Oh Great. Economy Shrunk Last Quarter.

When you have a nation of 320 million aging people, a negative GDP is not good news. To be honest, even a low-digit increase in GDP isn’t exactly the news we love to hear.

The decline, according to Jim Pethokoukis, “reflected negative contributions from private inventory investment, feder…

  1. Pseudodionysius

    I’m sorry. I wandered into this thread by accident while looking for my autographed Steyn-Goldberg-Long conservative catheter with the autographed inscription:

    Drain Your Enthusiasm.

    Which suggests the new tag line for the economy: Downward.

  2. Joseph Eagar

    If I remember correctly, a recession is two consecutive quarters of negative GDP growth.  So it’s one half of a recession?

    But still, I have to laugh.  After the Democrats went to such efforts to boost consumer confidence in the run-up to the election, what happens?  The economy actually contracted!  Let’s hope this doesn’t continue on into a full-blown recession.

  3. Mollie Hemingway
    C

    Frank Fleming tweets:

    The Q4 report doesn’t really matter as Obama is done with the economy and has moved on to other issues he finds more interesting.

    I hope that is true. I fear he’s going to exploit this as another stimulus-worthy crisis.

  4. Joseph Eagar

    I predict that if we suffer a recession, all pressure to make short-term spending cuts or tax hikes will disappear.  Instead, depending on the state of the bond markets (and what our foreign creditors tell Obama behind closed doors), we may get long-term entitlement and tax reforms.  That might not be a bad thing.

  5. Spin

    Mollie, we’ve pumped out as many kids as we could.  I wish others would do the same!

  6. Brian Clendinen

    I guess the political ad stimulus spent on elections did not help the economy like all the politicians promised it would.

  7. KC Mulville

    Government spending is like the Flintstones’ car: why bother if all you’re doing is running anyway? The car doesn’t transport you; you’re transporting it.

  8. Pat in Obamaland

    Funny, just yesterday I was in the gym and Al Sharpton was touting the miraculous Obama recovery (initial unemployment claims were down) and spent 15 minutes talking about how this is the death of the Republican party. Someone ought to ask him what crow tastes like. At least this would be a small consolation for living in the era of failed Obamanomics.

  9. John Murdoch

    I’ve always been curious–fascinated–about “leading economic indicators.” It’s delightful to contemplate how something so prosaic as sales of men’s underwear (it’s a safe link–it even mentions Alan Greenspan) can reliably predict economic growth or decline.

    I particularly follow the spread between the pump price for diesel fuel and unleaded regular gasoline; and the number of job placements posted on two web sites (Dice.com and Net-Temps.com) for a specific set of search criteria.

    The spread between diesel and unleaded regular is as low as it’s been since early in the G.W. Bush administration; the number of job placements on the two job boards (sampled yesterday) was shockingly low.

    This matches what we’re hearing from customers–federal government agencies are flatly refusing to start any new projects, even projects that have been awarded with “guaranteed” start dates. Corporate customers are deferring any capital projects.

    I am certain the first quarter of 2013 will show a second, and substantially sharper, decline.

    But not to worry! Now that we’re serving up ten-year-old boys to “minor-attracted” Scout leader wannabes, our nation’s future looks bright!

  10. Jim Chase

    There you go again, talking down the economy.  Clearly, there is nothing to see here.  The fundamentals are sound.  Just another little “unexpected” dip on the road to economic nirvana.

    Pfft.

  11. Troy Senik, Ed.

    OK, I give up — what do the Q and the A stand for? (forgive me — it’s been a long time since I’ve been on a college campus).

  12. Jeff

    Short-term, Obama and his media can diminish any fact in the public consciousness. Long-term, facts break through. But presidents and the press don’t usually act for the long-term.

  13. Amy Schley
    Troy Senik, Ed.: OK, I give up — what do the Q and the A stand for? (forgive me — it’s been a long time since I’ve been on a college campus). · 2 minutes ago

    “Questioning” meaning those who aren’t sure if they’re hetero or not, and “Allies” meaning those who are straight, and there’s nothing wrong with that.

  14. Masked Man

    Will the new “recession” definition be 3 quarters of negative growth? 4 quarters? Whatever they decide, we’re NOT slipping into recession so stop using that word!

  15. Shane McGuire

    “What difference does it make” should be used prospectively and not only retrospectively.

    Observe how effective this is:

    “We have a massive federal debt, and unless we raise taxes the elderly won’t get the healthcare they need, and they’ll die sooner than they otherwise would.”

    “What difference does it make? Once they’re dead, there’s nothing we’ll be able to do about it.”

    “But they’re not dead yet!”

    “What difference does it make?”

  16. Paul A. Rahe
    C

    With the help of servile media, No-Drama Obama has mastered the art of burying bad news — and there are still enough folks out there who do not get it that they fall for it.

  17. Crow
    Amy Schley

    Troy Senik, Ed.: OK, I give up — what do the Q and the A stand for? (forgive me — it’s been a long time since I’ve been on a college campus). · 2 minutes ago

    “Questioning” meaning those who aren’t sure if they’re hetero or not, and “Allies” meaning those who are straight, and there’s nothing wrong with that. · 7 minutes ago

    I was hoping that was going another way, you know, with T&A being the last letters of the acronym….

    And you know, while we’re on the subject of that acronym: there are a fair number of gay men in advertising and fashion. You’d think they might have produced a hipper acronym. Or, at the very least, one you could pronounce without sounding out each letter like you’re reading the middle line of an eye chart…..

  18. Whiskey Sam

    Since I gave up hope, I feel a lot better.

  19. Troy Senik, Ed.
    Crow’s Nest

    Amy Schley

    Troy Senik, Ed.: OK, I give up — what do the Q and the A stand for? (forgive me — it’s been a long time since I’ve been on a college campus). · 2 minutes ago

    “Questioning” meaning those who aren’t sure if they’re hetero or not, and “Allies” meaning those who are straight, and there’s nothing wrong with that. · 7 minutes ago

    I was hoping that was going another way, you know, with T&A being the last letters of the acronym….

    And you know, while we’re on the subject of that acronym: there are a fair number of gay men in advertising and fashion. You’d think they might have produced a hipper acronym. Or, at the very least, one you could pronounce without sounding out each letter like you’re reading the middle line of an eye chart….. · 5 minutes ago

    Edited 2 minutes ago

    I’m just amazed at their need to cover every single contingency. I’m waiting for LGBQTATOTIC. TOTIC, of course, would be “That one time in college.”

  20. Valiuth

    Molly: To be fair this is just the first estimate. It could be the final estimate comes in at a positive value. The point is either .1 or -.1 means our economy isn’t really going any where. Like a dinosaur in a tar pit. 

    Welcome to stagnation my friends. 

    Hey! Is that Europe and Japan over there? (Shouting across the room) Is there any dip left?   

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