Posts Tagged ‘gdp

20
Oct
14

Jobs? ✔ Economy Growing? ✔ Thank You, President Obama

Obama Jobs

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Loraine Woellert: Factory Production Rebounds As U.S. Sustains Expansion

Production at American factories rebounded, claims for jobless benefits fell to a 14-year low and households held the most optimistic views in two years, signs the world’s largest economy is overcoming a global slowdown. Manufacturing output climbed 0.5 percent in September, springing back from a 0.5 percent drop the prior month, as factories pushed out more computers, appliances and building-supplies, according to Federal Reserve data issued today in Washington. Other reports showed the momentum is being sustained as the fewest workers since April 2000 filed applications for unemployment insurance last week and more consumers said this month that the economy will get better.

The reports bolster forecasts that the U.S. expansion will survive the weakening in Europe and emerging nations that has roiled global financial markets. American consumer spending, which accounts for almost 70 percent of the economy, is likely to strengthen as employment keeps growing and confidence climbs. Ford Motor Co. is among those automakers that remain upbeat. The second-biggest U.S. carmaker is adding workers at its Dearborn, Michigan, plant as it prepares for its new aluminum-bodied F-150 pickup. The truck is scheduled to arrive in showrooms by the end of the year. “These new jobs will help meet anticipated customer demand,” said Joe Hinrichs, Ford’s president of the Americas, during an Oct. 13 announcement. The company has hired more than 23,000 employees since 2011.

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16
Oct
14

The Deficit Is Falling? You Can Thank President Obama

Obama GOP

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Brett Logiurato: The Budget Deficit Just Fell To Its Lowest Level Under Obama

The US budget deficit fell to about $483 billion in fiscal year 2014, almost a $200 billion drop from the previous year and the lowest level of President Barack Obama’s six years in office. The US Treasury Department released the official figures on Wednesday, generally confirming figures released by the nonpartisan Congressional Budget Office last week. It’s the smallest deficit recorded since 2008.

FY2014 was the fifth consecutive year the deficit declined as a percentage of GDP. It is now an estimated 2.8% of GDP, a percentage that puts it below the average of the past 40 years. The Treasury’s figures chalked up the shrinking deficit to increased revenues from taxes and slowed growth in government spending. “It’s really a rise in revenues because of economic growth, because of the policies the president pursued, that we’ve made progress on the deficit,” said Shaun Donovan, the director of the Office of Management and Budget.

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09
Oct
14

That Hopey Changey Thing Is Working Out Great. Thanks, President Obama!

Obama Hope Progress

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Rolling Stone: The Obama Hope And Change Index: 6 Years Of Progress, By The Numbers

Peak unemployment, October 2009: 10 percent
Unemployment rate now: 5.9 percent
Consecutive private sector job growth: 55 months
Private sector jobs created: 10.3 million
Federal deficit, 2009: 9.8 percent of GDP
Deficit in 2013: 4.1 percent of GDP

Average tax rate for highest earners 2008: 28.1 percent
Average tax rate for highest earners 2013: 33.6 percent
Banks regulated as too big to fail, 2009: 0
Banks regulated as “systemically important financial institutions” — a.k.a. too big to fail — 2014: 29
Billions returned to consumers by Consumer Financial Protection Bureau enforcement: $4.6 billion
Americans compensated for being swindled by banks, lenders and credit card companies: 15 million
Dow Jones close, inauguration day 2009: 7,949
Dow Jones yesterday: 16,719

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Required MPG (miles per gallon) for cars when Obama took office: 27.5
Required MPG for light trucks/SUVs when Obama took office: 23
MPG requirement by 2016 for cars, light trucks/SUVs: 35.5
MPG required by 2025: 54.5
Gigawatts of wind power installed when Obama took office: 25
Gigawatts of wind power installed through end of 2013: 61
Peak summertime solar power generation June 2008: 128 gigawatt hours
Peak summertime solar power generation June 2014: 2,061 gigawatt hours
Coal burned in electrical generation 2008: 1 billion short tons
Coal burned in electrical generation 2013: 858 million short tons
Reduction: 14.2 percent
EPA-proposed CO2 reductions for power sector by 2030: 30 percent

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Pell grant funding 2008-2009: $18 billion
Pell grant funding 2013-2014: $33 billion
Adults gaining insurance under first year of Obamacare: 10.3 million
As a percentage of the uninsured: 26
Annual cost for birth control prior to Obamacare: Up to $600
Annual cost for birth control under Obamacare-compliant policies: $0
Prescriptions now required to obtain emergency contraception: 0
2009 projection for Medicare going broke: 2017
2014 projection for Medicare going broke: 2030

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Troops in Iraq, inauguration day 2009: 144,000
Troops in Iraq today: 1,600
Osama bin Ladens alive 2009: 1
Osama bin Ladens alive 2014: 0
Troops in Afghanistan, day, 2009: 34,400
Troops pledged in Afghanistan by end of 2014: 9,800
Guantánamo detainees inauguration day 2009: 242
Gitmo detainees today: 149
Crack vs. Powder cocaine-crime sentencing disparity when Obama took office: 100:1
Crack vs. Powder disparity today: 18:1
Drug offenders eligible to seek early release under new sentencing guidelines: 46,000

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POTUS Thumbs Up

06
Oct
14

The American Economy Is Growing? You Can Thank President Obama

Obama GOP

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Bloomberg: Corporate U.S. Healthiest In Decades Under Obama With Lower Debt

Steve Wynn, founder of the Wynn Resorts Ltd. (WYNN) casino empire, once called President Barack Obama’s administration “the greatest wet blanket to business and progress and job creation in my lifetime.” Barry Sternlicht, chief executive officer of Starwood Property Trust Inc. (STWD), said Obamacare was driving down wage growth and “affecting spending and the desire to buy houses and everything else.” Corporate and economic statistics almost six years into his administration paint a different picture. Companies in the Standard & Poor’s 500 (SPX) Index are the healthiest in decades, with the lowest net debt to earnings ratio in at least 24 years, $3.59 trillion in cash and marketable securities, and record earnings per share. They are headed this year toward the fastest average monthly job creation since 1999, manufacturing is recovering and the U.S. has returned as an engine for global growth. The recovery, which stands in contrast to weak growth in Europe and Asia, has underpinned an almost threefold gain in the Standard & Poor’s 500 Index since March 2009.

“The U.S. is leading the way — we’re the only major economy with accelerating growth,” said Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc. and a registered Democrat who has advised both the Obama administration and Senator John McCain, a Republican. “Obama deserves some credit for that, but he probably won’t get it.” Barring any major disruptions, the economy is setting up for Obama to leave office on a high note, said Douglas Brinkley, a presidential historian and professor at Rice University in Houston. “History will eventually show that Obama inherited the Great Recession and resuscitated the economy,” Brinkley said in an interview. One example is General Motors Co. (GM), which last week regained its investment-grade debt rating from Standard & Poor’s only five years after the government-backed bankruptcy. Obama’s $49.5 billion bailout of the automaker in exchange for taxpayers owning 61 percent of the company kept it from being liquidated, an outcome that could have crippled parts suppliers and economies throughout most of 50 states, not just the Midwest. In the broader economy, consumers are buying again and homebuilding is increasing. The unemployment rate has declined to 6.1 percent, the lowest since 2008. The economy expanded at a 4.6 percent annualized rate in April through June. Obama’s 2010 health-care program will hold down consumer prices for years to come as millions of Americans obtain coverage, BNP Paribas SA and Credit Suisse Group AG said. The “Medicare cost miracle” resulted at least in part from Obama’s Patient Protection and Affordable Care Act, Nobel-Prize winning economist Paul Krugman wrote in a Sept. 1 New York times article.

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9.26.14

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Steve Benen: Economic Growth Improves To Eight-Year High

The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still. The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession.

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29
Sep
14

More Positive Economic News? Thanks, President Obama

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NYT: Business Spending, Exports Spur Big Bounce In U.S. Economy

The U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter with all sectors contributing to the jump in output in a bullish signal for the remainder of the year. The Commerce Department on Friday raised its estimate of growth in gross domestic product to a 4.6 percent annual rate from the 4.2 percent pace reported last month. The United States is bucking a spate of weaker overseas growth with the euro zone and Japan slumping, and growth in China slowing as well. the expansion in consumer spending, combined with strong business investment,

was nevertheless enough to push domestic demand ahead at its fastest pace since 2010. That suggests the economy’s recovery is becoming more durable after output slumped at a 2.1 percent rate in the first quarter because of an unusually cold winter. So far, data covering manufacturing, trade and housing suggest that much of the second quarter’s momentum spilled over into the third quarter. Growth estimates for the July-September quarter range as high as a 3.5 percent pace. When measured from the income side, the economy grew at a 5.2 percent pace during the second quarter…export growth was raised to an 11.1 percent pace, the fastest since the fourth quarter of 2010, from a 10.1 percent rate.

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Jason Furman: Third Estimate of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.6 percent at an annual rate in the second quarter of 2014, the fastest pace since the fourth quarter of 2011, according to the third estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, State and local government spending grew at the fastest quarterly rate in five years. However, net exports subtracted from overall GDP growth, as imports grew slightly faster than exports.

Real gross domestic income (GDI), an alternative measure of the overall size of the economy, was up 5.2 percent at an annual rate in the second quarter. 3. Over the past four quarters, real GDP has risen 2.6 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, although it did rebound in the second quarter.

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28
Aug
14

Democrat + Forward Thinking Policies = Growing Economy

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Yahoo: Economy In U.S. Expands 4.2%, More Than Previously Forecast

The biggest gain in U.S. business investment in over two years helped the world’s largest economy expand more than previously forecast in the second quarter, raising expectations for the rest of 2014. Gross domestic product, the value of all goods and services produced, rose at a 4.2 percent annualized rate, up from an initial estimate of 4 percent and following a first-quarter contraction, Commerce Department reported today in Washington. Other reports showed the outlook for home sales improved in July, fewer people filed claims (INJCJC) for jobless benefits last week and consumer confidence climbed. Recent data showing American factories are receiving more orders and employment is picking up indicate companies such as General Electric Co. (GE) will probably see demand sustained into the second half of the year. “The recovery is becoming more well-entrenched,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, who correctly projected the gain in GDP.

“There is more optimism among businesses about increased demand. The drop in firings is probably helping Americans feel more secure in their jobs. The Bloomberg Consumer Comfort Index rose in the week ended Aug. 24 to the highest level in more than a month as views of household finances advanced to an almost four-month high, another report showed. Household consumption, which accounts for about 70 percent of the economy, grew at a 2.5 percent annualized rate, the same as previously estimated. Automobile sales near an eight-year high bode well for consumer spending and factory production. Consumers’ purchasing power improved, with disposable income adjusted for inflation rising at a 4.2 percent from April through June after a 3.4 percent gain in the first quarter. Gross domestic income, which reflects all the money earned by consumers, businesses and government agencies climbed at a 4.7 percent annualized rate in the second quarter, the most since early 2012. More hiring and stock-market gains that are boosting confidence also are healing household finances, which will help consumer spending. Payrolls in July marked the sixth month of gains exceeding 200,000, the longest such stretch since 1997, according to the Labor Department.

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Jason Furman: Second Estimate Of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.2 percent at an annual rate in the second quarter of 2014, according to the second estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, state and local government spending grew at the fastest quarterly rate in five years.

3. Over the last four quarters, real GDP has risen 2.5 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, which is discussed in greater detail in the next point.

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30
Jul
14

Rise and Shine

On This Day: President Obama waves as he boards Air Force One at John F. Kennedy International Airport in New York, N.Y., July 30, 2012 (Photo by Pete Souza)

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Today (all times Eastern)

11:0: First Lady delivers remarks at the Young African Leaders Summit (link)

12:05: The President delivers remarks on the economy, Uptown Theatre, Kansas City

2:15: Departs Kansas City

4:40: Arrives White House

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The Week Ahead

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Instagram

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Steve Benen: U.S. economy bounces back in a big way

By any measure, the U.S. economy was unusually weak in the first quarter of the year (January through March), though most in the economic, financial, and political sectors were untroubled by the data. Indeed, for most, the winter drop was something of a fluke, caused by unusually harsh weather conditions and an unexpected drop in health spending.

Still, the first-quarter report made the second-quarter data all the more important. Would the economy bounce back? This morning, we received an answer – and for those rooting for economic success, the results were even better than expected.

…. today’s report showing 4% growth is terrific and reinforces the perception of an economy picking up speed.

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Bloomberg: Economy in U.S. Grows More Than Forecast

Gains in consumer spending and business investment helped the U.S. economy rebound more than forecast in the second quarter following a slump in the prior three months that was smaller than previously estimated.

Gross domestic product rose at a 4 percent annualized rate after shrinking 2.1 percent from January through March, Commerce Department figures showed today in Washington. The median forecast of 80 economists surveyed by Bloomberg called for a 3 percent advance. Consumer spending, the biggest part of the economy, rose 2.5 percent, reflecting the biggest gain in purchases of durable goods such as autos in almost five years.

More here

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New Republic: McDonald’s Workers Were Just Handed a Huge Victory by the Obama Administration

The news for America’s low-wage workers has been pretty bleak these past, oh, 30 or 40 years or so. Their pay has stagnated and their bargaining power has atrophied, even as their corporate overlords have seen their own profits and compensation soar. But there are signs of a brightening underway, and the latest one arrived Tuesday in the form of a possibly consequential finding against one of the most iconic low-wage employers of all, McDonald’s.

The general counsel of the National Labor Relations Board, Richard Griffin Jr., ruled that he would include McDonald’s as a “joint employer” in the 43 unfair labor practice complaints filed by McDonald’s workers over the past 20 months that Griffin deemed had merit (the complaints mostly involve retaliation against workers who engaged in organizing efforts). In the past, McDonald’s and other big fast-food chains have avoided responsibility in such cases, on the premise that their thousands of franchisees are the real employers, not the corporate giant in whose name they operate….

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NYT: What Debate? Economists Agree the Stimulus Lifted the Economy

Here’s a simple case study making the point that our political debates about economics have become largely unhinged from those among actual economists. Take the Obama stimulus plan, known as the American Recovery and Reinvestment Act. If you took your cues from the political rhetoric in Washington — or even from the occasional virulent debate in the economics blogosphere — you would think the whole question of fiscal stimulus is highly contested.

But it’s not. There’s widespread agreement among economists that the stimulus act has helped boost the economy.

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Roger Cohen (NYT): Zionism and Its Discontents

…. I am a Zionist because the story of my forebears convinces me that Jews needed the homeland voted into existence by United Nations Resolution 181 of 1947, calling for the establishment of two states — one Jewish, one Arab — in Mandate Palestine…

What I cannot accept, however, is the perversion of Zionism that has seen the inexorable growth of a Messianic Israeli nationalism claiming all the land between the Mediterranean and the Jordan River; that has, for almost a half-century now, produced the systematic oppression of another people in the West Bank … that blockades Gaza with 1.8 million people locked in its prison and is then surprised by the periodic eruptions of the inmates; and that responds disproportionately to attack in a way that kills hundreds of children.

…. Hamas is vile. I would happily see it destroyed. But Hamas is also the product of a situation that Israel has reinforced rather than sought to resolve.

This corrosive Israeli exercise in the control of another people, breeding the contempt of the powerful for the oppressed, is a betrayal of the Zionism in which I still believe.

Full article here

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Charles Pierce: All There Is To Do

…. the president announced that new and harsher sanctions would be placed on Russia. The European Union finally came around and joined him, which means, I guess, that knocking a civilian airliner out of the sky is what gets the EU’s attention.

…. the president was right in knocking down the notion that this represents a new Cold War.

First of all, there’s no Russian bloc this time. There’s just Vladimir Putin, who is a Russian nationalist and an autocrat, but not a Tsar or a General Secretary, who fights his proxy wars on his own borders, and not around the world. And, like any autocrat, he is theoretically most vulnerable to other autocrats, either individually or in combination.

Like any nationalist, he is most vulnerable to pragmatists who like to hold onto the lifestyles the country has provided them. As nearly as I can tell, beyond a desire to re-establish Russia as a world power, and to establish himself as a world leader, Putin’s not motivated by any ideology that isn’t vulnerable to financial pressure.

Full post here

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Steve Benen: Parties, presidents, and economic power

Derek Thompson highlighted an interesting economic trend that Republicans very likely find discouraging: “In the 70 years, the U.S. economy has been better, across many metrics, when a Democrat has been the president.” In particular, Thompson noted a “fantastically interesting” paper from Princeton professors Alan Blinder and Mark Watson, who reported that from 1947 to 2013, in literally every category, Democratic presidents outperformed Republican presidents.

…. it’s a democracy and partisan bragging rights matter, too. Why Democrats don’t run around boasting about reports like these is a mystery to me – if Republicans had a talking point like this at their disposal, I suspect we’d never hear the end of it.

Full post here

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ThinkProgress: Obama To Issue Series Of Executive Actions Tackling Methane Leaks From Pipelines

President Obama will announce a series of executive actions on Tuesday designed to tackle the increasing problem of methane leaks from natural gas pipelines, which are significantly contributing to global warming, according to a White House press call.

White House Director of Energy and Climate Change Dan Utech told reporters on Monday that the actions would be part of President Obama’s strategy to cut methane emissions, a key directive under his Climate Action Plan announced last summer. Under the plan, Obama vowed to combat climate change despite inaction from Congress by using his executive powers to curb greenhouse gas emissions.

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Crooks and Liars: A Professor’s Amazing Idea On Dealing With Open Carry Activists

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DPCC: Despite Speaker’s Claims to the Contrary, Dozens of Republicans Irresponsibly Float Impeachment

HOUSE SPEAKER BOEHNER SAYS REPUBLICAN TALK OF IMPEACHMENT IS “ALL A SCAM”

Speaker John Boehner (R-OH): “This whole talk about impeachment is coming from the president’s own staff and coming from Democrats on Capitol Hill. Why? Because they are trying to rally their people to give money and to show up in this year’s election,” Boehner told reporters Tuesday morning. “We have no plans to impeach the president. We have no future plans.” [Washington Post, 7/29/14]

…BUT RECKLESS COMMENTS MADE BY HIS OWN PARTY PROVE OTHERWISE

Sen. Jim Inhofe (R-OK):  Inhofe, the top Republican on the Senate Armed Services Committee, said in an interview Thursday with “The Rusty Humphries Show” that impeachment would become an issue soon over the “greatest cover-up in American history.” “People may be starting to use the I-word before too long,” Inhofe said. “The I-word meaning impeachment?” Humphries asked. “Yeah,” Inhofe responded. [The Hill, 5/10/13]

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ThinkProgress: Appeals Court Saves Mississippi’s Only Abortion Clinic

On Tuesday, the Fifth Circuit Court of Appeals struck down a law that would have closed down Mississippi’s only abortion clinic, invalidating a 2012 measure requiring abortion doctors to obtain admitting privileges at local hospitals. The state’s only two abortion providers fly in from out of state to serve patients and were repeatedly denied partnerships with local hospitals.

The three-judge panel ruled that since the U.S. Supreme Court established a constitutional right to abortion, “Mississippi may not shift its obligation for established constitutional rights of its citizens to another state,” the Associated Press reports.

More here

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I’m still laughing at SheriffFruitfly’s caption for this @petesouza gem:

“Dad behind him thinking “wtf the boy never listens to me like that”

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On This Day

Sen. Obama speaks at a campaign stop, July 30, 2008, in Union, Missouri

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