Summer of Recovery huh? Economy Caught in Depression, Not Recession

[teapartysamurai]

Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.

Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.

But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.

Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."

News Headlines

It's all BUUUUUUUUUUUUUUUSH's fault!

Yeah right! Democrats have been in control since 2007, but they are just innocent of all the economic damage their policies have caused.

November is coming liberals!

 

[Rozman]

Ah the summer of recovery....and what a fine recovery summer it has been.The economy is rebounding
robustly,people are turning down job offers because there are so many.The future is bright and rosy.We are adding thousands of jobs every hour....job well done Mr.President...

Something the Vice President might have said.Something all Dems believe...maybe both.

 

[mudwhistle]

New applications for unemployment keep going up but the unemployment rate hasn't moved in months. This is because a similar number have used up their benefits and have dropped of the rolls. So instead of the official unemployment rate being around 20% or more it artificially remains at 9.5%. So the Obama Administration maintains a false sense of security and stays on vacation in those posh rental estates in Martha's Vinyard while most of America suffers from the long-term effects of his policies.

HEY EVERYONE....LET'S GO SHOPPING!!!

 

[topspin]

incomes are rising for the 90% working and prices are plummeting, tough math for GED's.

 

[mudwhistle]

incomes are rising for the 90% working and prices are plummeting, tough math for GED's.

Where did you get that from?

Incomes are stagnant and prices are going up faster then our incomes. All you have to do is go to the grocery store to realize this.

 

[teapartysamurai]

incomes are rising for the 90% working and prices are plummeting, tough math for GED's.

I would LOVE to see the url for that lie!

 

[topspin]

incomes are and have been rising
Prices on Houses are way down, cars and most big ticket items have to be discounted to be sold.

The economy is not even strong, but it's growing and those with the rising incomes are seeing thier purchasing power rise.

 

[topspin]

teaparty GED, I bet you would and it'd be the first time you saw one.

I look at these numbers daily.

 

[teapartysamurai]

incomes are rising for the 90% working and prices are plummeting, tough math for GED's.

Where did you get that from?

Incomes are stagnant and prices are going up faster then our incomes. All you have to do is go to the grocery store to realize this.

He's probably talking about the incomes of those working for Obama in the government. THEIR INCOMES ARE GOING UP.

For the rest of us in the marketplace? It's depression, depression, depression.

 

[teapartysamurai]

teaparty GED, I bet you would and it'd be the first time you saw one.

I look at these numbers daily.

FUNNY you can't give us a url to your wonderful numbers.

Because the only place you can see these numbers is at the outhouse, they are FULL OF CRAP!

 

[topspin]

I don't care to educate moronic GED's like a dumbass stay at home mom.
You can google it just as easy as me. Year over year incomes are slightly up, inflation is very low.
Again not that your one of the working so I can see why you don't know.

 

[8537]

teaparty GED, I bet you would and it'd be the first time you saw one.

I look at these numbers daily.

FUNNY you can't give us a url to your wonderful numbers.

Because the only place you can see these numbers is at the outhouse, they are FULL OF CRAP!

The Bureau of Labor Statistics is you friend.

 

[teapartysamurai]

I don't care to educate moronic GED's like a dumbass stay at home mom.
You can google it just as easy as me. Year over year incomes are slightly up, inflation is very low.
Again not that your one of the working so I can see why you don't know.

Yeah, well this STAY AT HOME MOM JUST OUTED YOU AS A BIG FAT LIAR!!!!!!!!!



You don't see me make claims without a url to back it up!

You just flailed away with total BS and got called on it!

Feel the burn! You know damn well you can't back up that crap with actual numbers. NOW RUN AWAY!

 

[teapartysamurai]

teaparty GED, I bet you would and it'd be the first time you saw one.

I look at these numbers daily.

FUNNY you can't give us a url to your wonderful numbers.

Because the only place you can see these numbers is at the outhouse, they are FULL OF CRAP!

The Bureau of Labor Statistics is you friend.

Then quote it!

I still see another liberal who can't back it up!

 

[saveliberty]

incomes are rising for the 90% working and prices are plummeting, tough math for GED's.

Total bullshit. I can't name one person who has a job that makes more than what they made three years ago. My grocery bill is 10% higher than three years ago.

 

[topspin]

I can't name 1 who's making less. People are still getting raises, maybe lower raises but the 90% of us working are still paying our mortgages and still getting raises.

 

[8537]

FUNNY you can't give us a url to your wonderful numbers.

Because the only place you can see these numbers is at the outhouse, they are FULL OF CRAP!

The Bureau of Labor Statistics is you friend.

Then quote it!

I still see another liberal who can't back it up!

U.S. Bureau of Labor Statistics. Click on the dinosaurs next to hourly wages and CPI. Compare the two at your leisure.

 

[topspin]

News Release: Personal Income and Outlays, June 2010


Personal Income and Outlays, June 2010
Revised Estimates: 2007 Through May 2010
Personal income increased $3.0 billion, or less than 0.1 percent, and disposable personal income
(DPI) increased $5.1 billion, or less than 0.1 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $2.9 billion, or less than 0.1 percent.
In May, personal income increased $40.5 billion, or 0.3 percent, DPI increased $36.9 billion, or 0.3
percent, and PCE increased $8.6 billion, or 0.1 percent, based on revised estimates.

Real disposable income increased 0.2 percent in June, compared with an increase of 0.4 percent in May.
Real PCE increased 0.1 percent, compared with an increase of 0.2 percent.

2010
Feb. Mar. Apr. May June
(Percent change from preceding month)
Personal income, current dollars 0.1 0.4 0.4 0.3 0.0
Disposable personal income:
Current dollars 0.1 0.4 0.5 0.3 0.0
Chained (2005) dollars 0.1 0.3 0.5 0.4 0.2
Personal consumption expenditures:
Current dollars 0.5 0.5 -0.1 0.1 0.0
Chained (2005) dollars 0.4 0.3 -0.1 0.2 0.1

Wages and salaries

Private wage and salary disbursements decreased $5.2 billion in June, in contrast to an increase
of $19.2 billion in May. Goods-producing industries' payrolls decreased $8.9 billion, in contrast to
an increase of $10.4 billion; manufacturing payrolls decreased $6.0 billion, in contrast to an increase
of $7.8 billion. Services-producing industries' payrolls increased $3.7 billion, compared with an
increase of $8.8 billion. Government wage and salary disbursements decreased $0.6 billion, in contrast
to an increase of $7.0 billion. The decline in the number of temporary workers for Census 2010 subtracted
$3.4 billion at an annual rate from federal civilian payrolls in June; the hiring of additional
temporary workers had added $5.7 billion at an annual rate in May.

Other personal income

Supplements to wages and salaries increased $1.9 billion in June, compared with an increase of $4.1 billion in May.

Proprietors' income decreased $4.4 billion in June, in contrast to an increase of $2.2 billion in May.
Farm proprietors' income increased $0.2 billion, the same increase as in May. Nonfarm proprietors' income
decreased $4.7 billion in June, in contrast to an increase of $2.0 billion in May.

Rental income of persons increased $1.8 billion in June, the same increase as in May. Personal income
receipts on assets (personal interest income plus personal dividend income) increased $1.9 billion in
June, compared with an increase of $4.1 billion in May. Personal current transfer receipts increased
$7.2 billion, compared with an increase of $6.0 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- decreased
$0.4 billion in June, in contrast to an increase of $3.8 billion in May.

Personal current taxes and disposable personal income

Personal current taxes decreased $2.0 billion in June, in contrast to an increase of $3.6 billion in May.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $5.1 billion,
or less than 0.1 percent, in June, compared with an increase of $36.9 billion, or 0.3 percent, in May.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased
$7.0 billion in June, in contrast to an increase of $4.6 billion in May. PCE decreased $2.9
billion, in contrast to an increase of $8.6 billion.

Personal saving -- DPI less personal outlays -- was $725.9 billion in June, compared with $713.9 billion
in May. Personal saving as a percentage of disposable personal income was 6.4 percent in June,
compared with 6.3 percent in May. For a comparison of personal saving in BEA’s national income and
product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts
and data on changes in net worth, go to U.S. Department of Commerce. Bureau of Economic Analysis.

Real DPI, real PCE and price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in June, compared with
an increase of 0.4 percent in May.

Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in June, compared with
an increase of 0.2 percent in May. Purchases of durable goods increased 0.4 percent, in contrast to a
decrease of less than 0.1 percent. Purchases of nondurable goods increased 0.1 percent, in contrast
to a decrease of 0.2 percent. Purchases of services increased 0.1 percent, compared with an increase
of 0.3 percent.

PCE price index -- The price index for PCE decreased 0.1 percent in June, the same decrease as in May.
The PCE price index, excluding food and energy, increased less than 0.1 percent in June, compared with an
increase of 0.1 percent in May.

Revisions of the Personal Income and Outlays Estimates

Personal income, personal outlays, DPI, and personal saving are revised, beginning with January 2007,
to reflect the results of the annual revision of the national income and products accounts (NIPAs)
released last week. Annual revisions, which are usually released in July, incorporate source data
that are more complete, more detailed, and otherwise more reliable than those previously published.

Revised annual estimates of personal income and outlays for 2007-2009, are shown in table 12. Revised
and previously published monthly estimates of personal income, DPI, PCE, personal saving as a
percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published
annual and quarterly estimates are shown in table 14.

Personal income was revised up for all 3 years: $18.2 billion, or 0.2 percent, for 2007; $152.3 billion,
or 1.2 percent, for 2008; and $155.9 billion, or 1.3 percent, for 2009. For 2007, upward revisions to
personal dividend income and to wages and salaries were partly offset by a downward revision to supplements
to wages and salaries. For 2008, upward revisions to personal dividend income, to wages and salaries, to
rental income of persons, and to supplements to wages and salaries were partly offset by a downward revision
to nonfarm proprietors’ income. For 2009, upward revisions to personal dividend income, to supplements
to wages and salaries, and to government social benefits to persons were partly offset by downward revisions
to nonfarm proprietors’ income and to personal interest income.

Disposable personal income (DPI) was revised up for all 3 years: $20.5 billion, or 0.2 percent, for
2007; $146.5 billion, or 1.4 percent, for 2008; and $117.6 billion, or 1.1 percent, for 2009. Personal
current taxes was revised down $2.2 billion for 2007, was revised up $5.8 billion for 2008, and was revised
up $38.3 billion for 2009. The percent change from the preceding year in real DPI was revised up
from 2.2 percent to 2.3 percent for 2007, was revised up from 0.5 percent to 1.7 percent for 2008,
and was revised down from 0.8 percent to 0.6 percent for 2009.

Personal outlays was revised down for all 3 years: $15.4 billion for 2007, $15.0 billion for 2008, and
$79.1 billion for 2009. For all 3 years, downward revisions to PCE more than accounted for the revision
to personal outlays.

The personal saving rate (personal saving as a percentage of DPI) was revised up for all 3 years: from
1.7 percent to 2.1 percent for 2007, from 2.7 percent to 4.1 percent for 2008, and from 4.2 percent
to 5.9 percent for 2009.

NOTE. -- BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance
of 16 state employment offices in providing preliminary data for the first quarter of 2010 from the
quarterly census of employment and wages. Wage and salary data from the state employment offices of
California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Massachusetts,
Missouri, North Carolina, New Jersey, New York, Ohio, Pennsylvania, and Texas were provided.
These data should greatly improve the estimates of wages and salaries.

Annual Revision of the National Income and Product Accounts

The estimates released today reflect the results of the annual revision of the national income
and product accounts, beginning with the estimates for January 2007. Annual revisions, which are usually
released in July, incorporate source data that are more complete, more detailed, and otherwise more
reliable than those previously available. This release includes revised estimates of monthly
personal income, disposable personal income, and outlays and provides an overview of the effects of the revision.

The August 2010 Survey will contain NIPA tables and an article describing the revisions.
The revised estimates will be available on BEA’s Web site at U.S. Bureau of Economic Analysis (BEA) - bea.gov Home Page.

BEA’s national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA’s Web site at U.S. Bureau of Economic Analysis (BEA) - bea.gov Home Page.
By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

* * *

Next release -- August 30, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for July.
________________________

NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Month-to-month dollar changes are differences between these published estimates. Month-to-month percent
changes are calculated from unrounded data and are not annualized. “Real” estimates are in
chained (2005) dollars.

This news release is available on BEA’s Web site at BEA : Current Releases.

 

[topspin]

sorry stay at home ditz.

 

[Zoom-boing]

incomes are rising for the 90% working and prices are plummeting, tough math for GED's.

Whaaat? Where's this happening? Our income hasn't increased in . . . . I don't know when.

Prices are plummeting? Around here, a gallon of store brand 2% milk was selling for $3.14 not so long ago. Today? It's $3.56.