The boom is here: the economy just grew 5 percent, and it’s not going to stop

[Luddly Neddite]

The boom is here: the economy just grew 5 percent, and it’s not going to stop

By Matt O'Brien December 23

5 percent annual pace in the third quarter this year, revised up from the 3.9 percent that the Commerce Department had previously estimated. It's the best quarterly growth since 2003, and, on the heels of the 4.6 percent growth in the second quarter, it's also the best six months the economy has had in that long. The even better news, though, is that this growth, unlike every other uptick the past few years, looks sustainable.


This isn't a blip. It's a boom.


Well, at least by the sad standards of this slow and steady recovery. The truth is that for all the hype and headlines about every little head fake, the economy has just been chugging along at the same 2 percent pace the past few years. Sometimes it's grown a little bit faster than that when companies have had to restock their inventories or sell more overseas. And sometimes it's grown a little slower than that when the opposite has happened, or when, like last winter, Arctic conditions have kept people in their homes and out of stores. But, as you can see above, growth has been remarkably consistent if we look at it over the past year, and not quarter, to smooth out these regular ups and downs.


The economy's 2.7 percent growth the past 12 months actually isn't the fastest of the recovery, but it is the best. You can see that if we strip out the volatile inventory and net export numbers to get something that goes by the catchy name of final sales to domestic purchasers. It shows us the economy's underlying strength in terms of consumer spending, government spending, and private investment. Basically, how much of today's growth we can expect to continue tomorrow. And that's also grown 2.7 percent the past year, a post-crisis high. Most of that's due to stronger consumers, who thanks to the combination of lower unemployment and less debt, are finally in decent enough financial shape to start spending a little bit more. That's only going to continue now that job growth is picking up, and plummeting gas prices are taking money out of the pump and putting it into people's pockets.


It's been awhile, but this is what a virtuous circle looks like.

While the RWs are worshipping Pootin, President Obama just keeps plugging away for the benefit of the US middle class.

Just think what he could accomplish if the Repubs had been doing the same thing.

Thank you Mr. President.

 

[Sunni Man]

LOL........the loony liberals are now calling a small bump an economic boom. ..... ..

 

[Stephanie]

THE BOOOOOOOOOOOOOOOOOOOOOOOOM

He got that from the WashingtonCompost. Everyone said it was because of the low gas prices people have more money TO SPEND. but hey it's the BOOOOOOOOOOOOOOOOOOM until gas goes up again. Now under Bush they poo pooed something like this as NOTHING/Yawn

The Compost is so frikken unbelievable and is worse than PRAVDA under a Democrat

 

[rightwinger]

THE BOOOOOOOOOOOOOOOOOOOOOOOOM

He got that the WashingtonCompost. Everyone said it was because of the low gas prices people have more money TO SPEND. but hey it's the BOOOOOOOOOOOOOOOOOOM until gas goes up again

The economy must fail

 

[Toddsterpatriot]

On Dec. 23, the Bureau of Economic Affairs (BEA) issued their revised GDP numbers for the 3rd quarter of 2014. And while the overall aggregate of consumer spending was down for most of the reporting period, one revision in particular helped skyrocket GDP to a massive 5% increase, and the most for a single quarter in a decade.
The revision which helped create last quarters incredible growth was the forced mandatory costs incurred by the American people from the Affordable Care Act (Obamacare), which accounted for two-thirds of the entire boost in consumer spending. Consumer spending, as opposed to the recording of revenues from actual production and industry which used to be the primary components of economic growth in America, on average accounts for more than 70% of the entire Gross Domestic Product. And if you took out payments made by the American people towards mandatory government healthcare, GDP may have been in negative growth for last quarter, just as an Obamacare revision changed the first quarter's number from a negative to plus 4%.

High GDP numbers for Q3 We can thank Obamacare and forced consumer spending - National Finance Examiner Examiner.com

 

[Moonglow]

On Dec. 23, the Bureau of Economic Affairs (BEA) issued their revised GDP numbers for the 3rd quarter of 2014. And while the overall aggregate of consumer spending was down for most of the reporting period, one revision in particular helped skyrocket GDP to a massive 5% increase, and the most for a single quarter in a decade.
The revision which helped create last quarters incredible growth was the forced mandatory costs incurred by the American people from the Affordable Care Act (Obamacare), which accounted for two-thirds of the entire boost in consumer spending. Consumer spending, as opposed to the recording of revenues from actual production and industry which used to be the primary components of economic growth in America, on average accounts for more than 70% of the entire Gross Domestic Product. And if you took out payments made by the American people towards mandatory government healthcare, GDP may have been in negative growth for last quarter, just as an Obamacare revision changed the first quarter's number from a negative to plus 4%.

High GDP numbers for Q3 We can thank Obamacare and forced consumer spending - National Finance Examiner Examiner.com

These are the same birds that claimed the ACA would drag down the economy....

 

[Luddly Neddite]

The knee-jerk RWs are incapable of celebrating the recovery of their own country's economy.

That's a whole lotta hate for the USA.

 

[Moonglow]

It's better than it has been,,,but we're living by a thread,,,no hope without dope,,send money,,Ma.....

 

[Toddsterpatriot]

On Dec. 23, the Bureau of Economic Affairs (BEA) issued their revised GDP numbers for the 3rd quarter of 2014. And while the overall aggregate of consumer spending was down for most of the reporting period, one revision in particular helped skyrocket GDP to a massive 5% increase, and the most for a single quarter in a decade.
The revision which helped create last quarters incredible growth was the forced mandatory costs incurred by the American people from the Affordable Care Act (Obamacare), which accounted for two-thirds of the entire boost in consumer spending. Consumer spending, as opposed to the recording of revenues from actual production and industry which used to be the primary components of economic growth in America, on average accounts for more than 70% of the entire Gross Domestic Product. And if you took out payments made by the American people towards mandatory government healthcare, GDP may have been in negative growth for last quarter, just as an Obamacare revision changed the first quarter's number from a negative to plus 4%.

High GDP numbers for Q3 We can thank Obamacare and forced consumer spending - National Finance Examiner Examiner.com

These are the same birds that claimed the ACA would drag down the economy....

Is increased spending on health insurance a boon for the economy?

 

[Toddsterpatriot]

The knee-jerk RWs are incapable of celebrating the recovery of their own country's economy.

That's a whole lotta hate for the USA.

Obama should impose a carbon tax. The increased spending will boost GDP 10%. LOL!

 

[Moonglow]

On Dec. 23, the Bureau of Economic Affairs (BEA) issued their revised GDP numbers for the 3rd quarter of 2014. And while the overall aggregate of consumer spending was down for most of the reporting period, one revision in particular helped skyrocket GDP to a massive 5% increase, and the most for a single quarter in a decade.
The revision which helped create last quarters incredible growth was the forced mandatory costs incurred by the American people from the Affordable Care Act (Obamacare), which accounted for two-thirds of the entire boost in consumer spending. Consumer spending, as opposed to the recording of revenues from actual production and industry which used to be the primary components of economic growth in America, on average accounts for more than 70% of the entire Gross Domestic Product. And if you took out payments made by the American people towards mandatory government healthcare, GDP may have been in negative growth for last quarter, just as an Obamacare revision changed the first quarter's number from a negative to plus 4%.

High GDP numbers for Q3 We can thank Obamacare and forced consumer spending - National Finance Examiner Examiner.com

These are the same birds that claimed the ACA would drag down the economy....

Is increased spending on health insurance a boon for the economy?

For profit medical corporations and insurance companies sure think so....

 

[Stephanie]

this government run by Obama are nothing but LYING SNAKES. and the WashingtonCompost is nothing but a DNC mouthpiece that should BE SHUNNED

from the article:
snip:
Remember back in April, when the first GDP estimate was released (a gargantuan by comparison 0.1% hence revised to a depression equivalent -2.9%), we wrote: "If It Wasn't For Obamacare, Q1 GDP Would Be Negative." Well, now that GDP is not only negative, but the worst it has been in five years, we are once again proven right. But not only because GDP was indeed negative, but because the real reason for today's epic collapse in GDP was, you guessed it, Obamacare.
Fast forward to today when as every pundit is happy to report, the final estimate of Q3 GDP indeed rose by 5% (no really, just as we predicted), with a surge in personal consumption being the main driver of US growth in the June-September quarter.
So what did Americans supposedly spend so much more on compared to the previous revision released one month ago? Obamacare. - Zerohedge

from:
High GDP numbers for Q3 We can thank Obamacare and forced consumer spending - National Finance Examiner Examiner.com

 

[Rozman]

All hail Obama...

 

[PredFan]

The boom is here: the economy just grew 5 percent, and it’s not going to stop

By Matt O'Brien December 23

5 percent annual pace in the third quarter this year, revised up from the 3.9 percent that the Commerce Department had previously estimated. It's the best quarterly growth since 2003, and, on the heels of the 4.6 percent growth in the second quarter, it's also the best six months the economy has had in that long. The even better news, though, is that this growth, unlike every other uptick the past few years, looks sustainable.


This isn't a blip. It's a boom.


Well, at least by the sad standards of this slow and steady recovery. The truth is that for all the hype and headlines about every little head fake, the economy has just been chugging along at the same 2 percent pace the past few years. Sometimes it's grown a little bit faster than that when companies have had to restock their inventories or sell more overseas. And sometimes it's grown a little slower than that when the opposite has happened, or when, like last winter, Arctic conditions have kept people in their homes and out of stores. But, as you can see above, growth has been remarkably consistent if we look at it over the past year, and not quarter, to smooth out these regular ups and downs.


The economy's 2.7 percent growth the past 12 months actually isn't the fastest of the recovery, but it is the best. You can see that if we strip out the volatile inventory and net export numbers to get something that goes by the catchy name of final sales to domestic purchasers. It shows us the economy's underlying strength in terms of consumer spending, government spending, and private investment. Basically, how much of today's growth we can expect to continue tomorrow. And that's also grown 2.7 percent the past year, a post-crisis high. Most of that's due to stronger consumers, who thanks to the combination of lower unemployment and less debt, are finally in decent enough financial shape to start spending a little bit more. That's only going to continue now that job growth is picking up, and plummeting gas prices are taking money out of the pump and putting it into people's pockets.


It's been awhile, but this is what a virtuous circle looks like.

While the RWs are worshipping Pootin, President Obama just keeps plugging away for the benefit of the US middle class.

Just think what he could accomplish if the Repubs had been doing the same thing.

Thank you Mr. President.

Obama had nothing to do with it. It's the result of the GOP taking over the house. Businesses and businessmen know that obama's destructive ways will be held in check by congress so they now feel safe in growing the economy again.

 

[TakeAStepBack]

 

[skookerasbil]

This is what we call bogus prosperity...........only dummies think with wages falling lower and lower and debt increasing more and more its not going to end up a Jonestown for all except the uber-rich..........

These cheesedicks are now scraping the bottom of the barrel to keep this shit going........

Guest Post We Just Enjoyed the Last Christmas In America Zero Hedge

 

[Mr. H.]

Only Liberals can dress up a pile of shit, convince Americans it's caviar, then take credit for being a sous chef.

 

[Iceweasel]

5% is normal growth and what we should have had all along. If it's true, and I'm skeptical of any political reporting these days, then it's long overdue. Gas prices probably play a big role, in spite of, not because of obama's anti-business policies.

 

[usmcstinger]

The boom is here: the economy just grew 5 percent, and it’s not going to stop

By Matt O'Brien December 23

5 percent annual pace in the third quarter this year, revised up from the 3.9 percent that the Commerce Department had previously estimated. It's the best quarterly growth since 2003, and, on the heels of the 4.6 percent growth in the second quarter, it's also the best six months the economy has had in that long. The even better news, though, is that this growth, unlike every other uptick the past few years, looks sustainable.


This isn't a blip. It's a boom.


Well, at least by the sad standards of this slow and steady recovery. The truth is that for all the hype and headlines about every little head fake, the economy has just been chugging along at the same 2 percent pace the past few years. Sometimes it's grown a little bit faster than that when companies have had to restock their inventories or sell more overseas. And sometimes it's grown a little slower than that when the opposite has happened, or when, like last winter, Arctic conditions have kept people in their homes and out of stores. But, as you can see above, growth has been remarkably consistent if we look at it over the past year, and not quarter, to smooth out these regular ups and downs.




The economy's 2.7 percent growth the past 12 months actually isn't the fastest of the recovery, but it is the best. You can see that if we strip out the volatile inventory and net export numbers to get something that goes by the catchy name of final sales to domestic purchasers. It shows us the economy's underlying strength in terms of consumer spending, government spending, and private investment. Basically, how much of today's growth we can expect to continue tomorrow. And that's also grown 2.7 percent the past year, a post-crisis high. Most of that's due to stronger consumers, who thanks to the combination of lower unemployment and less debt, are finally in decent enough financial shape to start spending a little bit more. That's only going to continue now that job growth is picking up, and plummeting gas prices are taking money out of the pump and putting it into people's pockets.

The following Link tells a different story. Bureau of Labor Statistics Data


It's been awhile, but this is what a virtuous circle looks like.

While the RWs are worshipping Pootin, President Obama just keeps plugging away for the benefit of the US middle class.

Just think what he could accomplish if the Repubs had been doing the same thing.

Thank you Mr. President.

The Stock Market is not the economy!
The following link presents a different picture.Bureau of Labor Statistics Data

 

[usmcstinger]

Since Obama has been President, the Work Force Participation Rate has gone from 65.8 to 62.8
You are just a typical Left Winger who would believe that Pigs could fly if this Administration said so.
Labor force participation is at its lowest rate since 1978.Labor Force Participation Rate September 2014 - Business Insider
Guess who was President in 1978?