I love government reports. I love the MSM spin. I love to poke holes in the government/MSM storyline of recovery. Here is a link to the GDP table:
Here are my observations:
- GDP rose by $190 billion in the 3rd quarter, with $104 billion being produced by consumer spending. Isn’t that precious? I wonder what consumers spent that money on to produce that $104 billion increase in GDP?
- The statistic that reveals part of the answer is $47 billion of this increase was in personal consumption of services. Guess what is considered a service? College tuition. So what we have is the Federal government doling out BILLIONS in taxpayer backed loans to dumbasses who enroll at the University of Phoenix and thousands of other diploma mills to get worthless degrees and no jobs if they even graduate. THIS IS CONSIDERED AN INCREASE IN GDP. It’s beyond laughable.
- Personal consumption of non-durable goods leapt by $41 billion. You know what is non-durable? That’s right – food and gasoline. The fact that you were paying 20% more to fill up your car in the 3rd quarter and the fact that bacon, corn, wheat, and soybeans are 20% to 30% more expensive to buy resulted in a jump in spending. THIS IS CONSIDERED AN INCREASE IN GDP. Joy to the world.
- The purchase of durable goods (cars, furniture, electronics, appliances) only went up $17 billion. Think about how pitiful that figure is when you consider that the Federal Government through Ally Financial is dishing out 0% six year car loans to anyone who can scratch an X on a loan document.
- Exports declined and Imports imploded. These figures confirm the true worldwide picture. The entire world, including the United States, is contracting. So even though the government won’t tell you, the worldwide recession is already underway.
- Lastly, remember all the talk about government belt tightening and states reducing spending. It’s complete and utter bullshit. The government sector increased their spending by $38 billion. And guess where our beloved bureaucrats spent it? Yep – 70% of the increase was for our war machine. I thought we were winding down our wars of choice. That was what Obama declared on TV earlier this week. It looks to me like we are preparing for more war, based on these figures.
Even the government, with their fake bullshit calculation of inflation, admits that Real GDP only went up by $68 billion in the 3rd quarter. That is 65% below the reported figure. In reality, we all know that inflation is not running at 2%. It is running above 5%. Using the true level of inflation, Real GDP is declining. For the truth, you can go to www.shadowstats.com.
So concludes my daily pin prick in the government/MSM bullshit balloon.