Not a good day for Democrats....

[kentuck]

It was good news that the economy grew so tremendously in the 3rd Qtr, if indeed the numbers are true. But it was bad news if it leads to 4 more years of Bush in the White House. And it's not going to be bad just for the Democrats, it's going to be bad for America. That's the downside to the economic numbers today.

But today is just one day. As an unemployed person, I have to applaud any good numbers if it puts people to work. But, so far, there is no proof that any of this great growth is putting anyone to work - except in Iraq. And when the truth is known, we may find that most of the exports and machines, etc, that led to this spurt in growth, went to the war zone - not to the benefit of Americans.

However, we should never cheer for bad news, even though it might rid this nation of the scourge that has stolen this nation for their own benefactors. We can never spread fear as well as the Repubs. We have to spread hope, optimism, and a positive vision - understanding just how difficult that is at this time in our history.

[neuvocat]

1. You mean that jobless recovery, right?

I don't exactly see my friends having decent prospects like they used to a few years ago.

[Pale_Rider]

4. Also factor in offshore out-sourcing ...

... since it improves the bottom line but leads to more joblessness.

[Warpy]

25. It's a jobless "recovery"

..probably because it's being driven by the military contractors. They're spending money like drunken sailors. The rest of us have either lost our jobs or see the dismal prospect of our jobs being shipped to some third world country, and the economy we face isn't nearly so rosy. Most of us are NOT spending.

What good news there was is in the apparent increase in US exports. That reflects the fall of the dollar, making US goods seem a little cheaper than they have been. The best thing that can happen for the US worker is for this trend to continue, making those foreign workers seem more expensive and not worth the hassle. Of course, it will cause an increase in gasoline prices.

The real threat is that the housing bubble bursts when the out of work people who are being foreclosed reaches a critical mass. So far, this hasn't happened.

So no, the economy isn't turning around quite yet. HOwever, with the continued slide of the almighty buck on currency markets, it just might in the not too distant future.

[diplomats]

2. I hope it does lead to job growth

so people like you can get back in the workforce. Good luck!

[w13rd0]

3. I'm unconvinced...

...for several reasons:

GDP is like "average tax cut", the numbers can be skewed far too heavily AWAY from working Americans to give the appearance of "good times".

It's not as if Bush hasn't had his "positive Iraq PR spin" fall flat on its face and he needs something else for positive PR. Not as if his administration hasn't lied about stuff for political gain...

[rucky]

5. We're generating more wealth for fewer people

and that's the only thing the numbers indicate.

The class war is alive and well.

I do hope you get working again soon, Kentuck! But it'll be because of your ingenuity, not Bush's stimulus plan.

[Name removed]

28. Deleted message

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[Lefty48197]

6. This would be terrible news if we had a Democratic President

because then all the right wingers would be shrieking about the impending cloud of inflation that was going to doom us all.

[La_Serpiente]

7. I am going to note

that military spending is what probably brought the GDP numbers to where it is. There is a constant flow of revenue going into that sector AND into the Carlye group. However, that is probably the only industry seeing the benefits.

That constant flow of revenue cannot last forever. Sooner or later, it's going to dissapear and the elderly and poor can say ADIOS to Medicare and Social Security.

48 percent of the elderly voted for Bush I believe last election. I don't think they will do the same again.

[RuB]

8. The economy is cyclical

Did you notice the stockmarket didn't reflect the GDP numbers. The stock market is scared to death that the 7% growth will mean stupid will get elected in 04.

[tritsofme]

19. You dont know what you are talking about...

The GDP gain was already priced into stocks weeks ago.

[gristy]

23. I believe the estimate was 6%

It came in at 7.2%. I find it curious the market did not move. And it's not because the gains were already made.

p.s. your post was rude.

[tritsofme]

26. Goldman Sachs said 7% last week.

[Ilsa]

9. How much does the govt's war spending

factor into this, I wonder? There has to be a money multiplier effect even if direct accounting for defense industry and Halli isn't factored in, right?

(I haven't a clue.)

[mmonk]

10. Tax cuts and deficits stimulate

the economy. We will see if the average American will notice the 800 lb. gorilla in the room (debt). Eventually it will have to be addressed in the future.

[WindRavenX]

11. The economy is still in piss poor shape

We're STILL losing jobs, the POOR and the MIDDLE CLASS are getting STILL being SCREWED- just because people are buying more doesn't mean they are better off.
As long as we're still losing jobs (we had a NET LOSS of jobs in the third Qtr mind you), the economy is still in the crapper.

[UrbScotty]

12. The economy is one issue out of many.

Even if the economy does go up drastically, people will also focus on Sociial Security, healthcare, Iraq, and other issues in the election.

[RevolutionStartsNow]

22. I agree

Granted, if the economy is on the upswing next year, we won't have that as a major issue, but personally, I'll trade that for some economic recovery. People are hurting.

And even without the economy to beat Bush over the head with, we have enough. He bungled Iraq and the mainstream press are more frequently reporting on WH lies and corruption re Halliburton, the Plume leak, etc.

[Julien Sorel]

13. Employment lags production growth.

The first thing businesses do is ramp up production by using existing inputs (labor, for example); then, when they become more confident about the future and their existing production facilities become stretched, they start hiring and building new plant. If this is to be a sustained recovery, employment should start ticking up in about 3-4 months.

[andym]

14. Right, Empolyment is a lagging indicator

WEe'll know in 3-9 months if this is
really a jobless recovery or not.

[Noordam]

18. We will know in TWO months.

This is the Christmas shopping season. If the main stores have a Good Christmas $$$$ then the economy is looking up.

I am betting a flat line shopping season

[madrchsod]

15. don`t worry

the economy still sucks and we will won`t be back to work soon..i don`t know how old you are but i`m 57 and no one really wants me,i cost to much..about time i start working for myself again....

[jokerman93]

16. How to jump-start the recovery by lying about it

This reminds me of that great line from "Lost Boys":

"They put the mind-scramble on us! They opened their eyes and talked!"

Which is to say this sudden growth spurt (that no one particularly noticed during the entire last quarter) is probably nothing more than statistical mojo engineered and calculated to create confidence in the economy and hopefully a self fulfilling prophesy of recovery.

The theory, I guess, is that people will start spending again if we tell them everything is just rosey. Sound familiar?

I just can't buy it either. Seems abrupt and too good to be true.

[MrSoundAndVision]

17. Sorry but a good day on Wall Street is not a good day for....

us unemployed Kentuckians. It just means that businesses have managad to cut jobs and overhead and whatnot to stay out of this recession. Yeah the same day the economy grew at THE INCREDIBLE, THE BREAK NECK, THE INFINITE SPEED OF 7.2%, Sony cuts 20,000 jobs.

So don't be so dreary fellow Bluegrasser (where is all the Bluegrass anyway), because many more of our fellow Kentuckians will lose their jobs this year too.

[stanwyck]

20. OK. Think for a moment

about the impact the GOP's crowing about these numbers will mean to all the people who are not part of the recovery: the unemployed, under-employed, and survivor employed. Does this mean their kid's tuition didn't rise by 14%? Does this mean they suddenly have healthcare benefits? More vacation? A raise? Did the deficit decrease? Are there loans going to cost them less...or more? I believe the GOP should be cautious. For many, this "recovery" will be seen as more money for the Bushies. Not the average American.

[HalfManHalfBiscuit]

21. The GDP number is certainly not bad news

I'm optimistic that this is another sign that the economy is improving and that jobs will be created.

A negative GDP number sure as hell wouldn't bode well for job growth. I agree - never cheer for bad news. It is counterproductive and pretty stupid, actually.

[59millionmorons]

24. JOBS JOBS JOBS

Most people dont even know what the GDP is. But they do know what lack of jobs are. This doesnt worry me one bit. Bush will never erase 2.6 million job loses. 12 million jobless. I would rather be the democrats bashing Bush over jobs, than be in Bush's shoes saying look at the GDP any day.

[jarab]

27. Totally agree

The average voter has no idea about GDP. It must be simple (like a head job) - or just a job - before it registers. That might be why our subjects like Enron and CA power grids and BBV don't hold up to scrutiny as presented to the average person. Too friggin' complex ! Simple stuff is better comprehended by those away from DU. Jobs will register resoundingly.

...O...

[Democat]

29. Bush controls the numbers

It doesn't matter what really happens, the right wing controls the numbers. Anyone who didn't see them coming out with good numbers as the election approaches wasn't thinking.

They control the media, they control the message.