.

You even mentioning austerity is a fucking joke as you'll never carry it out, as soon as things start getting better you'll justify higher spending with "well, we had to cut back on this during the hard times so now it's the proper time to invest more in ______ (fill in ridiculous program here)."

 

[HomerJS]

I would say that it has far more effect on the 4th quarter than the 3rd. Oil peaked at $107'ish at the start of the 3rd quarter and went down to the low 90's. Since then, it has went from the 90's to the mid $50's but all of that was in the 4th quarter. Not to mention, the price of gas lagged the oil prices so the 3rd quarter didn't see anything like the 4th quarter will see (not saying that the 4th quarter will be better GDP wise than the 3rd, just that the 4th quarter had better relief on oil/gas prices than the 3rd by far).

Besides, our government officials spent billions to get the economy moving....all in election campaigns!

Actually QE has been going on for 6 years. It ended in Oct.

 

[Matt1970]

That's Mr Hack to you.

What's the matter, don't like it when facts are shoved up your ass??

We all know when the job losses were pal.