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posted by martyb on Friday July 27 2018, @08:18AM   Printer-friendly
from the Ian-Betteridge-says-"No" dept.

"White House economic advisers are spreading the word that second-quarter GDP, out Friday, may surpass 4% - the first time growth has hit or exceeded that number since the third quarter of 2014, FOX Business has learned.

Ahead of the data, Trump administration officials are preparing a major victory lap and plan to use the strong data points as proof that the president’s economic policies of lower taxes and deregulation have reversed years of economic malaise that followed the financial crisis and President Barack Obama’s fiscal agenda, according to people close to the White House."

[...] If GDP does surpass 4% on a quarterly basis it will be the first time it has done so since the third quarter of 2014, when it registered 5.2% during Obama’s second term in office. Even so, economic advisers in the Trump administration, such as Larry Kudlow, have blamed Obama’s policies of higher taxes and enhanced regulations for the relatively feeble economic growth during his eight years in office, where GDP never grew above 3% on a yearly basis.

[...] Still, as the White House prepares to tout GDP as evidence of the administration’s economic prowess and progress, some business leaders and economists have expressed doubts that certain fiscal policies, as they relate to trade, may be problematic and soon endanger growth.

Trump has engaged in a trade war with many trading partners, slapping tariffs on foreign goods and materials, and threatening to walk away from the North American Free Trade Agreement [NAFTA], a trade deal the country has with Mexico and Canada.

[...] Many countries have responded with tariffs of their own on U.S. products sold abroad, and there’s growing anecdotal evidence that American manufacturers are being hurt by the tariff war. It’s unclear if the retaliatory tariffs and their negative impact on the sale of U.S. goods abroad will show up in the second-quarter GDP numbers, but most economists believe such policies will ultimately hurt economic growth.

“Without question, tariffs will hit growth in the coming quarters as companies face higher prices and supply bottlenecks, and investment and consumption fall relative to where they would otherwise be,” Benn Steil, senior fellow and director of international economics at the Council on Foreign Relations, tells FOX Business. “The only question is by how much, which depends on how far tariff madness spreads,” he warns.

“I would remind folks that the president's team has already said, ‘There will be no retaliation.’ They've already been wrong,” [CEO of JPMorgan Chase, Jamie] Dimon told CNNMoney. “If I was the president, I'd be a little ticked off at some of my advisers, to tell you the truth.”

foxbusiness.com/economy/us-economic-growth-nears-5-time-to-celebrate


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  • (Score: 3, Insightful) by Anonymous Coward on Friday July 27 2018, @08:28AM (6 children)

    by Anonymous Coward on Friday July 27 2018, @08:28AM (#713590)

    I know that 300,000,000 grains < 2 tonnes, but at the rate the BS pours from His Orangeness, I'm affraid what the amount of salt you need to take will do to your blood pressure. Just take care, folks, OK?

    • (Score: 1, Informative) by Anonymous Coward on Friday July 27 2018, @10:39AM (2 children)

      by Anonymous Coward on Friday July 27 2018, @10:39AM (#713611)

      dude, just take a proper mineral-rich salt so that the raw NaCl doesn't f**k up your blood-pressure and realize that his orangeness is here to deal with our fiscal bankruptcy and to resolve it.

      we're so broke and overextended from pursuing the exceptional-ism canard that we're a 3rd world nation in many ways today. you know one of those that get these bigmouths? that's where we are and why we have this master of bankruptcy and intimi-deal-making at the helm.

      tl;dr; chill, yes its all nuts, but you're not better -- cause its all just kabuki, part of the bulldozing behind trumpish turn-around work. recommend you don protective clothing and search for a summary of the man's own doctrine (art of the deal) and use that as a translation matrix to see/understand what and how he's actually doing ahead of a fiscal/civil melt-down you may not yet perceive as inevitable. (see anacyclosis)

      2000kg / 64,79891mg = 30,86 10^(3-(-3))g .. e.g. real is about a 10th less than what you thought. same with trump -- who's going to spin things as great no matter what. see the f* art of the deal for the decoder ring my man.

      • (Score: 1, Touché) by Anonymous Coward on Friday July 27 2018, @10:55AM

        by Anonymous Coward on Friday July 27 2018, @10:55AM (#713616)

        tl;dr;

        Your tl;dr; is not supposed to be longer than the rest of your post.

      • (Score: 0) by Anonymous Coward on Friday July 27 2018, @11:55AM

        by Anonymous Coward on Friday July 27 2018, @11:55AM (#713634)

        cause its all just kabuki

        It is called bullshit, son, no matter how you turn it.

        (see anacyclosis)

        I can recommend you a phrenologist if you are into this kind of things.

    • (Score: 3, Insightful) by Anonymous Coward on Friday July 27 2018, @10:53AM (2 children)

      by Anonymous Coward on Friday July 27 2018, @10:53AM (#713615)

      Trump would rather climb a tree to tell a lie than stand on the groud to tell the truth.

      • (Score: 2) by fyngyrz on Friday July 27 2018, @01:27PM (1 child)

        by fyngyrz (6567) on Friday July 27 2018, @01:27PM (#713655) Journal

        ...truth...

        ...statistics. Like the unemployment numbers, the US Economic Growth Rate is a profoundly deceptive number. Many will believe it because it suits them to. Certainly not because it represents any real economic gains for the people of this country.

        • (Score: 4, Insightful) by Anonymous Coward on Friday July 27 2018, @02:22PM

          by Anonymous Coward on Friday July 27 2018, @02:22PM (#713681)

          Wouldn't matter if he was talking about the weather, or the score of a game played 10 years ago, or anything else. His casual relationship with the truth means he will lie about some, or all, of what he talks about.

  • (Score: 5, Insightful) by MichaelDavidCrawford on Friday July 27 2018, @08:37AM (28 children)

    It happens that right around now publicly-traded companies are issuing their earnings reports.

    Every Last One Of America's Automakers reported that their profits didn't meet expectations because of Trump's steel and aluminum tariffs.

    While he's promising to give twelve billion dollars to those of our nations farmers who have been hurt by retaliatory tariffs, had Trump not launched a trade war that twelve billion could have been spent in all manner of ways that would have actually benefited our economy - or not spent at all, thereby increasing the available credit a significant increment.

    --
    Yes I Have No Bananas. [gofundme.com]
    • (Score: 2) by c0lo on Friday July 27 2018, @08:44AM (11 children)

      by c0lo (156) on Friday July 27 2018, @08:44AM (#713595) Journal

      Wait until you don't get to pay those zillions of dollars you waste in trade deficit!!1one1!

      You still don't get it, do you? Well, neither do I, but that's inconsequential.
      A certain one not getting it is more problematic.

      --
      https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
      • (Score: 4, Insightful) by MichaelDavidCrawford on Friday July 27 2018, @09:46AM

        we owe it to a bunch of incredibly wealthy people.

        Don't be concerned about America's One Percent.

        Do be concerned about China's.

        --
        Yes I Have No Bananas. [gofundme.com]
      • (Score: 4, Informative) by realDonaldTrump on Friday July 27 2018, @03:12PM (9 children)

        by realDonaldTrump (6614) on Friday July 27 2018, @03:12PM (#713704) Journal

        Perhaps one of the biggest wins of the report, and it is indeed a big one, is that the trade deficit -- very dear to my heart, because we've been ripped off by the world -- has dropped by more than $50 billion. $52 billion to be exact. Think of that, the trade deficit has dropped by more than $50 billion. And that's added, and adding, 1 point to GDP. That's a tremendous drop, we haven't had a drop like that in a long time. You have to go back a LONG TIME to find it!!!

        • (Score: 5, Touché) by Snow on Friday July 27 2018, @05:32PM (6 children)

          by Snow (1601) on Friday July 27 2018, @05:32PM (#713771) Journal

          It would have been a little higher if *SOMEONE* didn't order a bunch of campaign merchandise from China.

          • (Score: 2, Offtopic) by realDonaldTrump on Friday July 27 2018, @05:57PM (5 children)

            by realDonaldTrump (6614) on Friday July 27 2018, @05:57PM (#713780) Journal

            Trust me, everything my campaign sells -- including me -- is 100% Made in USA. If you got one that says Made in China or Made in Kenya you got a Fake. Shop now!!! shop.donaldjtrump.com [donaldjtrump.com]

            • (Score: 4, Insightful) by DeathMonkey on Friday July 27 2018, @06:05PM (4 children)

              by DeathMonkey (1380) on Friday July 27 2018, @06:05PM (#713785) Journal

              Trust me, everything my campaign sells -- including me -- is 100% Made in USA.

              Yes, believe his words and not this video of his flags being made in a Chinese factory:

              Chinese factory rushing to make Trump's 2020 banners in fear of tariffs [usatoday.com]

              "Just remember: what you’re seeing and what you're reading is not what’s happening." - Donald Trump 1:47 PM - Jul 24, 2018

              • (Score: 2, Touché) by Sulla on Friday July 27 2018, @06:14PM

                by Sulla (5173) on Friday July 27 2018, @06:14PM (#713788) Journal

                During the 2016 campaign you could buy either the Trump website MAGA hats made in texas or for half the price you could import ones from Chinese factories on ebay. The chinese don't exactly care about intellectual property and will make whatever they can get away with selling.

                --
                Ceterum censeo Sinae esse delendam
              • (Score: 2, Offtopic) by realDonaldTrump on Friday July 27 2018, @06:48PM (1 child)

                by realDonaldTrump (6614) on Friday July 27 2018, @06:48PM (#713797) Journal

                The banners -- and they're beautiful banners, by the way -- that's something I don't know about. And the guy running the factory -- you look at your story there in the USA Today -- he says, "it unclear whether they are affiliated with Trump's campaign or the Republican party." Means he doesn't know either. Who knows? Maybe nobody knows about that one. We live in the age of computer, nobody knows what's going on anymore. You want I should sue? You know, that's a tremendous idea. I always sue and I always, always win!!!

              • (Score: 1, Informative) by Anonymous Coward on Saturday July 28 2018, @04:51PM

                by Anonymous Coward on Saturday July 28 2018, @04:51PM (#714029)
        • (Score: 3, Informative) by Anonymous Coward on Friday July 27 2018, @05:38PM

          by Anonymous Coward on Friday July 27 2018, @05:38PM (#713773)
        • (Score: 2) by c0lo on Saturday July 28 2018, @02:33AM

          by c0lo (156) on Saturday July 28 2018, @02:33AM (#713908) Journal

          Perhaps one of the biggest wins of the report, and it is indeed a big one, is that the trade deficit -- very dear to my heart, because we've been ripped off by the world -- has dropped by more than $50 billion. $52 billion to be exact.

          Good, that's a measure of how much money you rip from the pockets of the Americans into the federal budget - the importers pay the tax then hike up the price to stay in business.

          --
          https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
    • (Score: 4, Insightful) by Anonymous Coward on Friday July 27 2018, @10:19AM (15 children)

      by Anonymous Coward on Friday July 27 2018, @10:19AM (#713607)

      This is temporary turmoil that happens when you upset the status quo, which had been to let the rest of the world have tariffs while we don't respond.

      Trump offered the EU a tariff-free agreement. They mostly balked at that for now, but they will come around after Trump makes them suffer a bit.

      We weren't fighting a trade war before Trump, but that doesn't mean there wasn't a trade war. We were just losing. We were accepting defeat without putting up a fight. Trump put an end to that, and of course the losers are bitching.

      • (Score: 1) by khallow on Friday July 27 2018, @11:48AM (9 children)

        by khallow (3766) Subscriber Badge on Friday July 27 2018, @11:48AM (#713631) Journal

        We weren't fighting a trade war before Trump, but that doesn't mean there wasn't a trade war. We were just losing.

        Well, tariff wars are certainly a more exciting way to lose trade wars. Notice that the US's disadvantages aren't being addressed at all with this (high cost of living, onerous regulation, high government inefficiency by developed world standards, widespread hostility to business, etc).

        • (Score: 3, Informative) by MichaelDavidCrawford on Friday July 27 2018, @03:23PM (8 children)

          -t.

          May I remind you of Trump's tax cut?

          --
          Yes I Have No Bananas. [gofundme.com]
          • (Score: 3, Interesting) by Anonymous Coward on Friday July 27 2018, @04:00PM (6 children)

            by Anonymous Coward on Friday July 27 2018, @04:00PM (#713718)

            May I remind you of Trump's tax cut?

            Yes, let's remember the tax cuts! Back at the beginning of the year I checked to see how my paycheck fared from this newest tax cut. The bottom line for me was...ummmmm...disappointing. But, on the bright side, at least the 1% have more money to spend on wine and caviar.

            • (Score: 5, Informative) by DeathMonkey on Friday July 27 2018, @04:23PM

              by DeathMonkey (1380) on Friday July 27 2018, @04:23PM (#713729) Journal
            • (Score: 1) by Sulla on Friday July 27 2018, @06:17PM (4 children)

              by Sulla (5173) on Friday July 27 2018, @06:17PM (#713790) Journal

              Yes, thats what happens when you don't adjust your withholdings to match the current tax plan. If you are having problem in your current state you might want to move to a state like Texas where businesses are whining because they are going to be forced to raise wages to find good employees now that everyone has jobs.

              1. Companies get back more of their money
              2. Higher more employees to make more profit
              3. Employment falls
              4. Competition to get employees to make more profit
              5. Forced to pay more for employees to make more profit

              We are at step 4

              --
              Ceterum censeo Sinae esse delendam
              • (Score: 2) by dry on Saturday July 28 2018, @06:14AM (3 children)

                by dry (223) on Saturday July 28 2018, @06:14AM (#713939) Journal

                You forgot step 6, prices go up to pay the workers and make even more profit

                • (Score: 1) by Sulla on Saturday July 28 2018, @06:18AM (2 children)

                  by Sulla (5173) on Saturday July 28 2018, @06:18AM (#713940) Journal

                  If I have to pay more so my neighbor can have a job then fine.

                  --
                  Ceterum censeo Sinae esse delendam
                  • (Score: 2) by dry on Saturday July 28 2018, @06:48AM (1 child)

                    by dry (223) on Saturday July 28 2018, @06:48AM (#713944) Journal

                    And if your neighbor still isn't making a living wage?

                    • (Score: 1) by Sulla on Saturday July 28 2018, @07:39AM

                      by Sulla (5173) on Saturday July 28 2018, @07:39AM (#713947) Journal

                      Would you rather we not try at all?

                      --
                      Ceterum censeo Sinae esse delendam
          • (Score: 1) by khallow on Saturday July 28 2018, @01:15AM

            by khallow (3766) Subscriber Badge on Saturday July 28 2018, @01:15AM (#713898) Journal
            May I remind you of eight years of Obama? Those guys will be back.
      • (Score: 3, Insightful) by zocalo on Friday July 27 2018, @12:51PM (4 children)

        by zocalo (302) on Friday July 27 2018, @12:51PM (#713645)
        Yes, the losers are bitching. On both sides. For every $billion in tariffs Trump has provisionally or actually put on the EU and China, the EU and China have responded in kind, so the net result at the GDP level is ultimately... zero. Well, actually, it's slightly negative, because there are administrative costs and dealing with the tariffs, but that's probably not all that significant amount in comparison with the sum total of the tariffs. At the individual company level that's actually having to deal with those costs though, it's an entirely different matter and the admin burden can become quite significant. At that level, the average position is still the same relatively speaking, only the amount of pain has gone up one both sides; +1 for imports, -1 for exports, -0.1 for admin.

        All this is really doing is raising prices for everyone who buy's the goods that are subject to tarrifs - instead of importing at $x/unit you now have a choice of paying $x+tariffs/unit or buying the presumably more expensive/inferior quality local equivalent (or why import in the first place?) at $y/unit, which results in higher prices or lower standard goods for the consumer, falling demand, and ultimately in a fall in production. So, yes, there are losers, and those losers are going to complain - loudly - and get the media coverage. The *really* interesting part though is the winners - the governments who cream off the extra taxes, and those that are able to actually come out ahead from bailouts/tariff subsidies like Trump's $12b for farmers, or those that can work around the tariffs through shifting production around, playing shell games, or milking the subsidies. That's the list I'd be more interested in, because the people with the most control over it, and thus an opportunity to potentially funnel some money towards cronies, are those that are ultimately setting the subsidies in the first place - e.g. Trump, Barnier, and Jinping. They've all got the opportunity - do you suppose any of them might think they could get away with actually doing it, because if *they* think that they can you bet they're going to do it.
        --
        UNIX? They're not even circumcised! Savages!
        • (Score: 4, Informative) by DeathMonkey on Friday July 27 2018, @04:27PM (1 child)

          by DeathMonkey (1380) on Friday July 27 2018, @04:27PM (#713733) Journal

          For every $billion in tariffs Trump has provisionally or actually put on the EU and China, the EU and China have responded in kind, so the net result at the GDP level is ultimately... zero.

          That's not how GDP works....

          • (Score: 2) by zocalo on Friday July 27 2018, @07:34PM

            by zocalo (302) on Friday July 27 2018, @07:34PM (#713811)
            Yeah, I know; I'm drawing a blank on a concise term for the collective profit/loss of business of a nation (or group of nations in the case of the EU). I was kind of hoping that qualifying GDP with "level" would get my point across that the "revenue" generated by the tariffs are being cancelled out and still incurring extra admin costs but, alas, Soylent has too many pedants. :) Clearly, the knock on effect of that is that prices of the tarriffed products still goes up though, which is going to mean fewer products shipped, and most likely a net loss for the businesses affected - and that *will* have an impact on GDP, so claiming this is an economic victory - or even an improvement - for either side is wrong.

            I think the jury is very much still out on the political victory though. Yes, the EU and and China both need trade with the US, but equally the mainstream political attitude towards the Trump in both the EU and China seems to a mix of bemusement and "we've only got to put up with this clown until 2020. 2024 at worst", entirely ignoring the fact they might get "Trump MkII" in 2024. I expect the political fight to be long, and the economic fall out for businesses to be high.
            --
            UNIX? They're not even circumcised! Savages!
        • (Score: 2) by Arik on Friday July 27 2018, @05:43PM

          by Arik (4543) on Friday July 27 2018, @05:43PM (#713775) Journal
          "For every $billion in tariffs Trump has provisionally or actually put on the EU and China, the EU and China have responded in kind, so the net result at the GDP level is ultimately... zero."

          Yeah, no, that's not how it works at all.

          Tariffs result in overall lower efficiencies so they'll have a negative effect, but not necessarily a large one in comparison to the entire GDP. And they're negative for both parties btw, which is why responding to tariffs with tariffs makes no sense at all economically.

          It makes sense politically, however, and that's what all of this is about. Political maneuvering. If Trump's tariff's are as he seems to intend them a short-lived negotiating tactic that results fairly quickly in a fairer deal going forward, it will have been a success; but if the tariffs and counter-tariffs linger on for years with both parties dug in then it will have been a failure.
          --
          If laughter is the best medicine, who are the best doctors?
        • (Score: 1, Interesting) by Anonymous Coward on Saturday July 28 2018, @03:28PM

          by Anonymous Coward on Saturday July 28 2018, @03:28PM (#714009)

          the winners - the governments who cream off the extra taxes

          This means more stuff or lower income taxes. It isn't bad at all.

          Prior to World War I, the USA was funded by tariffs. There was no income tax. Wouldn't that be great again? People who simply must dine on Italian ham will pay the tariffs, and the rest of us go tax-free by buying American.

  • (Score: 5, Informative) by AndyTheAbsurd on Friday July 27 2018, @09:24AM (11 children)

    by AndyTheAbsurd (3958) on Friday July 27 2018, @09:24AM (#713602) Journal

    Donald Trump is lying. How can I tell? He continues to exist.

    Wage growth is stagnant to negative. [nymag.com]

    Trump administration previously lied about GDP growth in first quarter [wsj.com], Trump has a pattern of lying; I'm not going to believe that 4% number until the actual numbers are out and reviewed by experts.

    --
    Please note my username before responding. You may have been trolled.
    • (Score: 4, Insightful) by The Mighty Buzzard on Friday July 27 2018, @10:49AM (3 children)

      It's best to ignore bragged upon growth numbers anyway. Presidents have the ability to tank an economy fairly quickly but there's very little they can do to help it besides removing obviously harmful policies over the short term. They can help it, mind you, but their help generally falls within the range of normal varations in the economy over the short term, so claiming a win is nearly never strongly arguable.

      --
      My rights don't end where your fear begins.
      • (Score: 4, Interesting) by bob_super on Friday July 27 2018, @05:18PM (2 children)

        by bob_super (1357) on Friday July 27 2018, @05:18PM (#713760)

        Presidents can help the economy short-term by piling on debt, to inject cash into the system.
        That's supposed to be for recession woes, and be paid off when the economy is growing. I'm not holding my breath that the trumpeting of growth will be followed by tax measures to shrink that debt (that same debt that Obama was only growing to ruin the country, but now is OK, because it's their tax cut).
        I just wish eligible voters were less stupid (the ones who vote and the ones who don't).

        The R side s like a 7 year-old having too much cake and candy, and the D side, for all their general incompetence, will be left with yet another mess to clean up (see: post-W).

        • (Score: 3, Insightful) by The Mighty Buzzard on Saturday July 28 2018, @12:58AM

          No D in my lifetime has done anything about overspending, so I don't see that happening with any subsequent ones. No, don't bother mentioning Clinton. That was the dot com boom and he had nothing to do with it except for his veep inventing the Internet.

          --
          My rights don't end where your fear begins.
        • (Score: 3, Insightful) by Runaway1956 on Saturday July 28 2018, @01:44AM

          by Runaway1956 (2926) Subscriber Badge on Saturday July 28 2018, @01:44AM (#713905) Journal

          If there were doctors for economies, I don't think their hippocratic oaths would permit them to pile up debt and/or inject cash into the system. That crap is harmful in the long run. In various countries, wheelbarrows of cash couldn't buy a loaf of bread. Our government is so proud of their ability to "control inflation", but compare the price of a loaf of bread today, to any decade in the 1900's. I can remember my grandmother being outraged that a loaf of bread then cost about thirty cents.

          --
          We're gonna be able to vacation in Gaza, Cuba, Venezuela, Iran and maybe Minnesota soon. Incredible times.
    • (Score: 2, Informative) by khallow on Friday July 27 2018, @12:14PM

      by khallow (3766) Subscriber Badge on Friday July 27 2018, @12:14PM (#713637) Journal

      Wage growth is stagnant to negative.

      And? Wage growth would be expected to lag low employment. I think a better complaint is that any economic growth will be pulled down by the trade war that is brewing. We'll see.

    • (Score: 3, Informative) by DeathMonkey on Friday July 27 2018, @05:22PM (3 children)

      by DeathMonkey (1380) on Friday July 27 2018, @05:22PM (#713762) Journal

      Trump administration previously lied about GDP growth in first quarter

      Yep, Trump lied and said it was 3.2, and reality turned out to be 2.0. I'm sure he's telling the truth this time though!

      "Watch those GDP numbers. We started off at a very low number, and right now we hit a 3.2 (percent). Nobody thought that was possible."
      — Donald Trump on Thursday, June 28th, 2018 in a speech in Mount Pleasant, Wis.

      U.S. first-quarter GDP growth was 2 percent [reuters.com]

      • (Score: 3, Informative) by Thexalon on Friday July 27 2018, @06:16PM (2 children)

        by Thexalon (636) on Friday July 27 2018, @06:16PM (#713789)

        And the number I just saw reported was 4.1% [bloomberg.com], which, although this seems to come as a surprise to Trump and many of his supporters, remains quite a bit less than 5%.

        --
        "Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
        • (Score: 1) by Sulla on Friday July 27 2018, @06:20PM (1 child)

          by Sulla (5173) on Friday July 27 2018, @06:20PM (#713791) Journal

          In the speech he gave last night at a US steel factory he said he expected between 3.7 and 4.2 based on what he was being told. He commented that he saw one newspaper saying that it might even reach five to which he said "Wow, wouldn't that be nice?"

          --
          Ceterum censeo Sinae esse delendam
          • (Score: 4, Funny) by DeathMonkey on Friday July 27 2018, @06:43PM

            by DeathMonkey (1380) on Friday July 27 2018, @06:43PM (#713796) Journal

            He commented that he saw one newspaper saying that it might even reach five...

            Trump claimed to read a newspaper? One more lie onto the pile...

    • (Score: 2) by HiThere on Friday July 27 2018, @05:27PM

      by HiThere (866) on Friday July 27 2018, @05:27PM (#713767) Journal

      Your evidence isn't evidence. A rising GDP wouldn't say anything about how it was distributed.

      It's quite appropriate to be skeptical about the claim of a rising GDP, but that wages have stagnated or declined isn't evidence. It's quite possible that all the increase (if it exists) was scooped up by a few well connected people, and that wouldn't mean the GDP wasn't rising...it would just mean that *you* (a very plural you) did not benefit.

      --
      Javascript is what you use to allow unknown third parties to run software you have no idea about on your computer.
    • (Score: 2) by All Your Lawn Are Belong To Us on Friday July 27 2018, @08:39PM

      by All Your Lawn Are Belong To Us (6553) on Friday July 27 2018, @08:39PM (#713827) Journal

      Actually, it's the Bureau of Economic Analysis of the U.S. Department of Commerce [bea.gov] that is putting out the number. As they do every quarter. And yes they do periodically correct the numbers released on back quarters. That's a regular feature of what they do.
          None of that is Trump's doing in particular.

      Trump's crowing about it like he's personally responsible for it.... that you may disregard at your pleasure.

      --
      This sig for rent.
  • (Score: 0, Troll) by JoeMerchant on Friday July 27 2018, @11:50AM (9 children)

    by JoeMerchant (3937) on Friday July 27 2018, @11:50AM (#713632)

    If you heat the economy up enough, you can have a huge bust after you leave office (like Clinton did).

    My crystal ball is cloudy, but I suspect we're looking at a blue win in 2020 - would not surprise me if the economy is primed for a crash in 2021. Hopefully the blues won't start a war in response.

    --
    🌻🌻🌻🌻 [google.com]
    • (Score: 4, Insightful) by Thexalon on Friday July 27 2018, @02:57PM

      by Thexalon (636) on Friday July 27 2018, @02:57PM (#713699)

      They won't need to start a war in response: I can guarantee you that Team Red learned very well the lessons of 2004, namely that if you start a war close enough to Election Day you will win even if you've managed to completely screw up everything else. And of course nobody will resist your calls for war, because that would "project weakness".

      --
      "Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
    • (Score: 5, Insightful) by NewNic on Friday July 27 2018, @03:02PM (7 children)

      by NewNic (6420) on Friday July 27 2018, @03:02PM (#713702) Journal

      If you heat the economy up enough, you can have a huge bust after you leave office (like Clinton did).

      Are you talking about the financial meltdown that happened 6 years after Bush became President?

      Perhaps, if Bush hadn't siphoned trillions of dollars out of the economy to waste on a war and reconstruction in the Middle East, there would not have been a meltdown?

      --
      lib·er·tar·i·an·ism ˌlibərˈterēənizəm/ noun: Magical thinking that useful idiots mistake for serious political theory
      • (Score: 2) by JoeMerchant on Friday July 27 2018, @03:32PM (6 children)

        by JoeMerchant (3937) on Friday July 27 2018, @03:32PM (#713710)

        I'm talking about the .com crash and ensuing recession that everybody knew was coming. Al Gore even commented that he wasn't sure he wanted to win because it was sure to be a rough ride.

        .com was great fun while it was happening - we were having satellite calls with investors on their yachts in the South Pacific - people like that were opening their piggy banks in a way that hadn't happened, perhaps ever before. Alas, all good bubbles must come to an end.

        --
        🌻🌻🌻🌻 [google.com]
        • (Score: 2) by bob_super on Friday July 27 2018, @05:21PM (4 children)

          by bob_super (1357) on Friday July 27 2018, @05:21PM (#713761)

          .com was a small bump compared to what W left for Obama.
          Worse, it was an excuse to cut taxes, just as the aforementioned Middle-East silliness was about to start.

          • (Score: 3, Interesting) by JoeMerchant on Friday July 27 2018, @05:48PM

            by JoeMerchant (3937) on Friday July 27 2018, @05:48PM (#713778)

            My favorite stat from GWII: the budget for fuel for air conditioning for our boys in theater, just fuel for climate control, not equipment, not fuel for other operations, exceeded the NASA budget for more than a year. I was living in Houston when W got re-elected, it was a depressing time.

            --
            🌻🌻🌻🌻 [google.com]
          • (Score: 5, Informative) by Thexalon on Friday July 27 2018, @06:25PM (2 children)

            by Thexalon (636) on Friday July 27 2018, @06:25PM (#713792)

            Worse, it was an excuse to cut taxes, just as the aforementioned Middle-East silliness was about to start.

            You seem to not understand this aspect of how the GOP works when it comes to economic policies:
            1. Times are bad: "We really need to cut taxes to stimulate more growth, which will fix our economic woes"
            2. Times are good: "We can now afford to cut taxes, because times are good and that's generating more government revenue"
            It's a remarkable consistency: No matter what the situation, the policy response is always to cut taxes, and the only thing that changes is the excuses to do it.

            The second part of the playbook, which comes out whenever a Democrat is president, is this: "Oh no! There's a huge deficit, which of course has absolutely nothing to do with all those tax cuts we've been passing. The only way to fix it is to cut all federal welfare spending, and in particular get rid of Social Security, Medicare, and Medicaid! And don't even think about cutting spending on the military's latest toys: The super-expensive combat aircraft that can't fly, the tanks the army didn't ask for, the ships that can be taken out with a single relatively inexpensive missile, and so forth." They've been banging this drum since at least the 1980's.

            --
            "Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
            • (Score: 1, Insightful) by Anonymous Coward on Friday July 27 2018, @10:48PM (1 child)

              by Anonymous Coward on Friday July 27 2018, @10:48PM (#713863)

              When has a D ever proposed to *not* raise taxes? Seems that you've been sold a bill of goods.

              • (Score: 2, Insightful) by khallow on Saturday July 28 2018, @12:49AM

                by khallow (3766) Subscriber Badge on Saturday July 28 2018, @12:49AM (#713893) Journal
                Got to agree. And destroy those social programs? Not happening by anyone who is remotely electable.
        • (Score: 2, Informative) by jmorris on Friday July 27 2018, @05:24PM

          by jmorris (4844) on Friday July 27 2018, @05:24PM (#713765)

          Yup, that triggers a memory I can use for the daily reminder that the MSM is #FakeNews. It was surreal in 2000 to watch cable news.

          [click] This is CNN. We must elect Al Gore to continue the wonderful, stupendous growth of the Clinton Era.

          [click] Welcome back to the NEW (New Economy Watch) Show on CNNFN (CNN Financial Network. Itself a casualty of the .bomb). Weesa all gonna die! Oh God no! Make it stop!

          [click] Things have never been so awesome! Why would we want to risk letting the ebil Nazi Republicans who created the dystopian horror of the Reagan / Bush years that Clinton has saved us from back in power. Back to you Wolf.

          [click] Oh NO! Another unicorn CEO just got impaled by enraged investors and paraded around the stock market floor after admitting that revenue wasn't something they had even thought about needing. It is a bloodbath! Will there be any survivors? Back to you Ali.

  • (Score: 1, Funny) by Anonymous Coward on Friday July 27 2018, @02:30PM (1 child)

    by Anonymous Coward on Friday July 27 2018, @02:30PM (#713684)

    It's Obama's fault.

    • (Score: 1, Funny) by Anonymous Coward on Friday July 27 2018, @04:08PM

      by Anonymous Coward on Friday July 27 2018, @04:08PM (#713722)

      It's Obama's fault.

      Congratulations! You win the internet for the day. Go grab yourself a cookie.

  • (Score: 2, Insightful) by realDonaldTrump on Friday July 27 2018, @02:48PM (1 child)

    by realDonaldTrump (6614) on Friday July 27 2018, @02:48PM (#713696) Journal

    📺 youtu.be/pSPOl2VulIQ [youtu.be]

    • (Score: 0) by Anonymous Coward on Friday July 27 2018, @02:59PM

      by Anonymous Coward on Friday July 27 2018, @02:59PM (#713700)

      I try my best to not see your pudgy dead eyed face, watching you lie to the American people doesn't warrant violating that policy.

  • (Score: 4, Funny) by ilPapa on Friday July 27 2018, @03:30PM (3 children)

    by ilPapa (2366) on Friday July 27 2018, @03:30PM (#713708) Journal

    Trump has created economic growth never seen before, especially not under any black presidents.

    Wait, who was president in 2014 again? Can we edit the history books to show that Trump was elected in 2012? Someone call Vlad and ask if that can be done.

    --
    You are still welcome on my lawn.
    • (Score: 2) by DeathMonkey on Friday July 27 2018, @05:28PM

      by DeathMonkey (1380) on Friday July 27 2018, @05:28PM (#713768) Journal

      Yeah, but that was back when GDP growth was FAKE NEWS.

    • (Score: 2) by Thexalon on Friday July 27 2018, @06:29PM

      by Thexalon (636) on Friday July 27 2018, @06:29PM (#713794)

      Wait, who was president in 2014 again? Can we edit the history books to show that Trump was elected in 2012? Someone call Vlad and ask if that can be done.

      You don't need Vlad to make that happen: Just send the appropriate message to MiniTru. Whoever controls the present controls the past, right?

      --
      "Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
    • (Score: 1, Insightful) by Anonymous Coward on Friday July 27 2018, @11:30PM

      by Anonymous Coward on Friday July 27 2018, @11:30PM (#713875)

      Obama did a very good job of growing the government that year and claiming that was apart of GDP. Maybe if Trump grew the government we could hit 6%!

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