August 15, 2012
— Ace I'd say "Recovery," in quotes, but at least they addressed the issue.
(Well that's not quite fair -- they do mention the most important issue in America (and the world) from time to time. But obviously they far prefer the saga of the gay haircut.)
The recession that ended three years ago this summer has been followed by the feeblest economic recovery since the Great Depression.Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.
The ugliness goes well beyond unemployment, which at 8.3 percent is the highest this long after a recession ended.
Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower.
More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.
...
The AP compared nine economic recoveries since the end of World War II that lasted at least three years....
Here is a closer look at how the comeback from the Great Recession stacks up with the others:
—FEEBLE GROWTH
America's gross domestic product — the broadest measure of economic output — grew 6.8 percent from the April-June quarter of 2009 through the same quarter this year, the slowest in the first three years of a postwar recovery. GDP grew an average of 15.5 percent in the first three years of the eight other comebacks analyzed.
The engines that usually drive recoveries aren't firing this time.
Investment in housing, which grew an average of nearly 34 percent this far into previous postwar recoveries, is up just 8 percent since the April-June quarter of 2009.
That's because the overbuilding of the mid-2000s left a glut of houses. Prices fell and remain depressed. The housing market has yet to return to anything close to full health even as mortgage rates have plunged to record lows.
They throw in this stat, which seems true, and irrelevant:
Government spending and investment at the federal, state and local levels was 4.5 percent lower in the second quarter than three years earlier.Three years into previous postwar recoveries, government spending had risen an average 12.5 percent. In the first three years after the 1981-82 recession, during President Ronald Reagan's first term, the economy got a jolt from a 15 percent increase in government spending and investment.
This is the most underreported story of the past three years. The press have never underplayed economic misery to this degree before.
I'd like to see an analysis of that -- press coverage of this recession versus the previous ones.
Posted by: Ace at
09:54 AM
| Comments (85)
Post contains 472 words, total size 3 kb.
Anyway, Four More Years? I think not.
It sure is nice that the facts give R-n-R lots of ad material from ~cough~ credible sources such as al-AP. ~snicker~
Posted by: eureka! at August 15, 2012 09:57 AM (1qHOu)
"Folks, Where's it Written We Cannot Lead the World in the 20th Century in Making Automobiles?"
Posted by: Tex Lovera at August 15, 2012 09:57 AM (wtvvX)
Posted by: soothsayer, now with extra hissing at August 15, 2012 09:58 AM (9Q7Nu)
Posted by: toby928© at August 15, 2012 09:58 AM (evdj2)
Posted by: Joe `Summer(s) of Recovery Lovin'` Biden at August 15, 2012 09:58 AM (OIuTH)
>>>"In the first three years after the 1981-82 recession, during President Ronald Reagan's first term, the economy got a jolt from a 15 percent increase in government spending and investment."
It depends on what you spend it on. Crony and union bullshit isn't going to give an ROI like Star Wars and defense spending.
Posted by: Roy at August 15, 2012 09:58 AM (VndSC)
Posted by: kathysaysso at August 15, 2012 09:59 AM (ZtwUX)
Posted by: Roy at August 15, 2012 10:00 AM (VndSC)
Posted by: toby928© at August 15, 2012 10:00 AM (evdj2)
The double dip started in Q2 of this year. Frankly, despite the 'rules', what is happening is better described as a depression.
Posted by: Vashta Nerada at August 15, 2012 10:00 AM (Z6meB)
The Department of Agriculture is quietly buying them up, for some reason.
Posted by: Cicero at August 15, 2012 10:00 AM (QKKT0)
Posted by: jimmytheleg at August 15, 2012 10:01 AM (uRl7x)
Posted by: LOLccupy Wall Street at August 15, 2012 10:01 AM (OIuTH)
"Folks, Where's it Written We Cannot Lead the World in the 20th Century in Making Automobiles?"
Posted by: Tex Lovera at August 15, 2012 01:57 PM (wtvvX)
---
Ummm... *history* books?
Or maybe we can have Govt Motors switch over from that euro crap to all DeLoreans and send those babies back to the last century.
Posted by: John Galt's Bile Duct at August 15, 2012 10:01 AM (+/VIS)
Posted by: USA at August 15, 2012 10:01 AM (6Cjut)
Posted by: soothsayer, now with extra hissing at August 15, 2012 10:02 AM (9Q7Nu)
Posted by: Fareed Zakaria at August 15, 2012 10:02 AM (evdj2)
Whaddya think they're making ethanol from? CORN???
Posted by: Tex Lovera at August 15, 2012 10:03 AM (wtvvX)
Posted by: garrett at August 15, 2012 10:03 AM (ji79o)
Posted by: Tommy V at August 15, 2012 10:03 AM (iJ5jJ)
They throw in this stat, which seems true, and irrelevant:
Government spending and investment at the federal, state and local levels was 4.5 percent lower in the second quarter than three years earlier.
Three years into previous postwar recoveries, government spending had risen an average 12.5 percent.
--
That stat is relevant only in that government spending is based on two things: tax revenue and borrowing. Because of the extreme length of large scale unemployment, tax revenues are not increasing. This is largely due to the massive extension of unemployment benefits.
Posted by: Vashta Nerada at August 15, 2012 10:03 AM (Z6meB)
Posted by: jimmytheleg at August 15, 2012 10:04 AM (uRl7x)
Posted by: Vizzini at August 15, 2012 10:04 AM (OIuTH)
Posted by: alexthechick - SMOD 2012 - going to plaid at August 15, 2012 10:04 AM (VtjlW)
Posted by: General Woundwort at August 15, 2012 10:04 AM (06lNq)
Posted by: Barakhenaten I at August 15, 2012 10:05 AM (ji79o)
Posted by: Gabby Douglas Loves Racist McHateMuffins at August 15, 2012 10:05 AM (OIuTH)
Posted by: mallfly at August 15, 2012 10:06 AM (bJm7W)
The InParty Says Times Are Good. Here have a chocolate ration it just got increased to 5g.
Posted by: MikeTheMoose Regular With Full Stomping Power! at August 15, 2012 10:06 AM (0q2P7)
Posted by: Inigo Montoya at August 15, 2012 10:06 AM (136wp)
In other words: We'd be out of this mess already, if it weren't for Republican obstructionism.
Yeesh. That poor, poor chicken.
Posted by: sandy burger at August 15, 2012 10:07 AM (UwqBE)
Posted by: Serious Cat at August 15, 2012 10:07 AM (zrpqj)
Posted by: Chris Matthews at August 15, 2012 10:07 AM (/YJYi)
We as an electorate have been through this before....
it was called the "great depression" and we have the power to learn from the past and end the bullshit quick.
FDR did not save the US from any bad policy on the part of Hoover he tried more of the same and turned what has been a long depression but not outside of norms into the new national sport.....
this "recovery" looks eerily like the hiccup recovery of '37 you know after round two of "I need the Presidency to blow more money taken from more productive parts of our business sector to try to spread the wealth around because I am smart not like everyone says!"
by Fredo Delano Roosevelt
My only hope is if we give him a wave Mitt kicks EPA in the nuts and gets us up and running by the midterms....
the leftoids will either recoil from the edge of madness or double down....
Posted by: sven10077 at August 15, 2012 10:08 AM (LRFds)
Unconfirmed report: FRC shooter carried Chick-fil-A bag, said 'it was what this place stands for'
Posted by: Tami at August 15, 2012 10:08 AM (X6akg)
Posted by: Super Smart Biden at August 15, 2012 10:08 AM (UOM48)
Posted by: Will Folks at August 15, 2012 10:09 AM (YOZSv)
Creating fake temporary demand with borrowed money doesn't create long term economic growth?
Who could have imagined?!
Posted by: Bill Mitchell at August 15, 2012 10:09 AM (hlUJY)
Posted by: USA at August 15, 2012 10:10 AM (6Cjut)
Posted by: Jane D'oh at August 15, 2012 10:10 AM (UOM48)
How many millions are on Food Stamps and Welfare?
This is why there are no 'food lines' in this depression.
If all of the people on some sort of govt assistance were lined up at one time.....that would make for a visual illustration of just how bad it is.
I haven't heard anyone talking about Inflation during the Great Depression.
Just that...'people had no money and jobs were scarce'.
Well right now....people have no money, jobs are scarce...and prices for everything are at an all-time high.
Posted by: wheatie at August 15, 2012 10:10 AM (mtRB0)
Posted by: soothsayer, now with extra hissing at August 15, 2012 10:10 AM (9Q7Nu)
Posted by: Barakhenaten I at August 15, 2012 10:10 AM (ji79o)
Posted by: Gristle Encased Head at August 15, 2012 10:11 AM (+lsX1)
Posted by: Paul Krugman at August 15, 2012 10:12 AM (/YJYi)
That's because the overbuilding of the mid-2000s left a glut of houses. Prices fell and remain depressed. The housing market has yet to return to anything close to full health even as mortgage rates have plunged to record lows.
I haven't read the article, but do they happen to mention the little fact that the "overbuilding" of the mid-2000s was due in large part to the subprime mortgage lending that led to people purchasing homes that they could in NO WAY afford, which in turn helped lead to the economic meltdown of 2008? And which have been getting foreclosed on and bulldozed ever since? And that people who bought homes they COULD afford have seen the value of those homes plummet until they're upside down and can't sell it, can't refinance, and are therefore stuck? And that maybe the shitty housing market is thanks in no small part to government meddling, because the fucking regressives in Congress leaned on banks and other lenders to get them to give mortgages to risky buyers or else get called on the carpet as corporate fatcat bigots? Maybe? Just maybe?
Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter [/i][/b][/u] at August 15, 2012 10:12 AM (4df7R)
Correct- and the sad thing is, looked at the post and I was actually excited to see someone, ANYONE in the msm even halfway reporting it.
To that end, is AP coming down with a case of the whooping blitzers?
"Folks, Where's it Written We Cannot Lead the World in the 20th Century in Making Automobiles?"
Pfffffft- like that depends shredding imbecile could read "it" even if you showed him where is was written.
Posted by: Chariots of Toast at August 15, 2012 10:13 AM (ksERZ)
Posted by: TheQuietMan at August 15, 2012 10:13 AM (1Jaio)
The housing market cannot LEAD a recovery... only the creation of REAL wealth... ie THINGS... can do that.
There are just too many empty houses sitting on bank books not being sold.
I have a client who is a real estate agent... and they can't find houses to SELL... even though there are 100s in the area which sit empty....
Why? Because as soon as the Bank puts the house on the market, they must depreciate it to market value.... which hoses up their books...
Posted by: Romeo13 at August 15, 2012 10:14 AM (lZBBB)
Posted by: Stephen Price Blair at August 15, 2012 10:14 AM (QF8uk)
Posted by: HoboJerky, profit of DOOM! at August 15, 2012 10:15 AM (xAtAj)
Last time you saw a story on gas prices was............
Posted by: Mallamutt, RINO President for Life at August 15, 2012 02:09 PM (OWjjx)
A month ago it was 3.75 in my area and everyone was talking about how low the gas prices were, now it's up to 4.13.
Posted by: Adam Smith's Invisible Pimp Hand at August 15, 2012 10:16 AM (NzBQO)
And all you're really doing here is showing us what a h8tr you are.
Racist.
And all around meanie.
And yucko stinkpot.
Posted by: An obot what has his simm card fallin' outtie his skull at August 15, 2012 10:17 AM (ksERZ)
Posted by: FRONT TOWARD LEFT at August 15, 2012 10:17 AM (ogdab)
There are people upset that Ryan is going forward with Romney's "plan" for medicare.
Why would Romney back down from his own plan?
Posted by: HoboJerky, profit of DOOM! at August 15, 2012 10:17 AM (xAtAj)
They opened the headlines to fools from FaceBook
ED! strikes again.....
he endorsed a donk the other day in MN too....
maybe he is about to go Bike Boy the Jazz flautist on us...
Posted by: sven10077 at August 15, 2012 10:19 AM (LRFds)
There are just too many empty houses sitting on bank books not being sold.
I have a client who is a real estate agent... and they can't find houses to SELL... even though there are 100s in the area which sit empty....
Why? Because as soon as the Bank puts the house on the market, they must depreciate it to market value.... which hoses up their books...
Posted by: Romeo13 at August 15, 2012 02:14 PM (lZBBB)
THIS, why inflate the bubble again.
Posted by: Adam Smith's Invisible Pimp Hand at August 15, 2012 10:19 AM (NzBQO)
61A have a great idea for a bumper sticker:
Romney/Ryan
Time For A Serious Presidency
-----------
I like it.
It would be great if there were an Ad that used footage of the 'Preezy of the Steezy' routine + all the other times that Barky has been partying and having a great ole time......contrasted with pictures of people in trouble, boarded up storefronts, forclosed homes, etc.
Posted by: wheatie at August 15, 2012 10:19 AM (mtRB0)
Posted by: AllenG (Dedicated Tenther) Channelling Breitbart at August 15, 2012 10:20 AM (8y9MW)
Posted by: mallfly at August 15, 2012 10:20 AM (bJm7W)
I know Joe Biden was asking a rhetorical question, but it has an actual answer:
It's written in the federal tax code, and in federal labor laws, and in various Congressional bills that trade favors for campaign contributions at the expense of the free market.
Posted by: sandy burger at August 15, 2012 10:28 AM (UwqBE)
The Economic Policy Institute issued the following news release:
Increasing the federal minimum wage would give more than 28 million workers a raise
Increasing the federal minimum wage from $7.25 to $9.80 per hour would give more than 28 million workers a raise while generating approximately 100,000 new jobs over three years, finds a new EPI Issue Brief. In How raising the federal minimum wage would help working families and give the economy a boost, EPI researchers Douglas Hall and David Cooper show that raising the minimum wage would provide a substantial lift to the economy and benefit workers still reeling from the effects of the recession, generating almost $40 billion in increased wages.
In contrast to prevailing myths about minimum-wage workers, raising the minimum wage would benefit millions of workers across demographic groups, not just teenage part-time workers. Almost 88 percent of workers who would be affected are at least 20 years old. Female and non-minority workers would benefit disproportionately from the increase; women comprise nearly 55 percent of those affected, and non-Hispanic white workers make up about 56 percent.
While increasing the minimum wage immediately benefits the lowest-paid workers through boosted earnings, it also yields positive effects on the larger economy. Raising the federal minimum wage to $9.80 would put nearly $40 billion in the hands of directly and indirectly affected families when they need it most, augmenting their spending power in the local economy. In return, these families would be more likely than any other income group to spend these extra earnings immediately on basic needs or services they could not previously afford.
This additional spending power would be a useful tool to spur job growth, as employers would need to hire new staff to keep up with heightened demand for goods and services. In fact, an increase in the federal minimum wage from $7.25 to $9.80 per hour would result in a net increase in economic activity of approximately $25 billion, generating approximately 100,000 new jobs. This hike would have a positive impact across the country, with job creation in every state.
"With the national unemployment rate not budging below 8.0 percent, now is the perfect time to raise the minimum wage," said Hall. "Not only will it generate billions of new dollars for the economy while adding new jobs when we sorely need them, it will begin to address the wage stagnation working families have faced during the last four decades, while putting more money in their hands when they need it most."
Posted by: mallfly at August 15, 2012 10:29 AM (bJm7W)
Posted by: Christopher Taylor at August 15, 2012 10:37 AM (r4wIV)
Posted by: TheQuietMan at August 15, 2012 10:42 AM (1Jaio)
Posted by: Mary Clogginstien from Brattleboro, Vt at August 15, 2012 11:02 AM (48wze)
There is a radio host here in LA named Larry Elder (libertarian Republican for those of you not in the area). When discussing raising minimum wage he tells the audience that in the past when there were minimum wage increases his parents would sit down, figure out how this raise in costs was going to affect their business (a small restaurant in a poor section of LA), whether they could raise prices to meet raised labor costs and/or who would have to be laid off and/or have hours cut, meaning everyone else (including his parents) would have to pick up the added work.
My personal anecdote was from the Clinton increase in minimum wages. I was stationed at Ft Bragg and there was a newsstand in the Fayetteville mall. I remember being in there when the cashiers were changing shifts. One was crowing about the raise they would be getting. A few weeks later the newsstand was closed. I don't know if the rise in labor costs was the reason (or one of the reasons) for the closure, but a rise in minimum wage will result in closures of marginal businesses and layoffs in others.
Posted by: Mr Chips at August 15, 2012 11:04 AM (PVcxr)
Posted by: steevy at August 15, 2012 11:21 AM (6o4Fb)
Stuff like "Testimony Over Iraq Weapon Lies" and "Scientists Say Nuclear Holocaust Near". The crap that everyone reads because it's easy. I looked at another paper from around that time and it was the same. All terrible, terrible news. Noticeably so.
I picked up the same paper, this time from a few weeks ago. The "tidbit stories" are no longer on the front page. They are on the inside cover. And do you know what the stories are? "Scientist Say Dance is Healthy For You" and "Girl Wins Trophy". Don't just focus on "economics". These rat bastards have every angle sewn up. They have thought about it a lot longer than we have.
Posted by: The Mega Independent at August 15, 2012 11:21 AM (A2sPz)
Posted by: joeindc44 says choom on fuckers at August 15, 2012 11:23 AM (QxSug)
Posted by: Dr. Mabuse at August 15, 2012 12:27 PM (JH8Np)
Posted by: Christopher Taylor at August 15, 2012 03:47 PM (r4wIV)
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Posted by: The Economy at August 15, 2012 09:55 AM (QKKT0)