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The Depression-Era 1930s—1, The Obama ‘Recovery’—Ø

Thanks to the government's comprehensive revision.

by
Tom Blumer

Bio

July 31, 2014 - 8:48 am
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obamaville_11-21-11

Rather than allow the establishment press to be the nation’s lone voice on the U.S. economy — predictably chortling that it “has rebounded with vigor” after one supposedly good quarter showing 4 percent annualized growth — let’s take a look at what else the government’s Gross Domestic Product data released Wednesday revealed.

In addition to disclosing that the first quarter’s contraction, at an annualized 2.1 percent, was not quite as awful as once thought, the Bureau of Economic Analysis’s comprehensive revisions to previously published annual and quarterly GDP data reconfirmed that the economy during the first four years of the Obama “recovery” underperformed every post-downturn economy since the Great Depression by a wide margin. Most people know that, or should — and if you don’t, here’s the proof.

Beyond that, BEA data now show that Obama’s post-recession economy put in a performance worse than that seen after the Great Depression itself.

To be clear, as I have noted in previous writeups on this comparison, I’m certainly not contending that the level of human suffering during and after the Great Recession has been anywhere near what it was during the 1930s. That said, many of us need to be reminded in this Obama-compliant media world — thank goodness we have the British tabloids to partially fill that void — that, among many other indicators of abject poverty and misery, there has been no meaningful decline in documented homelessness during the past several years.

In early June, I characterized the Obama economy’s recovery during the first four years after the Great Recession’s official end as “awfully close” to being as ugly as that seen after the Great Depression. In late June, after the first quarter’s reported contraction worsened to an annualized 2.9 percent, the Obama economy’s margin narrowed even further:

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Top Rated Comments   
Keep unskewing that GDP!
30 weeks ago
30 weeks ago Link To Comment
Boy, wasn't it just last month when you were telling us that we were probably in a recession, i.e. two quarters of GDP contraction? And then... 4% growth.

Tom, if you aren't the worst economic "analyst" going, then you are at least in the conversation.
30 weeks ago
30 weeks ago Link To Comment
4.0% GDP "expansion? where?
Decimation of Energy sector, Cost of basic heating through the roof (that's 32% increase). Gas pump prices never below $3.59/gal (on a good day). Housing starts in the dumps. Multi family housing (read:rentals) on the increase. Employment is now less than 40 hours per week (except in civil service); median income in every sector of the economy (across the board) is hovering around $45,000/year. More high school and college graduates (ever in America) are now still living with their parents. Where is this a 4.0% increase in GDP? More cities are projecting bankruptcy than ever before in all American history. More large corporations (Microsoft is laying of some 18,000 employees) are "downsizing" or just shutting down American plant and equipment and moving everything over seas. In all of top five tier cities across the USA more small, medium sized companies, businesses and yes (FRANCHISEES) have shuttered their operations. More office space in all these so called "top tier American cities" have growing pockets of "distressed properties." And more "Real Estate" agents have moved on or out of the "Real Estate" business. Today, rich foreign investors are snapping up American real estate for a song, and "flipping them" on a "wing and a prayer." Law suits galore for shoddy workmanship, city code violations and out-and-out corruption in this "flippers nightmare" on a scale never, ever imagined before. NAH! 4% GDP growth is Pure "Smoke-and-Mirrors!" "Show-Me-The-Money!!!!" says Cuban Gooding in the movie. Flimflammery of a Kabuki Show the likes one has never, ever seen before...puts Lois Lerner remarks in "DoddleBug" TV show for Kids level. Government lying at every turn...what next?
Unemployment stuck at 14% or more for six years running (U3 + U6). The "Fairy Godmother?" united with Her cohort "Tooth Fairy?" 51 million Americans now on some form of government assistance???? Join a Tea Party, urgently. Register to vote and vote. Let's get rid of these Washington DC Elite "Liar-Liar-Pants-on-Fire" cadre of "collectivists!" Pray. Amen.
30 weeks ago
30 weeks ago Link To Comment
All Comments   (16)
All Comments   (16)
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Are we nearing another chapter 11 bankrupcy? Guess how the private owners will extract the their pound of flesh this time.

"My investigation convinced me that during the last quarter of a century the average production of gold has been falling off considerably. The gold mines of the world are practically exhausted. There is only about $11,000,000,000 in gold in the world, with the United States owning a little more than four billions. We have more than $100,000,000,000 in debts payable in gold of the present weight and fineness. . . As a practical proposition these contracts cannot be collected in gold for the obvious reason that the gold supply of the entire world is not sufficient to make payment." -- Congressional Record, Congressman Dies, March 15, 1933

Before 1933 all contracts with the government were payable in gold. Now I ask you? Who in their right mind would enter into contracts totaling One Hundred billion dollars in gold, when there was only eleven billion in gold in the whole world, and we had about four billion. To keep from being hung by the American public they obeyed the banksters demands and turned over our country to them. They never came out and said we were in bankruptcy but, the fact remains, we are. In 1933 the gold of the whole country had to be turned in to the banksters, and all government contracts in gold were canceled. This is bankruptcy.

"Mr. Speaker, we are here now in chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any bankrupt entity in world history, the U.S. government." -- Congressman Traficant on the House floor, March 17, 1933

The wealth of the nation including our land was turned over to the banksters. In return, the nations 100 billion dollar debt was forgiven. I have two papers that have circulated the country on this subject. Remember Jesus said "money is the root of all evil" The Congress of 1933 sold every American into slavery to protect their asses. Read the following Congressional quotes:

"I want to show you where the people are being imposed upon by reason of the delegation of this tremendous power. I invite your attention to the fact that section 16 of the Federal Reserve Act provides that whenever the Government of the United States issues and delivers money, Federal Reserve notes, which are based on the credit of the Nation--they represent a mortgage upon your home and my home, and upon all the property of all the people of the Nation--to the Federal Reserve agent, an interest charge shall be collected for the Government." -- Congressional Record, Congressman Patman, March 13, 1933

 

"That is the equity of what we are about to do. Yes; you are going to close us down. Yes; you have already closed us down, and have been doing it long before this year. Our President says that for 3 years we have been on the way to bankruptcy. We have been on the way to bankruptcy longer than 3 years. We have been on the way to bankruptcy ever since we began to allow the financial mastery of this country gradually to get into the hands of a little clique that has held it right up until they would send us to the grave." -- Congressional Record, Congressman Long, March 11, 1933

30 weeks ago
30 weeks ago Link To Comment
Boy, wasn't it just last month when you were telling us that we were probably in a recession, i.e. two quarters of GDP contraction? And then... 4% growth.

Tom, if you aren't the worst economic "analyst" going, then you are at least in the conversation.
30 weeks ago
30 weeks ago Link To Comment
A. We've got two revisions to the second quarter to go, and look what happened to the first.

B. I was about the only person who thought that the final revision to the first quarter would be greater than the -1.6% everybody else was estimating. After all revisions, including the comprehensive, it's at -2.1%. You'll have to acknowledge that I called that.

C. None of your blathering refutes what the column is about, i.e., that the first four years of the Obama "recovery" were slighlly worse than the first four years of FDR's.
30 weeks ago
30 weeks ago Link To Comment
4.0% GDP "expansion? where?
Decimation of Energy sector, Cost of basic heating through the roof (that's 32% increase). Gas pump prices never below $3.59/gal (on a good day). Housing starts in the dumps. Multi family housing (read:rentals) on the increase. Employment is now less than 40 hours per week (except in civil service); median income in every sector of the economy (across the board) is hovering around $45,000/year. More high school and college graduates (ever in America) are now still living with their parents. Where is this a 4.0% increase in GDP? More cities are projecting bankruptcy than ever before in all American history. More large corporations (Microsoft is laying of some 18,000 employees) are "downsizing" or just shutting down American plant and equipment and moving everything over seas. In all of top five tier cities across the USA more small, medium sized companies, businesses and yes (FRANCHISEES) have shuttered their operations. More office space in all these so called "top tier American cities" have growing pockets of "distressed properties." And more "Real Estate" agents have moved on or out of the "Real Estate" business. Today, rich foreign investors are snapping up American real estate for a song, and "flipping them" on a "wing and a prayer." Law suits galore for shoddy workmanship, city code violations and out-and-out corruption in this "flippers nightmare" on a scale never, ever imagined before. NAH! 4% GDP growth is Pure "Smoke-and-Mirrors!" "Show-Me-The-Money!!!!" says Cuban Gooding in the movie. Flimflammery of a Kabuki Show the likes one has never, ever seen before...puts Lois Lerner remarks in "DoddleBug" TV show for Kids level. Government lying at every turn...what next?
Unemployment stuck at 14% or more for six years running (U3 + U6). The "Fairy Godmother?" united with Her cohort "Tooth Fairy?" 51 million Americans now on some form of government assistance???? Join a Tea Party, urgently. Register to vote and vote. Let's get rid of these Washington DC Elite "Liar-Liar-Pants-on-Fire" cadre of "collectivists!" Pray. Amen.
30 weeks ago
30 weeks ago Link To Comment
Keep unskewing that GDP!
30 weeks ago
30 weeks ago Link To Comment
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