GDP beat second quarter estimates of 1 percent easily. However, the BEA revised first quarter growth down from 1.7% to 1.1%. Is this a good thing, a bad thing, or nonsense?
What that means is that there isn't much of a multiplier effect for the economy from quantitative easing - it basically boosts the economy by $1 for every $1 worth of quantitative easing the Fed does.
Over 90 percent of the decline is directly attributable to the tax hikes that went into effect in 2013, including the Social Security payroll tax hike, the various Obamacare tax hikes and President Obama's desired tax hikes upon high income earners and investments that were part of the fiscal cliff tax deal at the beginning of the year, all of which applied at the federal government level.
President Barack Obama approved an increase in the so-called “social cost of carbon” calculation to $38 a metric ton. This number is used by government bureaucrats to weigh the cost and benefit of proposed projects, regulations and environmental laws; all without the hassle of actually understanding economics
Government spending certainly helps the government-dependent parts of the U.S. economy. But most Americans live in the private economy, and so they might like to know how government budget actions affect the economy that they live in.
Congressional Democrats, occasional political pundits and even (Gasp!) the media might be figuring out that Obamacare is – in fact – a monster. James Pethokoukis, with AEI, also joined the program to discuss GDP and what the economy can expect moving forward.
Anticipating the future is very difficult, and investors are always guessing and always updating their guesses, but almost never getting their forecasts of the future exactly right. Investors tend to anticipate future changes in GDP growth, but inexactly.
Never mind that Spanish unemployment is 26.6% and youth unemployment exceeds 55%. The nannycrats wants Spain to hike taxes even more to make up for budget shortfalls.
With the GDP data finalized for the time being, we can now project forward to anticipate what real growth the U.S. economy can expect in the first quarter of 2013
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