posted on Jul, 31 2009 @ 10:31 AM
I am genuinely surprised there hasn't been a thread on this in this forum yet.
Then again, maybe not, seeing how so many of you are genuinely opposed to Obama that any sign of economy recovery under his administration would just
be "blocked out".
WASHINGTON (AP) -- The U.S. economy sank at a pace of just 1 percent in the second quarter of the year, a new government report shows. It was a
better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down.
Many economists were predicting a slightly bigger 1.5 percent annualized contraction in second-quarter GDP. It's the total value of all goods and
services -- such as cars and clothes and makeup and machinery -- produced within the United States and is the best barometer of the country's
"The recession looks to have largely bottomed in the spring," said Joel Naroff, president of Naroff Economic Advisors. "Businesses have made most
of the adjustments they needed to make, and that will set up the economy to resume growing in the summer," he predicted.
Federal Reserve Chairman Ben Bernanke has said he thinks the recession will end later this year. And many analysts think the economy will start to
grow again -- perhaps at around a 1.5 percent pace -- in the July-to-September quarter. That would be anemic growth by historical measures, but it
would signal that the downturn has ended.
Naroff said he now thinks growth in the third quarter could turn out to be much stronger because companies will need to replenish bare-bone stockpiles
"You could get a huge swing in inventories that could create a much bigger growth rate than anybody expects," he said.
If that were to happen, it's possible the economy's growth could clock in around 4 percent in the current quarter, he said.
Obama's stimulus package of tax cuts and increased government spending provided some support to second-quarter economic activity. But it will have
more impact through the second half of this year and will carry a bigger punch in 2010, economists said.
Let's face it, fellahs, Obama's plan IS working. There is unemployment still, yes, but the economy is so deeply-rooted in recession that you
couldn't expect anything less. Obama's STILL a human, not the AntiChrist, or fake messiah or WHATEVER it is some of you people believe.
You have to understand: ANY policy takes time to WORK.
It's one of the issues of governmental administration of ALL kinds... there is time lag. It's only been six months so far. I think Obama's doing
well, especially since the economy is actually improving after JUST half a yr, and he's still keeping to it despite all the criticisms against him
(case in point: ATS) and all the OTHER global issues like North Korean, Iraq, and terrorism.
Or are you still going to think him the Antichrist because you're limited in your beliefs and STILL adamantly hold true to your "religious studies"
that Obama will bring about the end of the world or something?
Let's all discuss fairly, with EMPIRICAL evidence, please.
Now, if only Obama would just BUCK UP ON HIS HEALTHCARE PLANS.
P.S. I posted this thread in Current Events too... I don't really know where this post should go... It's an ambiguous one, and besides I haven't
gotten many responses there so far, so... there.