Galt's Gulch

I never would have guessed

Posted by $ blarman 9 years, 11 months ago to Economics
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2.9% SHRINKAGE of GDP?

That's not good - no matter how Bloomberg wants to spin things.
SOURCE URL: http://www.businessweek.com/articles/2014-06-25/good-news-on-health-care-spending-is-making-u-dot-s-dot-gdp-look-bad?campaign_id=DN062514

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  • Posted by LetsShrug 9 years, 11 months ago
    People are shrugging, so they're spending less. And the job numbers should prove that. IF they were honest about things.
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    • Posted by Robbie53024 9 years, 11 months ago
      Shrugging implies an intentional act. Most of these folks aren't intentionally removing themselves from productive activity - they've had it thrust upon them.
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      • Posted by LetsShrug 9 years, 11 months ago
        Perhaps...but I think many have decided to remove themselves or work less to avoid high taxation even if they don't know it's 'shrugging'. Intentional or otherwise they aren't working to full capacity and the effect is the same. I also wonder about the expat affect.
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  • Posted by wiggys 9 years, 11 months ago
    according to government statistics there are and I believe the number to be low 50 million on welfare who never did have a job. another 100 million who either did not have a job or lost their job who supposedly would like to work also on welfare. they in this large group don't have extra money to drive wantonly around so their spending on gas is down, then they need food which is increasing in cost. with hospitals closing no wonder those in need don't get any health care since there is no place to go unless it is absolutely necessary. the situation is in fact far worse than the media presents it. we are in free fall economically.
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  • Posted by johnpe1 9 years, 11 months ago
    people might be putting things off -- like that elective
    surgery, that trip to the dentist, that car trade, that trip
    to the beach ... waiting for the end of the recession
    which never comes. -- j

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    • Posted by wiggys 9 years, 11 months ago
      John,
      you are very correct about the recession never ending. those whom we have put in charge working in government do not recognize that THEY are the reason for this looming or ongoing financial disaster.
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      • Posted by johnpe1 9 years, 11 months ago
        you bet! it's their calculation that the golden goose
        will endure regardless of their Keynsian games and
        social-justice theft;;; I think that they're conducting
        an experiment, while they have the power, to see
        how far they can go before the goose goes lame.

        they might find that the farmers love their goose
        and have a vote in this "game" too!!! -- j

        p.s. unless Hillary is elected, this power is transitory,
        because it's dependent on "racism" for disagreeing
        with BHO! (with HRC as president, it would be sexism)

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  • Posted by teri-amborn 9 years, 11 months ago
    The older folks in the 'hood speak of "making do".
    I think that's what's happening to this Keynesian economic system.
    Folks know that spending what you don't have is what's gotten this country into trouble. Awareness is up.
    In addition, the first wave of "baby boomers" is retiring ... along with their brainpower.
    Shrugging IS taking place!
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