GDP grew 3.3% my ass - Democratic Underground

bighughdiehl

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Sun Aug-31-08 09:03 PM
Original message

GDP grew 3.3% my ass

Did everyone hear this past week that the economy grew at 3.3%, even though we shedded jobs again the past couple months, and I'm sure they're understating inflation as usual, and the unemployment rate must be about twice the official figure-5.5% my ass! What will it take to get people out in the streets? Do talk radio, whacko religion, dumb TV shows, Fox News, and psychopharmaceuticals constitute a perfect synergy of (sort of)mind control that is unprecedented in history? Where is the growth coming from? Do they even bother going in depth enough to make up some shit for specifics?

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ThomWV

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Sun Aug-31-08 09:05 PM
Response to Original message

1. And wages dropped at an annual rate of 8.4% So, what happened here?

People are once again producing more and being paid less for doing it?

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bighughdiehl

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Sun Aug-31-08 09:17 PM
Response to Reply #1

6. Wages dropped...

At a rate of 8.4%? Holy shit, I wouldn't have guessed it was that steep! THere should be some real fucking trouble soon if that keeps up for anotehr year! Huh-so, did they find that number much harder to fudge than GDP growth? It does prove the GDP growth to be bullshit, of course, so it might be a strategic mistake to not cook the wage numbers, too!

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ThomWV

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Sun Aug-31-08 09:27 PM
Response to Reply #6

8. Heard it on NPR yesterday

I had the radio on out in the shed while I was painting and they said the July numbers came in and wages were down 0.7% for the month. I can multiply well enough to figure out what that comes to as an annual rate. Stunning, isn't it? Wages decreasing at about the same rate as prices are increasing. You think we ain't fucked?

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bighughdiehl

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Sun Aug-31-08 09:56 PM
Response to Reply #8

9. Hmmmm...

I wonder if that figure isn't compared to the same month the year before, like many figures are calculated? So, 8.4% yoy may be a bit of a leap. However, I still bet the decline for the year is more than just .7%, but a whopping 8.4% would have casued more visible trouble by now. Anyone know how that figure is calculated? is it against the previous month or the same month a whole year before?

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bluestateguy

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Sun Aug-31-08 09:08 PM
Response to Original message

2. I don't think anybody is taking that number seriously

Remember who is in charge of keeping those statistics: people appointed by George W. Bush.

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spanone

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Sun Aug-31-08 09:08 PM
Response to Original message

3. we know bu$hco is a notorious liar....why believe them now....i will never believe them

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depakid

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Sun Aug-31-08 09:09 PM
Response to Original message

4. GDP isn't a measure of national prosperity...

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Purveyor

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Sun Aug-31-08 09:11 PM
Response to Original message

5. I agree with you. These numbers are so f'n cooked I can smell the burnt fry-fat

from here.

We will have August job numbers on Friday. Should be interesting to review these numbers as well...

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SmokingJacket

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Sun Aug-31-08 09:24 PM
Response to Original message

7. It went up because prices went up... right?

I mean, if people consumed the same amount, but it cost less, wouldn't that mean the GDP went down? So the reverse must also be true.

Correct me please if I'm wrong, I'm not an economist.

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