The Bureau of Economic Analysis reported today that Q3 GDP ticked upward to 2.0 percent, after clocking in at 1.3 percent in Q2.
But that headline number gives only limited amount of information.
Here’s a more detailed breakdown from today’s BEA report. It could have been worse:
- Personal consumption improved to 2.0 percent in the third quarter, compared with 1.5 percent in Q2
- Investment fell to 0.5 percent, compared with 0.7 percent in Q2
- Net exports declined to -1.7 percent in the third quarter, compared with 2.5 percent in Q2
- Federal spending jumped to 3.7 percent, compared with -0.7 percent in Q2.
The sad thing? Obama’s Government-centered philosophy goosed the number – and the only way it can spend more later is by taking it from us first. Why should the Govt, that should be secondary to Society, have pre-eminence unless Obama has transformed the Land of the Free to the land of European Socialism?
The Investment percentage should be scaring people – this is an indication that companies ARE scared to put their money where their activity is. It tells me that they are uncertain what is about to hurt them next – and most are saying “and that would be the Obama Administration. If they aren’t taxing us, they’re regulating us – out of existence”. Why would they bother doing more if the State is only going to confiscate more and tell us how to run our own businesses more?
Oh yeah: only 2% growth?? That’s not even enough to support population growth – yet Obama gets to spend $4,700 / head at one of his State Dinners? And has burned $1.4Billion flying Air Force One around on “state visits” (otherwise known as junkets or campaign stops)?
(H/T: Business Insider)
