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Obama On 4Q GDP Growth: "A Stark Improvement"


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Old 01-29-2010, 07:07 PM
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Default Obama On 4Q GDP Growth: "A Stark Improvement"

President Obama hailed today's report that the US economy grew at 5.7% in the 4th quarter of 2009, calling it "a stark improvement" over a year ago and validation of his "swift and aggressive" economic policies.

The real story:
GDP figure based on "Inventory levels" weight 80% (Inventory being stored indicates product not being sold)
Unemployment increase - up
Business shut downs - up
Business bankruptcy - up
National debt - up (1.7 Trillion today)
Size of government - up
Home foreclosures - up
Change we can believe in -

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Old 01-29-2010, 07:29 PM
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Sorry, I missed this part of my last post.

If the GDP report was so good, why:
Has the DJIA lost $618,267.00 in the last 10 days?
Has Nasdak lost $173.00 in the last 10 days?
Has S&P 500 lost $76.13 in the last 10 days?

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Old 01-29-2010, 11:17 PM
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The only thing I can come up with is when the economy takes such a big nose dive, if there is even a little blip of improvement, some how statistically, it is spun to make it look amazing.

We are still losing jobs which is bad.

I saw today in an article that Obama may institute a $5,000 tax credit for each new hire your company does?

Did anyone see this?
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Old 01-29-2010, 11:56 PM
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Originally Posted by Steve View Post
The only thing I can come up with is when the economy takes such a big nose dive, if there is even a little blip of improvement, some how statistically, it is spun to make it look amazing.

We are still losing jobs which is bad.

I saw today in an article that Obama may institute a $5,000 tax credit for each new hire your company does?

Did anyone see this?
BALTIMORE -President Barack Obama on Friday proposed $33 billion in tax credits to coax small businesses into hiring workers as he underscored his commitment to pushing job creation to the top of his agenda.
 
With public frustration over double-digit unemployment eroding his popularity, Obama has begun rolling out initiatives aimed at backing up his jobs pledge made in his economy-focused State of the Union Address earlier this week.
 
The latest proposal calls for a $5,000 tax credit for every net new worker hired in 2010. The amount would be capped at $500,000 per firm to make sure that the bulk of the benefits go to small businesses.
 
But he insisted that more work was needed to spur employment and urged the U.S. Senate to push ahead with jobs legislation. The House of Representatives approved a $155 billion jobs bill in December.
 
Obama said his tax credit proposal could help small businesses to hire workers while lowering their taxes. He estimated that more than 1 million small businesses could benefit.
 
The reality is of course not so rosy. Before small business can hire more people, they have to have the business to do so.. A $5k tax credit will only pay for a $500 per week employee for 2.5 months (less when SS and SSI are figured in) and the employer has to wait until 2011 to get the credit.

The truth is, if there were enough business to hire, it would have happened.

What we need is a true jobs bill. The last "jobs bill", called the "stimulus" bill spent $787 Billion for job creation and didn't produce 1 permanent, full-time, private sector job! Small business is private sector and this administration isn't interested in non-union or non-government jobs! It doesn't support them and never will.

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