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Correct. And we have a cynical political class that are hellbent on bringing more unskilled labor into the country. It is only going to get worse.
With the economy and jobs as they are, and both the dems and repubs, in leadership positions, seem to think we need more imported laborers, what about all the tens of millions of out of work Americans??? This is why so many incumbent politicians need to go back to their civilian jobs, provided they ever had one in the first place, they have no sense of priorities.
It makes no sense, we have millions of unemployed Americans, and the government is pushing for more low wage immigrant workers, who will only take our jobs and lower the pay scale for everyone else. Why pay an American $60k a year when you can hire a foreigner on an H-1B visa for $40k. Why hire an American carpenter for $30 an hour, when you can hire a foreigner, who is here illegally because he's violating our immigration laws, for $8 an hour?
The case being made for expanding H-1B visas is that we need more engineers or health care providers. Don't we have any engineering or medical schools and colleges in the US? Don't we have thousands of out of work doctors, nurses and engineers right here in the US?
In other words, we'll just make up numbers until it sounds like we are growing the economy?
Previously, pension spending was included in GDP. After this adjustment however, we also look at the "promise" to pay out pensions. So we are talking about imaginary numbers that are now included in GDP.
The same was done with the banks after 2008.
Accounting rules got changed and banks could "Mark to Magic" rather than "Mark to Market" which inflated their balance sheets.
The new GDP forecast for the year is a measely 1 percent. And that's assuming there is no additional downturn.
While a harsh winter is to blame for some of it, the underlying foundation of our economy is still very weak. A harsh winter should never cause GDP to go negative.
Really?
Which forecast is that?
"...GDP growth in the second quarter should bounce back to a rate of 2.5% to 3%, from a weather- and inventory-related slowdown in the first quarter. Given the anemic first-quarter growth of 0.1%, economic activity is likely to grow only 2.4% for the year as a whole, with a much stronger second half gaining at a pace of around 3%.
Momentum is picking up this spring. Disposable income adjusted for inflation grew a strong 3.8% in January through March. Consumer confidence is bouncing back, climbing above the level it held before the government shutdown and winter weather took a toll. Motor vehicle sales are strong. And an index of manufacturing purchasing managers’activity points to strongly expanding output. What’s more, new unemployment claims are running at a very low rate and retail sales have rebounded. The pickup in these March and April indicators supports the belief that winter weather was responsible for most of the depressed economic numbers for January and February..."
The revised GDP estimate for the first quarter is out and it ain't pretty. The contraction was more than expected (1% vs. 0.6%). Corporate profits were also down.
"...GDP growth in the second quarter should bounce back to a rate of 2.5% to 3%, from a weather- and inventory-related slowdown in the first quarter. Given the anemic first-quarter growth of 0.1%, economic activity is likely to grow only 2.4% for the year as a whole, with a much stronger second half gaining at a pace of around 3%.
Momentum is picking up this spring. Disposable income adjusted for inflation grew a strong 3.8% in January through March. Consumer confidence is bouncing back, climbing above the level it held before the government shutdown and winter weather took a toll. Motor vehicle sales are strong. And an index of manufacturing purchasing managers’activity points to strongly expanding output. What’s more, new unemployment claims are running at a very low rate and retail sales have rebounded. The pickup in these March and April indicators supports the belief that winter weather was responsible for most of the depressed economic numbers for January and February..."
I think we are on the brink of another recession personally. We are definitely now entering the cyclical stage where the economy tends to go into another contraction. It happens once every 7 years or so.
I think we are on the brink of another recession personally. We are definitely now entering the cyclical stage where the economy tends to go into another contraction. It happens once every 7 years or so.
Unfortunately, there are many Americans who have never crawled out from under the last one.
"...GDP growth in the second quarter should bounce back to a rate of 2.5% to 3%, from a weather- and inventory-related slowdown in the first quarter. Given the anemic first-quarter growth of 0.1%, economic activity is likely to grow only 2.4% for the year as a whole, with a much stronger second half gaining at a pace of around 3%.
Momentum is picking up this spring. Disposable income adjusted for inflation grew a strong 3.8% in January through March. Consumer confidence is bouncing back, climbing above the level it held before the government shutdown and winter weather took a toll. Motor vehicle sales are strong. And an index of manufacturing purchasing managers’activity points to strongly expanding output. What’s more, new unemployment claims are running at a very low rate and retail sales have rebounded. The pickup in these March and April indicators supports the belief that winter weather was responsible for most of the depressed economic numbers for January and February..."
So, where's this 1% GDP forecast you mention?
Or did you just make that up?
Ken
Looks like I read the information wrong. Thanks for pointing it out. But I will note that your quotations use the words "likely" and "only" in its forecasted growth of "only 2.4%"...... which is not exactly a resounding prognositication of good news.
Please tell me how Obamacare has been cause stagnant wages since the 70s which is destroying the american middle class. Whom has to take out debt to keep up consumerism which is 70% of the U.S. economy.
Consumerism has always been 70% of GDP, regardless of how it is calculated.
The same was done with the banks after 2008.
Accounting rules got changed and banks could "Mark to Magic" rather than "Mark to Market" which inflated their balance sheets.
so many bad moves are being made to in essence, give us all rose-colored glasses, and a false sense that things are better then they are.
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