White House sees Q2 GDP showing signs of progress

[Joanne98]

Source: Reuters

WASHINGTON, July 19 (Reuters) - Second-quarter U.S. gross domestic product figures are likely to be better than the first quarter, showing some signs of improvements in the economy, White House Budget Director Peter Orszag said on Sunday.
First quarter GDP, which measures total output within U.S. borders, contracted slightly less at a 5.5 percent annual rate instead of the previously reported 5.7 percent, the U.S. Commerce Department said on June 25.

"The second quarter GDP numbers, even though they're likely to still show a decline, are likely to look a lot better than the first quarter, which is a sign of progress," Orszag told CNN.

"Mixed messages are part of what happens during these kinds of periods, where a sense of free fall's over, but we're not yet at point of sustained growth," he added.


Read more: http://www.reuters.com/article/economicNews/idUSN1952947620090719

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Their saying that because of THIS!



The Fed Sees Increasing Unemployment As A Positive For GDP
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x67353

[Hydra]

1. "Jobless recovery"

Mission Accomplished, yet again.

[timeforpeace]

2. Thousands of lives have been saved by people not being killed in traffic accidents on their way to

work, due to not having jobs and all.

[Zynx]

3. Regarding your link to the Fed minutes:

That's really not what that table is saying at all.

They simultaneously upped their GDP growth projections and unemployment projections because unemployment is already higher than they had anticipated in April, but the prospects for growth, in their estimation, are better than they had thought.

Also, and more importantly, the forecast might be saying that higher than previously estimated growth is needed to reduce unemployment or to stop it from rising. Growth moves unemployment, not the other way around.

Additionally, with regards to this story, there is no doubt at all that growth in the second quarter was nowhere near as bad as it was in the first. You would struggle to find someone who would say that it was worse.

[Pharlo]

4. Well, I'm not an economics guru, but

"The second quarter GDP numbers, even though they're likely to still show a decline, are likely to look a lot better than the first quarter, which is a sign of progress," Orszag told CNN.

Sounds an awful lot like the 'while unemployment went up, it didn't go up as much as last month, so that is progress' argument.

It still means the GDP is down. Just like the other means unemployment is still up. Just because it's not down as far as the preceding recorded number doesn't necessarily mean things are 'better', or even 'improving'. Down is still down, just as in the case of unemployment, up is still up

Real progress is being made when the numbers show the GDP is going in a positive direction. Until then, they're just trying to spin a bad showing. Spun BS is still BS.

[Teaser]

8. calculus fail

.

[girl gone mad]

10. More second derivative nonsense.

Sorry, but it's a punchline at this point.

[On the Road]

9. Yes, That is the Argment

It's a legitimate argument.

Most recoveries take a fairly predictable course. No one knows the bottom until it happens, but a slowing rate of decline is a good sign. 3Q might even be neutral. Increased corporate profits mean they can start hiring again sooner than expected, and the stock market rally has created a wealth effect that will increase demand.

[Joanne98]

5. Confessions of an Economic Hitman.. John Perkins on the GDP numbers

In the preface of his book, he says,
"Economic hit men (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAIS), and other foreign "aid" organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet's natural resources. Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex and murder. They play a game as old as empire, but one that has taken on new terrifying dimenisions during this time of globalization."
--- " I should know; I was an EHM. "
You can get The Confessions of an Economic Hit Man at your public library. Read it before you vote.
Reference http://www.bizarrepolitics.com/confessions-for-history

http://ezinearticles.com/?id=919326

He's says the GDP numbers are a sham.

The problem I have with them is they only grow when the money goes to the top!

[Grinchie]

6. So, factor in the Real rate of Inflation and contraction is about 15%

Yep, things are looking Great!

With all the unemployment, those darn workers will be a lot more willing to take lowers wages along with their GMO French Fries and Deep Fried Snickers Bars in a Cup.

Hooray, good times are here again!

[4dsc]

7. They are only kidding themselves

With millions under and unemployed with no REAL prospect of getting good paying jobs, this economy is going to be in the crapper for a long time.