Economic Growth Revised Down Again

[Jroc]

4 more years!!...What a joke

Also this morning, the Bureau of Economic Analysis revised down its estimate of second-quarter gross domestic product growth. It now says GDP grew at a tepid 1.3 percent annual rate in the quarter, not the previous estimate of 1.7 percent

Orders Plunge, GDP Growth Revised Down : The Two-Way : NPR

 

[Mad Scientist]

There are no jobs to fuel a recovery so there won't be one.

 

[Nova78]

Economic Growth Revised Down Again



Bullshit ,Obama says the private sector is doing fine.......

 

[waltky]

IMF pessimistic about global recovery...

IMF Lowers Global Growth Outlook
October 09, 2012 — The International Monetary Fund (IMF) is predicting a further slowdown in the global economy's growth rate. The assessment comes in a closely-watched economic forecast in which the Fund blames the gloomy outlook on uncertainties with fiscal policies in the United States and Europe.

The IMF says there is an “alarmingly high” risk of a global slowdown with an 80 percent chance of recession in the Euro zone next year. The global economy is predicted to rise 3.3% this year and 3.6% next year. In its previous forecast, three months ago, the IMF pegged growth this year at 3.5% percent and 3.9% in 2013. “The new element is the uncertainty, the degree of uncertainty, about policy - both in Europe and in the United States," said economist Olivier Blanchard, IMF's research director. "That's what worries us. At the same time it is sufficiently well identified that if the measures which have been promised are delivered in the case of Europe and if the U.S. avoids a fiscal cliff one can be optimistic or relatively optimistic about the future.”

The fund recommends that after next month's presidential and congressional elections, America will have to act quickly or economic recovery will be derailed. At the beginning of 2013, a number of significant tax cuts expire and automatic spending cuts go into effect unless U.S. policy-makers act. While there is strong concern about Europe, the United States and Japan, the Fund also expects an economic slowdown in China and India, two countries whose economic booms helped the world recover from the most recent recession. The latest IMF report cautions that overall “confidence in the global financial system remains exceptionally fragile.” The IMF sees China continuing to be the primary driver of growth among developing Asia economies, as officials there accelerate approval of public infrastructure projects.

Economists warn some of those Chinese state investments are unsustainable and inefficient in the long term. Ian Bremmer is president of the Eurasia Group, a New York-based political risk research and consulting firm. He acknowledges those concerns but contends China enjoys some protection because its present economy is fundamentally different. “The Chinese have a massive surplus. If they want to continue to use it to support unprofitable ventures, they can do that. If the international markets don't like what the Chinese are doing they cannot short them because the Chinese don't have a banking system," said Bremmer. "They can't put pressure on the Chinese to do different things the way they can with the Spaniards, the Italians or even the French.”

The IMF forecast is more upbeat positive for sub-Saharan Africa, where regional growth is forecast to average above five percent, except for South Africa, which is hampered by its ties to Europe. The International Monetary Fund, which has 188 member countries, warns of continued uncertainty in the Middle East and North Africa amid political and economic transitions in the aftermath of the Arab Spring. In that region, real GDP growth is forecast to slow to about 1.25% this year, but expected to rebound moderately in 2013. The forecasts were issued as thousands of people, including central bankers, finance ministers and private sector executives gathered here for a week of meetings to discuss global economic issues.

IMF Lowers Global Growth Outlook

See also:

Global Financial Leaders Ponder Jobs, Growth and Politics
October 08, 2012
WASHINGTON — The International Monetary Fund is warning that global economic growth is slowing at the same time the World Bank says hundreds of millions of new jobs are needed around the world. Top financial and political leaders are gathering in Tokyo to discuss these and other major economic issues.

Many Europeans have been angered by government efforts to slash pensions and salaries, while raising taxes in an effort to balance battered budgets. Public anger is one of many things limiting what leaders can do to solve economic problems in Europe and elsewhere. As leaders head for the International Monetary Fund and World Bank meetings, many economists say Europe’s problems are the biggest threat to the global economy.

Making cuts while spurring growth

IMF Managing Director Christine Lagarde said the budget cuts must be made gradually and need to be balanced with spending that's designed to boost growth and jobs. "There should be clearly a focus on austerity, but also on growth as we believe that the two are not mutually exclusive,” said Lagarde. A World Bank study says 600 million new jobs are needed by 2020 to accommodate new entrants to the workforce. The study says private enterprise creates most new jobs, but World Bank President Jim Yong Kim said government can help by providing good infrastructure and smart regulation. “There is a lot that governments can do to create an environment where especially small and medium enterprises can create the kind of good jobs that people need and people want," he said.

Battling complex issues

Top financial officials from around the world have met frequently over the past few years to deal with difficult issues. Some economists blame blunders by financial companies for sparking the economic crisis that threw millions of people out of work. Many experts say regulation has improved, by for example, requiring banks to keep larger cash reserves. Daniel Hanson of the American Enterprise Institute in Washington said, however, that Europe’s debt woes slow the process. “Europe is making a lot of progress in safeguarding their system, but they are doing so in the midst of their largest credit crunch on record,” said Hanson.

One expert said that easing Europe’s troubles will be challenging new territory for the IMF, which has experience helping poor nations. Tufts University Professor Bhaksar Chakravorti expects only modest progress from the IMF and World Bank gatherings in Tokyo. He spoke on Skype. "I think it moves the ball along a few tiny inches [centimeters] on a field that is probably several miles [kilometers] long," said Chakravorti. At a time when the globe faces slowing growth, debt problems in Europe, political stalemates in the United States, and other problems, modest progress may be the best that can be achieved.

Source

 

[Wiseacre]

It looks like US taxes are about to go up on the 1st of the year, that ain't going to help. Question is which ones, and when it happens. Depending on the outcome of the elections, maybe the lame duck session will do a lot, a little, or very little. Our GDP numbers seem to be hovering around 2% so far for 2012, we'll get a number for the 3rd qtr around the end of October. Doesn't seem to be much optimism for 2013 either, maybe a bit higher but everything is so uncertain.

 

[Jroc]

It looks like US taxes are about to go up on the 1st of the year, that ain't going to help. Question is which ones, and when it happens. Depending on the outcome of the elections, maybe the lame duck session will do a lot, a little, or very little. Our GDP numbers seem to be hovering around 2% so far for 2012, we'll get a number for the 3rd qtr around the end of October. Doesn't seem to be much optimism for 2013 either, maybe a bit higher but everything is so uncertain.

If Romney wins he’ll extend the Bush tax cuts temporarily as he and the Republicans work on real tax reform.

 

[uscitizen]

Back when this was all just starting and the vast majority of the economic experts were predicting a 6 month or so slump, I predicted at least a decade of VERY lackluster performance, and further moves downward in the lifestyles of Americans.

 

[Jroc]

Back when this was all just starting and the vast majority of the economic experts were predicting a 6 month or so slump, I predicted at least a decade of VERY lackluster performance, and further moves downward in the lifestyles of Americans.

If Obama wins we'll all be a lot poorer

 

[Wiseacre]

It looks like US taxes are about to go up on the 1st of the year, that ain't going to help. Question is which ones, and when it happens. Depending on the outcome of the elections, maybe the lame duck session will do a lot, a little, or very little. Our GDP numbers seem to be hovering around 2% so far for 2012, we'll get a number for the 3rd qtr around the end of October. Doesn't seem to be much optimism for 2013 either, maybe a bit higher but everything is so uncertain.

If Romney wins he’ll extend the Bush tax cuts temporarily as he and the Republicans work on real tax reform.

Even if the repubs take the Senate it'll only be by a seat or two; they'll need some cooperation from the dems, who may not be interested in cooperating unless they get something out of it. I think at this point it's all a crap shoot, emphasis on crap.

 

[uscitizen]

Virtually all of the repubs in the house would rather see us all go down in flams than go on record cooperating with Obama.

 

[Jroc]

It looks like US taxes are about to go up on the 1st of the year, that ain't going to help. Question is which ones, and when it happens. Depending on the outcome of the elections, maybe the lame duck session will do a lot, a little, or very little. Our GDP numbers seem to be hovering around 2% so far for 2012, we'll get a number for the 3rd qtr around the end of October. Doesn't seem to be much optimism for 2013 either, maybe a bit higher but everything is so uncertain.

If Romney wins he’ll extend the Bush tax cuts temporarily as he and the Republicans work on real tax reform.

Even if the repubs take the Senate it'll only be by a seat or two; they'll need some cooperation from the dems, who may not be interested in cooperating unless they get something out of it. I think at this point it's all a crap shoot, emphasis on crap.

If Romney wins we'll have a much larger majority than a couple votes

 

[uscitizen]

NO matter which side wins we lose.
Neither one has the balls to do what needs doing.

 

[Jroc]

NO matter which side wins we lose.
Neither one has the balls to do what needs doing.

Bull..Ronmey said his might be a one term proposition because of all the hard things he'll have to do....They have be done

 

[uscitizen]

NO matter which side wins we lose.
Neither one has the balls to do what needs doing.

Bull..Ronmey said his might be a one term proposition because of all the hard things he'll have to do....They have be done

yeah right and GWB said he was against nationbuilding and the USA being the police force for the world. And supported smaller govt and balanced budgets.

Point is look at what they have done they all lie to get elected and will quickly modify their statements once elected so they can get re-elected.

Besides that the career congress people will not go for something that might cost them their job either.

 

[Jroc]

NO matter which side wins we lose.
Neither one has the balls to do what needs doing.

Bull..Ronmey said his might be a one term proposition because of all the hard things he'll have to do....They have be done

yeah right and GWB said he was against nationbuilding and the USA being the police force for the world. And supported smaller govt and balanced budgets.

Point is look at what they have done they all lie to get elected and will quickly modify their statements once elected so they can get re-elected.

Besides that the career congress people will not go for something that might cost them their job either.

Then came 9/11