GDP Falls 5.7% in First Quarter

[red states rule]

Despite the trillions spent by Obama and the Dems, all the bailouts, all the "stimulus" money - economic growth tanked in the first quarter

How is that hope and change goin' for you?



GDP Falls 5.7% in First Quarter

The U.S. economy contracted slightly less than initially estimated in the first quarter, while corporate profits rebounded, according to a Commerce Department report on Friday that hinted that the recession was moderating.

Gross domestic product, which measures total goods and services output within U.S. borders, dropped at a 5.7% annual rate, the department said, less than the 6.1% estimated by the government last month.

The revisions were below market expectations for a 5.5% contraction for the January-March quarter.
Output has declined for three straight quarters for the first time since 1974-1975.

The Commerce Department's preliminary report also showed corporate profits after taxes increased 1.1% in the first quarter, the first increase in a year, after plummeting 10.7% in the fourth quarter. Analysts polled by Reuters had forecast profits dropping 7%.

http://www.foxbusiness.com/story/markets/economy/gdp-falls--quarter/

[gabosaurus]

RSR, you should go outside sometime. Believe it or not, there is a world outside of cyberspace. You can leave this forum for an hour or so and it will still be here when you come back. :D

[Little-Acorn]

RSR, you should go outside sometime. Believe it or not, there is a world outside of cyberspace. You can leave this forum for an hour or so and it will still be here when you come back. :D

TRANSLATION: Please quit using your computer to point out the failures of an uberliberal administration. We can't refute you, so we need to shut you up. And we'd prefer if you did it yourself so we won't look guilty of that, too.

[gabosaurus]

Has nothing to do with that. Has more to do with closed-minded people who mindlessly cut and paste every ConRep viewpoint they can locate.

[red states rule]

Has nothing to do with that. Has more to do with closed-minded people who mindlessly cut and paste every ConRep viewpoint they can locate.

So a REUTERS news story is a ConRep viewpoint? :laugh2:

Are you saying Gabby the US economy did NOT shrink 5.7% in the first quarter?

[Mr. P]

Has nothing to do with that. Has more to do with closed-minded people who mindlessly cut and paste every ConRep viewpoint they can locate.

Are you saying the GDP didn't drop in the 1st quarter even with an infusion of trillions?

[red states rule]

Are you saying the GDP didn't drop in the 1st quarter even with an infusion of trillions?

Hey Mr P, its okay. Everything will be fine

Economists say the recession will be over by the end of the year

The Federal government under Obama now owns GM, Chrysler and the banks

I have an extra $13 a week in my paycheck (even though it will be gone when Reid and Pelosi raise my taxes) and Obama's going to cut the deficit in half

Right after he bankrupts the coal industry and approves a new VAT tax on everyone to pay for his new health care plan.

How much more hope and change can we stand?

[Mr. P]

Hey Mr P, its okay. Everything will be fine

Economists say the recession will be over by the end of the year

The Federal government under Obama now owns GM, Chrysler and the banks

I have an extra $13 a week in my paycheck (even though it will be gone when Reid and Pelosi raise my taxes) and Obama's going to cut the deficit in half

Right after he bankrupts the coal industry and approves a new VAT tax on everyone to pay for his new health care plan.

How much more hope and change can we stand?

If I mentioned hope an change to the clients I talk to each day they'd probably punch me.

[red states rule]

I guess now Gabby will label ABC as a right wing netowrk. They were the only network to question Obama's numbers


ABC Offers Skeptical Take on Obama's Stimulus Claims; CBS, NBC Uncritical
By Scott Whitlock (Bio | Archive)
May 29, 2009 - 12:15 ET

On Friday's "Good Morning America," ABC White House correspondent Jake Tapper provided a skeptical, challenging analysis of the Obama administration's claims about the economic stimulus bill. NBC's "Today" and CBS's "Early Show" on Thursday simply regurgitated White House statements that the "economy is looking much healthier these days" and that the President is "taking credit for writing the prescription."

Tapper, in contrast, referenced a new administration report on the stimulus entitled "100 Days, 100 Projects" and wondered, "But, how much of this is real? And how much is hype?" He asserted, "Critics have long said the administration overstates the impact of the stimulus." After playing a clip of Obama claiming 150,000 jobs have been created by the stimulus bill, Tapper called that "a number based on theory, not fact." University of Maryland economist Peter Morici appeared briefly to point out, "It's simply an implausible statement to say that some 150,000 jobs were created by direct spending, indirect spending and so forth."

The ABC correspondent noted the government report claims $27 billion was used for "green improvement" to public housing in Washington D.C. Tapper dismissed, "But, that's not true. The stimulus paid for only two of [seven items listed in the report]. The other five were installed before the stimulus bill was even introduced in Congress." He went on to point out that the $27 billion was the total the D.C. Housing Authority is getting. Only $44,000 came from stimulus money.

Finally, Tapper closed his piece by explaining that the White House, in its first quarterly report, stated $46 billion of the stimulus had been spent. The journalist noted, "They had to revise that figure. It's now $36 billion, which means that less than five percent of the stimulus has gone out the door."

In contrast, NBC and CBS's morning shows have done no such investigations. On Thursday's "Today," after reporting on a drop in unemployment numbers, Hoda Kotb simply added, "At a fund-raiser in Los Angeles last night the President said it was safe to say the economy is back from the brink. He said the stimulus bill is starting to improve the economy." The "Early Show" provided a similar unquestioning tone.

http://newsbusters.org/blogs/scott-whitlock/2009/05/29/abc-offers-skeptical-take-obama-stimulus-claims-cbs-nbc-ignore