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View Diary: U.S. gross domestic product contracted at 2.9 percent in 1st quarter, worst showing in five years (137 comments)

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  •  Ah! The weather excuse. Seen that one before. (12+ / 0-)

    Along the same lines, have seen people at this site arguing the quite noticeable rise in food prices is only because of weather/drought conditions. As if, after the conditions change, we'd expect prices to go down.

    Prices usually don't go down that much after hitting new highs in my experience. And who says (it's amazing how 'sophisticated' economic people can't connect any two things in the real world) the weather, given global climate change, is going to get any better for food production?

    Even should the weather improve, there's loss of stock and soil which would take years to recover.

    In another dot which is left off of any conventional economic charts, it does seem that the Pacific Ocean is dying. There's a stunning number of species experiencing die-offs and greatly reduced birth rates; most all as part of the food chain humans use. And nobody can account for why this is happening.

    Yes, the troubles are just temporary folks. Really, everything is going to revert to normal any minute now.


    A government is a body of people usually notably ungoverned. -- Firefly

    by Jim P on Wed Jun 25, 2014 at 09:13:18 AM PDT

    •  Hurricane S = Sequester. /nt (2+ / 0-)
      Recommended by:
      HeyMikey, ColoTim

      Happy little moron, Lucky little man.
      I wish I was a moron, MY GOD, Perhaps I am!
      —Spike Milligan

      by polecat on Wed Jun 25, 2014 at 09:16:50 AM PDT

      [ Parent ]

      •  Sequester is a sorry excuse. (3+ / 0-)
        Recommended by:
        Kickemout, Victor Ward, AlexDrew

        The economy is in the pits.

        LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

        by dinotrac on Wed Jun 25, 2014 at 09:48:23 AM PDT

        [ Parent ]

        •  It hurt the economy. There is no question about (1+ / 0-)
          Recommended by:
          madronagal

          that.

          As has the massive reduction in the deficit.

          It's economic suicide to cut government spending in the time of private sector recession, depression or weak recovery. The deeper the contraction, the more the government needs to spend to offset that.

          Neither party gets how important the government is to the economy. Even Keynesians underestimate this about capitalism. Though they are far better on that issue than conservatives.

          Marxian economists, OTOH, realize that without government bailouts, which are endless, without government propping up capitalism with trillions of taxpayer dollars, without government off-loading business costs to taxpayers between periods of bailing it out, capitalism would collapse.

          It has too many contradictions to survive without government supporting it.

          •  It hurt the economy? Some. (2+ / 0-)
            Recommended by:
            StrayCat, AlexDrew

            Still a sorry excuse.
            The sequestered amounts are a tiny piece of the economy, and mostly in Defense, which, arguably, is actually a drain.

            I think of Marxist economists every time I see a Trabant drive by.  Not often, as it turns out.

            LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

            by dinotrac on Wed Jun 25, 2014 at 01:37:18 PM PDT

            [ Parent ]

            •  The Trabant has nothing to do with Marxism. (0+ / 0-)

              If you read Marx, or Marxian economists, you'd know that the Soviet system, the Chinese system, the old Eastern European bloc had zip to do with Marx or Marxism.

              One could call them MINO systems. Marxist In Name Only.

              Marx analyzed capitalism, the class system, the way the capitalist class exploits workers, and the contradictions of capitalism itself. He created tools for further study, to make further study easier. But he said next to nothing about how to set up an alternative, what it would look like, its nuts and bolts. On the rare occasions he did talk about them, he gave very broad outlines only, with the ultimate goal being full democracy, including the economy, full emancipation of all citizens and the withering away of the state.  

              He never wrote about how to make stuff in this new alternative system, and Marxian economists who followed him stay primarily with their critique of capitalism. The folks who brought us the Soviet Union or Eastern European cars weren't Marxian economists. They were politicians and opportunists.

              Given the fact that you've admitted you don't read him or them, it might be a good idea for you to withhold your cavalier dismissals until you do.

              •  Goodness. Marxists remain as stiff and humorless (0+ / 0-)

                as they were 40 years ago.

                Some things never change.
                I guess that'll happen when you cling to the Latin of economics.

                LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

                by dinotrac on Thu Jun 26, 2014 at 04:30:43 AM PDT

                [ Parent ]

                •  There is no better analysis of capitalism. (0+ / 0-)

                  Marxian economics isn't something we "cling" to. It's the most cutting edge economics available at the moment, and is forever changing.

                  Latin? Hardly.

                  Again, while Keynesian economics is the preferred choice among schools which cheerlead for capitalism, it, along with classical and neoclassical schools are outmoded and incapable of truly dealing with our current despicable and unsustainable economic system . . . as is obvious from the aggregate data and research into individual lives exploited, ruined and oppressed under this system.

                  And, please, save your ignorant stereotypes for your right-wing friends. No one with a brain buys them.  

    •  Because it never snows in the winter (10+ / 0-)

      Economists are surprised by blizzards every year.

      "The oppressors most powerful weapon is the mind of the oppressed." - Stephen Biko

      by gjohnsit on Wed Jun 25, 2014 at 09:24:22 AM PDT

      [ Parent ]

    •  Exactly, we'd had a High Mold Spore count (4+ / 0-)
      Recommended by:
      HeyMikey, gjohnsit, ColoTim, StrayCat

      for the last several months. This is nothing more than Economic Mildew. ;-)


      No longer Hoping for Change. Now Praying for a Miracle.

      by CitizenOfEarth on Wed Jun 25, 2014 at 09:43:38 AM PDT

      [ Parent ]

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