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View Diary: Economic growth as measured by gross domestic product plunged steeply in first quarter of 2014 (86 comments)

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  •  The horrible weather in many parts of the (15+ / 0-)

    country certainly played a role, but we will not see real economic growth as long as so much of the national wealth is in the hands of the .01%. Measures that will put money into the hands of folks who will spend it--increasing the minimum wage, extending unemployment benefits, etc.--will lead to real economic growth. Tax the rich and put the money into improvements in infrastructure. Of course, this will never happen. Instead we move further down the road to oligarchy.

    •  I was thinking that too. The harsh winter. (3+ / 0-)
      Recommended by:
      satrap, Eric Nelson, blue jersey mom

      It certainly kicked my ass.  It got to the point where I just went to work and went home. (and shoveled snow and scraped ice and shoveled snow)  Other than gas and groceries I didn't buy anything.
      My brother, who was looking to buy a new, car told me he wasn't going to test drive anything until the roads were clear and salt free.
      That has to have played out millions of times all across the country.

      Love my work. Hate my job.

      by DuzT on Wed Apr 30, 2014 at 09:37:30 AM PDT

      [ Parent ]

      •  Probably plays some role (2+ / 0-)
        Recommended by:
        Shaylors Provence, AlexDrew

        but it ignores the entire west of the US, which was not freezing. In fact, it was pretty warm out here for most of Q1. And CA alone is more than 1/10th of US GDP.

        I could see a lower number than otherwise, of course, and in fact they were predicting one based on the harsh weather in the eastern half of the country already, so far as I know. Expectations were for 1.2%, IIRC, counting weather related effects.

        0.1% is just a really terrible number. A lot of it is a downturn in exports and investment -- not just residential investment, either. Personal consumption is positive, but a significant chunk of that is heating bills and health care spending.

        I mean, we could be on an upswing again already, I don't make big predictions much, I have zip investments (I don't consider my home an "investment," fundamentally,) and everything I glance at for a sense of the economy is sort of mixed-weird-flaky lately. But I've also been amused reading through all of the spin in the media this morning, all dancing around what looks to just genuinely be a pretty awful piece of data.

    •  Our neoliberals have that covered. (0+ / 0-)

      Change all the Interstates to toll roads for infrastructure repairs.

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