Ace of Spades HQ

August 01, 2011

MSNBC Writer: The Double-Dip Has Already Begun
— Ace

The message is the medium here -- the most obnoxiously Obama-boosting leftwing major media outlet in the country.

Friday's news on GDP shows the double dip has arrived Â— an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the deficit will make it worse.
The U.S. has entered a second recession. It may not be as bad as the first. Economists say that the Great Recession began in December 2007 and lasted until July 2009. That may be the way that the economy was seen through the eyes of experts, but many Americans do not believe that the 2008-2009 downturn ever ended. A Gallup poll released in April found that 29 percent of those queried thought the economy was in a Â“depressionÂ” and 26 percent said that the original recession had persisted into 2011.

In more DOOM, manufacturing activity has hit its lowest level in two years.

The Institute for Supply Management, a trade group of purchasing executives, said Monday that its index of manufacturing activity fell to 50.9 percent in July from 55.3 percent in June. The reading was the lowest since July 2009 Â— one month after the recession officially ended.

It gets a little worse. Not only did the new corrected GDP figures show we're in the President's favorite metaphor -- a ditch -- but these new numbers also demonstrate there's been none of the assumed "surge" of productivity for the past two years.

It had been believed, based on these faulty numbers, that while US growth was sluggish, at least workers were increasing productivity, which would eventually herald a jump in wealth should we ever exit the slump.

But no -- productivity is as lame as actual production (last item).

Thanks to krak, in the sidebar.

Posted by: Ace at 02:29 PM | Comments (56)
Post contains 328 words, total size 2 kb.

1 Well obviously, what is missing is government spending! Why isn't the government spending?

Posted by: Hussein the Plumber at August 01, 2011 02:31 PM (jx2j9)

2 Annnnd drinking time!

Posted by: alexthechick at August 01, 2011 02:33 PM (sf+iw)

3 Well obviously, what is missing is government spending! Why isn't the government spending?

Posted by: Hussein the Plumber at August 01, 2011 06:31 PM (jx2j9)

Those damn hobbit tea-rrorists are holding the country hostage!

Posted by: blue star at August 01, 2011 02:34 PM (lofS9)

4 Sorry, guys. This all my fault.

Posted by: fluffy, Earl of Grey at August 01, 2011 02:35 PM (SwkdU)

5 Let's ask Paul Krugman before we jump to any conclusions.

Posted by: jeannebodine at August 01, 2011 02:35 PM (nvlAW)

6 Annnnd drinking time!

The wife made some boysenberry liqueurs this year. So much tastier than Valu-Rite.

Posted by: Meiczyslaw at August 01, 2011 02:35 PM (bjRNS)

7 It is only a tiny consolation that "the world owes me a nice life" crowd that votes in these progressives that have created this mess are going to suffer the worst when the SHTF.

Posted by: palerider at August 01, 2011 02:35 PM (dkExz)

8 Every day. Every stinking day there is another glaring example of how leftist ideology is killing this country and what are we doing? We are actually arguing about whether or not there is enough adoption of leftist policy.
If it weren't that this country is circling the toilet, this would be a Ben Stiller, how stupid can I possibly act and still get people to pay hard earned money to see this stinking pile of shit movie, movie.

Posted by: Hussein the Plumber at August 01, 2011 02:36 PM (jx2j9)

9 2 Annnnd drinking time!

Posted by: alexthechick at August 01, 2011 06:33 PM (sf+iw)

way ahead of you

Posted by: Jane D'oh at August 01, 2011 02:36 PM (UOM48)

10 The only domestic manufacturing sector not floundering is smallarms and munition sales. Very telling!

Posted by: The Donkey Show at August 01, 2011 02:36 PM (ijjAe)

Those damn hobbit tea-rrorists are holding the country hostage!

Posted by: blue star at August 01, 2011 06:34 PM (lofS9)

We hates us the hobbitses!

Posted by: Hussein the Plumber at August 01, 2011 02:37 PM (jx2j9)

12 Manufacture slowdown? Not here at Acme Machine Guns. We got some huge ATF orders to fill.

Posted by: Ingemar Johansson at August 01, 2011 02:38 PM (FnIuw)

13 oh. so the 1st recession ended? who knew?

Posted by: kelley in virginia at August 01, 2011 02:39 PM (VIqi1)

14 Less A.B. Stoddard! More Kirsten Powers!

Posted by: Sean Bannion at August 01, 2011 02:39 PM (HUZDZ)

15 Zombie King George III could beat Obama.

Posted by: Flapjackmaka at August 01, 2011 02:39 PM (kG75t)

16 Bush drove the car so deep into the ditch, it weakened the sides of the ditch and the car fell back in after I pulled it out

That's my story, and I'm sticking to it

Posted by: King Barry the Economist at August 01, 2011 02:42 PM (Y+DPZ)

17 Did someone say skinny-dip?

Posted by: Nancy P at August 01, 2011 02:43 PM (ZgvjV)

18 Know what's killing my recovery? These damn tax cuts! Every Harvard economist knows that political appointees know best how to invest in our future

Posted by: King Barry the Economist at August 01, 2011 02:44 PM (Y+DPZ)

19 Well, some ABC reporter talking to our local evening drivve-time guy said "Obama seemed to be the only adult in Washington" and that the Tea Party people "should be spending more time working on jobs, because the economy has gotten worse while this argument has gone on."

So, you see, unemployment is now going to be the Tea Party's fault as well as Bush's.

I hate these people with the heat of 1000 suns.

Posted by: Miss Marple at August 01, 2011 02:45 PM (Fo83G)

20 Soft patch! Soft patch! Buying opportunity!!

Posted by: Jim Cramer's Head Wax at August 01, 2011 02:45 PM (Y+DPZ)

Not really on what you said about productivity ace.

Productivity has been rising for the last 3 years letting employers off the hook for hiring new employees. Like everything thought there is a limit. Flat productivity now is not only expected but a good thing for the job market.

Employers have hit the wall on squeezing out more productivity and will have to hire, provided there is growth.

Posted by: robtr at August 01, 2011 02:46 PM (MtwBb)

22 I hate these people with the heat of 1000 suns.

Flames. From the SIIIIIIIIDES of my head.

Yes, I understand and agree.

Posted by: Meiczyslaw at August 01, 2011 02:46 PM (bjRNS)

23 This is the work of terrorists*!

*See The Biden Abridged Dictionary for definition.

Posted by: kbiel at August 01, 2011 02:46 PM (LdAWK)

Great Depression II
The Revenge of Keynes

Posted by: MikeTheMoose at August 01, 2011 02:47 PM (0q2P7)

25 20 Well, some ABC reporter talking to our local evening drivve-time guy said "Obama seemed to be the only adult in Washington" and that the Tea Party people "should be spending more time working on jobs, because the economy has gotten worse while this argument has gone on."

Posted by: Miss Marple at August 01, 2011 06:45 PM

Ask that same reporter to elaborate or explain in detail, the reporter would stammer like an illegal trying to explain his 5 driver licenses to the highway patrol

Posted by: Jim Cramer's Head Wax at August 01, 2011 02:47 PM (Y+DPZ)

I was watching CNBC this morning and you should have seen those retards crowing over the phony debt deal.

They couldn't wait to just get back to business as usual.

Not one mention of what this debt is going to do to us in the coming years; everything is just NOW NOW NOW! BUY BUY BUY!

I wanted to reach through my TV and strangle that charlatan, Jim Cramer. That piece of shit made his fortune trading on insider information. His stock analysis is SHIT. All he ever did was game the system. And he's lost average investors who were naive enough to take his disingenous advice millions.

Posted by: Warden at August 01, 2011 02:48 PM (HzhBE)

27 Good economic news: Liberal Lye production up 200% since President Obarky took office.

Liberal Lye Inc. the leading progressive policy production house has announced that their production has doubled and redoubled since President Obama took office. Jobs, Money, Hope, said Teh Won in a press conference this morning.

In another White House press release the administration announced stepped up enforcement actions against domestic terrorism. "The Tea Party Terrorists won't get away with it for very long" vowed Vice President Biden.

Posted by: An Observation at August 01, 2011 02:48 PM (ylhEn)

Know what's killing my recovery? These damn tax cuts! Every Harvard economist knows that political appointees know best how to invest in our future

Yes, yes we do.

Posted by: Sean Bannion at August 01, 2011 02:48 PM (HUZDZ)

29 Well Timmy, where I come from, we all double dip the chip

Posted by: George Costanza at August 01, 2011 02:49 PM (Y+DPZ)

30 Can one of you morons in Philadelphia do something to stop the Eagles from signing every free agent available? Holy crap, Cowboys are going to get the living shit beat out of them this year (again)!

Posted by: mikeyslaw at August 01, 2011 02:50 PM (QMGr1)

31 Both my husband & I are unemployed now. Monday is always spent hitting the jobs sites, writing cover letters, sending resumes, making calls, etc. My web search usually starts on Career Builder which is a decent site for my field even though I have to wade through the usual 20-30 BS jobs. Today there were 3 jobs listed. T-h-r-e-e. And they were BS jobs. I don't need MSNBC to tell me anything.

Posted by: jeannebodine at August 01, 2011 02:50 PM (nvlAW)

32 I understand the general aviation industry in this country is limping along. If only we could tax the corporate jet owners out of existence, we could fix that too.

Posted by: Hussein the Plumber at August 01, 2011 02:50 PM (jx2j9)

33 Why do I get the feeling we're treading water in a channel off of Chappaquiddick Island?

Posted by: Fritz at August 01, 2011 02:51 PM (p2IBw)

34 Posted by: jeannebodine at August 01, 2011 06:50 PM (nvlAW)

Godspeed to you and your husband.

Posted by: Hussein the Plumber at August 01, 2011 02:52 PM (jx2j9)

Posted by: Warden at August 01, 2011 06:48 PM (HzhBE)

Truer words were never spoken, Sir!

Posted by: mikeyslaw at August 01, 2011 02:52 PM (QMGr1)

36 34 Why do I get the feeling we're trying to kick out the back window inside a Delta 88 treading water in a channel off of Chappaquiddick Island?
Posted by: Fritz at August 01, 2011 06:51 PM

FIFY

Posted by: The Fixer at August 01, 2011 02:53 PM (Y+DPZ)

37 This reminds me of the days of the 'K' car. The cars would practically fall apart driving to work. Supposedly, the company executives were totally unaware of the pieces of shit their companies were manufacturing. Whenever they asked their subordinates about how good the cars were, they were told a cock and bull story about how great they were.
I think this is what is happening now. Politicians think they are doing a good job. They think it is everyone else who is fucking up because everyone around them tells them how great they are. They have no connection to the foundering of the country that everyone not in the ruling class is feeling.
Now they are actually giving credit - credit mind you - to the Tea Party for initiating this great success of an abortion of the American economy.

Posted by: Hussein the Plumber at August 01, 2011 02:59 PM (jx2j9)

The country won't survive another 4 years of Obama. Literally.

Posted by: Tsar Nicholas II at August 01, 2011 03:13 PM (f8XyF)

39 Me? I'm holding out for a triple dip. With unicorn sprinkles!

Posted by: The Poster Formerly Known as Mr. Barky at August 01, 2011 03:18 PM (qwK3S)

40 There are for sale signs all over my city- and no one is buying. Down the street a fella has his house for sale for $699,000 and I wish him luck, but I paid $64,000 for the house I'm in now.
Businesses are closing, shopping centers are still emptying out. Some have no tenants.
I started looking for work about the time Duh!1 was looking like a shoo-in. Still haven't had a nibble.
The "recovery" they peddle was a sham, a fraud, and an illusion- we never left the recession.

Posted by: backhoe at August 01, 2011 03:19 PM (rFdqZ)

41 K Cars are what drove me into Toyota's waiting arms.

Posted by: The Poster Formerly Known as Mr. Barky at August 01, 2011 03:19 PM (qwK3S)

42 The country won't survive another 4 years of Obama. Literally.

Precisely what I am counting on.

Posted by: President Barack Obama at August 01, 2011 03:19 PM (piMMO)

43 7 It is only a tiny consolation that "the world owes me a nice life" crowd that votes in these progressives that have created this mess are going to suffer the worst when the SHTF.

Posted by: palerider at August 01, 2011 06:35 PM (dkExz)

I was talking with a dude (several years ago) and he was one of those "world owes me a nice life" people. His reasoning was "I didn't ask to be born". I responded with "well I sure as hell didn't ask for you to be born".

Posted by: Lemmiwinks at August 01, 2011 03:26 PM (54F2e)

44 Austerity Akbar!

Posted by: Tea Party Hobbit at August 01, 2011 03:29 PM (r4t7/)

45 The Donkey Show: "The only domestic manufacturing sector not floundering is smallarms and munition sales. Very telling!"

You're telling me!

Posted by: Gunrunnerista at August 01, 2011 03:32 PM (r4t7/)

46 For the love of God! Somebody pleeeease water the green shoots!

Posted by: Larry Kudlow at August 01, 2011 03:34 PM (r4t7/)

What if we DO ask to be born- then there'd be no losers whining about life- they chose it, they asked for it. I bet we do, and even pick out all the circumstances we are born into. There would be no victims then.

Posted by: fedupwithit at August 01, 2011 03:48 PM (14mHD)

48 Triple Dip? Sure, I'm game.

Posted by: Sasha Grey at August 01, 2011 03:50 PM (saRwI)

49 So there's the meme. The democrats had the power of the purse and abused it from 2006 to 2010, but the democrats also claim they inherited the 2009 recession.

And they claim they recovered and somehow demands to cut spending caused another one.

It's sick. No other word for it but that it's sick.

Posted by: Dustin at August 01, 2011 03:57 PM (519+h)

50 Someone said that GM execs never knew how sloppy the workmanship was on their cars because they always drove ones on the test tracks that were specially built by hand so the execs wouldn't see the junks that showed up in dealerships

Posted by: kbdabear at August 01, 2011 04:06 PM (Y+DPZ)

51 We are failing Barry.

Posted by: toby928™ at August 01, 2011 06:09 PM (GTbGH)

52 Its all Bushs' fault.

Posted by: Molon Labe at August 01, 2011 07:28 PM (g5MrG)

53 the sooner obama is out of the white house the better. we need a solid fiscal conservative in the white house. it would be great if we could get more sensible people in congress as well...regardless of party affiliation.

Posted by: mistress overdone at August 01, 2011 09:13 PM (2/oBD)

54 So what exactly was achieved by QE1 and QE2 ?

Posted by: Alex at August 02, 2011 02:27 AM (nmzl8)

55 GHD Hair Straighteners however, the trend of Chiang kai-shek after all in the national party is shallow foundation, and can't complete control of the situation in the kuomintang, and Chiang kai-shek, the heart is very understand: GHD Pink only take a special effective measures for himself, to lay a more reliable and deep political roots. Cheap GHDS At the time of the loss of her husband the Chiang kai-shek just the soong ching ling, if can get married, and first lady was greeted it is to the kuomintang party swear his sun yat-sen's lawful successors is the three people's principles and the most loyal guardians of, GHD Straighteners Sale

Posted by: GHD at August 14, 2011 02:20 AM (UDaJ+)

56 test

Posted by: the at August 27, 2011 03:21 AM (Ou4YC)

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