Author Topic: U.S. economy contracted almost 3% in first quarter  (Read 307 times)

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Offline rangerrebew

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U.S. economy contracted almost 3% in first quarter
« on: June 25, 2014, 10:16:02 AM »


U.S. economy contracted almost 3% in first quarter
Posted on June 25, 2014 at 9:55 am 


NBC News

[Ed. - Obama still gets credit for adding 10 new jobs.]

The U.S. economy contracted much more than previously thought during the first quarter of this year, revised estimates show. Rather than the 1 percent growth the Commerce Department reported last month, gross domestic product fell by 2.9 percent, the worst performance in five years. That brings total growth down by three percent since the government first reported its estimates in April. There hasn’t been a larger difference between the second and third revised estimates in 38 years, the Commerce Department said on Wednesday. While the economy’s woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. The latest revisions reflect a weaker pace of healthcare spending than previously assumed. Trade was also a bigger drag on the economy than previously thought.

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"Of all the dispositions and habits which lead to political prosperity, religion and morality are indispensable supports. In vain would that man claim tribute to patriotism who should labor to subvert these great pillars of human happiness -- these firmest props of the duties of men and citizens. . . . reason and experience both forbid us to expect that national morality can prevail in exclusion of religious principles."
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Online Bigun

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #1 on: June 25, 2014, 10:18:26 AM »
Anyone surprised??

Offline GourmetDan

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #2 on: June 25, 2014, 10:29:00 AM »

If that's just the quarter and not annualized, 3% is a huge contraction.  Not good at all...


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Online Bigun

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #3 on: June 25, 2014, 12:46:18 PM »
If that's just the quarter and not annualized, 3% is a huge contraction.  Not good at all...

Gee! You really think so? The White House is jubilant over it since they are now sure that what they have been trying to do for six years now is working!!
« Last Edit: June 25, 2014, 12:51:36 PM by Bigun »

Offline Chieftain

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #4 on: June 25, 2014, 12:49:38 PM »
#BlameBush'sWeatherMachine

 :smokin:

Online Bigun

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #5 on: June 25, 2014, 12:59:49 PM »
Here is why it happened if anyone is interested!


Offline Chieftain

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #6 on: June 25, 2014, 01:02:44 PM »
That makes no sense Bigun......how is that possible???

Online Bigun

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #7 on: June 25, 2014, 01:17:09 PM »
That makes no sense Bigun......how is that possible???

It is possible because Healthcare services have gone from contributing to the economy to a DRAG on the economy!

Offline rangerrebew

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Re: U.S. economy contracted almost 3% in first quarter
« Reply #8 on: June 25, 2014, 01:22:58 PM »
It is possible because Healthcare services have gone from contributing to the economy to a DRAG on the economy!

Kind of like the person for which it is named? :peeonobama:
"Of all the dispositions and habits which lead to political prosperity, religion and morality are indispensable supports. In vain would that man claim tribute to patriotism who should labor to subvert these great pillars of human happiness -- these firmest props of the duties of men and citizens. . . . reason and experience both forbid us to expect that national morality can prevail in exclusion of religious principles."
George Washington

"Only a virtuous people are capable of freedom. As nations become more corrupt and vicious, they have more need of masters."
Benjamin Franklin


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