You know things are bad when the government has to engage in blatant manipulation of economic data just to get to an overall assessment of “a weak economy.” But that is exactly where we find ourselves.
The economy is $551 billion larger than previously thought, reports the Bureau of Economic Analysis (BEA) in its “2013 NIPA Comprehensive Revision.”
But this found half-trillion only results from a new methodology for compiling the gross domestic product (GDP) which now, with the stroke of a pen, includes expenditures by business, government, and nonprofit institutions serving households for research and development and by private enterprises for the creation of entertainment, literary, and artistic originals as fixed investment.
Despite the $551 billion boost, the nation’s debt-to-GDP ratio remains over 100 percent. The latest GDP estimate stands at $16.633 trillion, compared with the $16.738 trillion national debt.
As a result of the changes to methodology, growth in 2012 was 2.8 percent instead of the previously report 2.2 percent. Does anyone — anyone — actually believe the economy grew by nearly 3 percent last year?
(To continue reading this piece, press the “Read More …” icon below).
Bill Wilson is a board member of Americans for Limited Government. Follow him on Twitter @BillWilsonALG.
50 comments
Whatever happened to BigTango? This is right up his ally.
— or “alley”
And I still say potus looks too much like Curious George. No disrespect for your avatar.
All I see is Alfred E. Neuman.
.
You definitely have the “curious” part correctamundo. No disrespect to people who are “curious”.
Don’t worry, we can all answer for him.
*&#^#&*#^ Obama. %%^&*(&*% Democrats. NAZIES. SOCIALISTS. I bet you all miss the Bush boom.
Actually no, I don’t. And again, it depends a lot on what your definition of “better” is.
Goddamnit people, when are you going to stop living in the past with all the Bush this and Bush that bullshit. I have an idea, how about we all start living in the present?
Well my previous post was a joke that obviously went right over your head. But to answer your question, “he who ignores history is bound to repeat it.” One cannot discuss “recovery”, unless we ask, recovery from what? What we are recovering from is the disaster the Republicans and Bush left the economy in. Which is a bit of history people should not forget when they go and vote.
Jan, the housing bust was from the forced securitization of mortgages through FNMA and FHLMC a la Bill Clinton…so let’s start there.
You’re wrong.
Jokes are supposed to be funny.
Jay—
Reporter 1>> The cult members seem totally brainwashed, and still place their blind faith in a false savior offering hollow promises of salvation !
Reporter 2>>> And that concludes our report from the White House.
Jan was just making fun of how BigT religiously touts the glories of the Bush administration.
Smirks— could BigT have been an intern in the Bush white house? If so, if could be the only highlight of his life.
BigT, often imitated, never duplicated.
Smirks— my nightmare last night was that BigT was duplicated on one of those 3D printers. These printers go on my list of things that I will probably never understand:
1> how a plane stays in the air
2> where does electricity go when it isn’t being used
3> when you’re driving 70 mph why doesn’t a fly get smashed on the inside of the rear windshield (although I do know what the last thing a bug sees when it splats on your windshield)
Jan — you omitted A$$
Whatever happened to BigTango? This is right up his ally.
Nolff — or “alley”
Nolff — and I still say potus looks too much like Curious George. No disrespect for your avatar.
All I see is Alfred E. Neuman.
You definitely have the “curious” part correctamundo. No disrespect to people who are “curious”.
Don’t worry, we can all answer for him.
*&#^#&*#^ Obama. %%^&*(&*% Democrats. NAZIES. SOCIALISTS. I bet you all miss the Bush boom.
Actually no, I don’t. And again, it depends a lot on what your definition of “better” is.
Goddamnit people, when are you going to stop living in the past with all the Bush this and Bush that bullshit. I have an idea, how about we all start living in the present?
Well my previous post was a joke that obviously went right over your head. But to answer your question, “he who ignores history is bound to repeat it.” One cannot discuss “recovery”, unless we ask, recovery from what? What we are recovering from is the disaster the Republicans and Bush left the economy in. Which is a bit of history people should not forget when they go and vote.
Jan, the housing bust was from the forced securitization of mortgages through FNMA and FHLMC a la Bill Clinton…so let’s start there.
You’re wrong.
Jokes are supposed to be funny.
Jay—
Reporter 1>> The cult members seem totally brainwashed, and still place their blind faith in a false savior offering hollow promises of salvation !
Reporter 2>> And that concludes our report from the White House.
Jan was just making fun of how BigT religiously touts the glories of the Bush administration.
Smirks— could BigT have been an intern in the Bush white house? If so, if could be the only highlight of his life.
BigT, often imitated, never duplicated.
Smirks— my nightmare last night was that BigT was duplicated on one of those 3D printers. These printers go on my list of things that I will probably never understand:
1> how a plane stays in the air
2> where does electricity go when it isn’t being used
3> when you’re driving 70 mph why doesn’t a fly get smashed on the inside of the rear windshield (although I do know what the last thing is that goes through a bug’s mind when it splats on your windshield)
Jan — you omitted A$$
The great US of A’s economy has been improving from the hell hole it was in in 2008 ever since Obama took over. I know that many do not want to give him any credit and Lord knows a bunch of people have tried all kinds of things to thwart him, but you can’t deny that things are so much better. That does not mean that we still don’t have a ways to go. Hell, even Nikky is trying to spin the recovery as her great work to get people off of welfare since 2008.
Nice try, Bill Wilson
That depends entirely on your definition of “better”
So much better than what, the dark ages?
Wow. I now feel so much better for being unemployed for two years now. Thank you for telling better I’m doing better from when I was employed before 2008. There’s no way I could ever tell. Must be all the lies from people telling me that I’m unemployed. I just can’t figure out why if I’m doing better I don’t get any paychecks.
I can’t wait for the $15/hr job @ McDonalds. I’ve already added to my skill set the ability to say “duh, you want some fries wid thut?” Now if I can just learn how to give change….
Maybe you need retraining or to move to an area of the country where there are more jobs. You cant expect the jobs to come to you. If you have been unemployed for two years you’ve either stopped looking for a job, are unwilling to change what you do for a living, or you need to move. Maybe after 2 years you need to stop blaming the economy.
The great US of A’s economy has been improving from the hell hole it was in in 2008 ever since Obama took over. I know that many do not want to give him any credit and Lord knows a bunch of people have tried all kinds of things to thwart him, but you can’t deny that things are so much better. That does not mean that we still don’t have a ways to go. Hell, even Nikky is trying to spin the recovery as her great work to get people off of welfare since 2008.
Nice try, Bill Wilson
That depends entirely on your definition of “better”
So much better than what, the dark ages?
Wow. I now feel so much better for being unemployed for two years now. Thank you for telling better I’m doing better from when I was employed before 2008. There’s no way I could ever tell. Must be all the lies from people telling me that I’m unemployed. I just can’t figure out why if I’m doing better I don’t get any paychecks.
I can’t wait for the $15/hr job @ McDonalds. I’ve already added to my skill set the ability to say “duh, you want some fries wid thut?” Now if I can just learn how to give change….
Maybe you need retraining or to move to an area of the country where there are more jobs. You cant expect the jobs to come to you. If you have been unemployed for two years you’ve either stopped looking for a job, are unwilling to change what you do for a living, or you need to move. Maybe after 2 years you need to stop blaming the economy.
Insight and erudition.This is why Fits’ blog is the greatest in the Southeast,and will soon take over the nation,if not the world.Bill Wilson ,Amy Lazenby,and,Will Fits ,himself….
Oh my God.It is too good to be true.I hope Mr Wilson didn’t worsen his carpal tunnel syndrome, typing this incredibly laborious yet brilliant opinion piece.’Click More’ ? That would take too much time to truly understand this man’s genius,and we are not worthy..
Insight and erudition.This is why Fits’ blog is the greatest in the Southeast,and will soon take over the nation,if not the world.Bill Wilson ,Amy Lazenby,and,Will Fits ,himself….
Oh my God.It is too good to be true.I hope Mr Wilson didn’t worsen his carpal tunnel syndrome, typing this incredibly laborious yet brilliant opinion piece.’Click More’ ? That would take too much time to truly understand this man’s genius,and we are not worthy..
Maybe if Boehner and his cronies would spend more time on job creation and less on voting to repeal the ACA 40 times they could get something done to help the recovery. They must be brain dead as it wouldn’t pass the Senate and if it did, it would be vetoed. They are the worst, ineffective congressmen ever to be elected.
Maybe if Boehner and his cronies would spend more time on job creation and less on voting to repeal the ACA 40 times they could get something done to help the recovery. They must be brain dead as it wouldn’t pass the Senate and if it did, it would be vetoed. They are the worst, ineffective congressmen ever to be elected.