Sunday, July 31, 2016

"Recovery Remains the Weakest of the Post-World War II Era"

WSJIn terms of average annual growth, the pace of this expansion has been by far the weakest of any since 1949. (And for which we have quarterly data.) The economy has grown at a 2.1% annual rate since the U.S. recovery began in mid-2009, according to gross-domestic-product data the Commerce Department released Friday.

The current expansion remains smaller than the one during Richard Nixon‘s administration. And that 16% expansion lasted just three years. The economy grew 18% from 2001 through 2007. It grew 52% from 1961 through 1969.

So far, it has occurred entirely during Barack Obama‘s time in the Oval Office, making it the longest expansion under a single president. The growth streak would need to extend just a little more than halfway through the next president’s term to achieve a modern record. (read the whole thing)

Some years back a frustrated Rush Limbaugh explained Obama's approval numbers, despite poor economy.


chickelit said...

What Rush's current thinking on Trump? I haven't listened to him for ages.

rhhardin said...

Obamacare, which is chiefly killing the economy, is itself falling apart, in a slight irony.

rhhardin said...

Rush has been hard to listen to since he went serious on the left instead of mocking them, owing to his no longer being entertaining.

Mostly he talks about the MSM and the left, but on important things is not a great analyst, like economics and morality.

More jokes, less analysis, would do him better.

His larger-than-life persona, which is self-deprecating, seems to have disappeared.

ndspinelli said...

Hopefully Ivanka or one on Trumps kids tells him THIS is what he needs to be talking about!!!

ndspinelli said...

Rush stopped being funny when he stopped taking pills. He's now an angry white knuckler.

rhhardin said...

I have years of Rush saved on the external HD, and culled out a list of all 99 Steyn-hosted shows, which I can play a random one of on command; in fact am listening to one of at the moment. June 4, 2013

$ wc $STEYN
99 99 3267 /home/win95rm/rhh/rmstuff/steyn.ram

Those tend to be entertaining.

edutcher said...

And you know a lot of those numbers are as phony as the unemployment stats.

This is a Depression and nobody has the guts to say it.

AllenS said...

You can overcome a bad economy by simply spending a billion or more dollars every year that we don't have, and as edutcher has pointed out, nobody has the guts to say it.

edutcher said...

Yeah, but they don't want to do that. they want to do to white people what LBJ did to black people.

PS Why all the talk from the Left (and Romney) about Trump winning is for real.

And why he can carry every state that has a coal industry.

Stupid Hillary tells coal miners their jobs will go away.

PPS How elections are won. Trump will win on ideas, not ads.

For those, and you know who she is, who want Trump to match Hillary ad for ad, riddle me this:

Saw a couple of goofy Hillary ads - after 11 on Friday night on TNT. How many people saw those (watching the Olivia fest on TCM and flipped over to see what else was on)?

If that's how she's using all that slush money, she's just throwing it in the air.

ndspinelli said...

You hammer ECONOMY, ECONOMY, ECONOMY, every fucking day. They are body blows to the Clinton/Obama Administration. Marciano went to the body early and it paid off late. Marciano was smart and focused. ed is correct, the economy is worse than reported. Shit, the MSM is not even reporting on this. So Trump gets a twofer, he slams the economy and the press for not reporting.

chickelit said...

We watched "The Big Short" last night. Lots of parallels in there.

edutcher said...
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edutcher said...

OK, the manufactured polls are coming out showing Hillary's "bounce" (someone will be thrilled), but here's an interesting one, off, of all places, WikiLeaks.

How does Trump 50, Hillary 22 grab you?

Greenies 16, Libertarians 12

You'd think the Demos would have done a bit better. How much of the Greenies comes out of Hillary's hide, I'm wondering

edutcher said...

And this is interesting.

2 days after the convention and Clinton/Kaine cancel Cleveland appearance.

What's up, Doc?

rcocean said...

Because of immigration and the number of racial/ethnic minorities you have more "yellow dog" Democrats than ever before.

45% of the country will vote (D) no matter what.

That's reality.

edutcher said...

Is it?

There seems to be a lot of real concern about how the blacks and Hispanics turn out.

If they do.

Leland said...

I'm no economic expert, but my own opinion is that the economy will continue to slow as interest rates get lower. We've passed some threshold in which investing changes. Sure, I'll get a 5 year note on a car or 30 year not on a house; because of the low rate. But the rich will lease, and the poor will still fail to make payments (because it is not about coming from rich or poor, but about personal responsibility). In the mean time, the middle class has shrunk, and they are the ones that would grow an economy with the type of investment that should be, in theory, expanding.

edutcher said...

Good point.

Bernanke and Yellen kept rates high to keep things going at all. Once they go down, the crash Trump and a lot of people have been saying is coming will hit.

ndspinelli said...

Good analysis Leland.

rcocean said...

Usually, you jump start the economy but cutting rates. Now, that tool can't be used. If we get into another rescission it'll be hard to get out of.

Nor can we keep pilling up trillions of debt forever. At some point, the music will have to stop, and it won't be pretty.

Rhythm and Balls said...

How can Obama's approval rating is still over 50% with the economy so terrible. Worst recovery since 1949.

I think it has something to do with something called "Congress." Yes, we know what you're up to - no matter how much you like to pretend that you're not and that you can say it's JUST THE BLACK GUY'S FAULT! Yep, the bad rating correctly falls on them, instead. They are responsible for this mess.

edutcher said...

No, it's called skew. People aren't that sophisticated.

They give him a skew the way they give Cacklepants a skew. Take 8 points away and he's in Dubya territory.