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  • Splitting the Economic Hairs

    by coldwarrior ( 59 Comments › )
    Filed under Academia, Economy at July 26th, 2019 - 10:32 am

    They quit teaching economics in school for a reason

    U.S. economic growth in 2018 missed the Trump administration’s 3% target by any measure, which could renew criticism of the White House’s $1.5 trillion in tax cuts.

    The Commerce Department said on Friday that gross domestic product increased at a 2.9% rate last year, confirming an estimate which was published in March. The department’s annual revisions to GDP data also showed the economy growing 2.5% in the 12 months through the fourth quarter of 2018, down from the previously reported 3.0%…An alternative measure of economic growth, gross domestic income (GDI), rose 2.5% in 2018. The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased 2.7% in 2018.

    Revised down? Sure, whatever, the bureaucrats got their >3.0% growth AND managed to trot out a useless, make-believe indicator that isn’t used anywhere by any serious economist. GDI???? Really? They might as well have trotted out PPP (purchase power parity) another useless statistical, and once popular, measurement that proves that your dollar goes farther in Somalia than in Norway.

    The trend over the past year is to bring out obscure indicators to prove that we are going into a recession and that

    Obama’s indicators were always revised downward, every time, quietly, as if no one would notice. This revision is TOP FOLD! Blaring headlines for 0.1% drop. 0.1%??? This is embarrassing for the economic profession.

    And, honestly, there hasn’t been such an exhaustive review of tortured indicators since the Voodoo priests started using chicken bones to predict the future. OMG!!! THE YIELD CURVE IS INVERTED!!!! ORANGE MAN BAD!!! DOOOOMMMMM!!!!!!

    Let’s get some perspective….’The downward revisions to the three quarters largely reflected downgrades to business investment, suggesting corporations likely did not plow their tax windfall back into their businesses. Some companies like Apple used their windfall for share buybacks.’

    Here is what matters:

    CEO of US steelmaker Nucor: We’re ‘very pleased’ with the results of Trump’s tariffs…

    U. S. Steel plans to invest more than $1 billion in the place where our reputation as a steel industry leader was forged: our Mon Valley Works…

    New state-of-the-art endless casting and rolling facility at Edgar Thomson Plant; first-of-its-kind facility in the U.S….CEO of rail operator Union Pacific sees ‘plenty of opportunity for economic growth…

    US factory orders for large manufactured goods surged 2% in June (driven by airplanes and car demand).

    The U.S. produced, consumed and exported record amounts of energy in 2018, the Energy Information Administration reported (May 2019).

    It’s simple, manufacture things and move them to market. Expect more statistical masturbation as the US moves from the fraudulent Wall Street economy back to the Traditional Main Street Economy where we make things out of raw materials.

    Comments

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    59 Responses to “Splitting the Economic Hairs”
    ( jump to bottom )

    1. coldwarrior
      1 | July 26, 2019 10:57 am

      and it is birthday season, gramma coldwarrior and i share a birth date. therefore, as is tradition, troop everyone up to gramma and papap coldwarrior’s, procure some excellent steaks from the local butcher and get some great wine (california) and other sundries and feast!


    2. coldwarrior
      2 | July 26, 2019 10:58 am

      trumps econ plan is simple, america first so that joe can go to work, make things, and retire happy.

      is it that hard?


    3. coldwarrior
      3 | July 26, 2019 10:59 am

      https://legalinsurrection.com/2019/07/the-investigators-need-to-be-investigated/

      this was an attempted coup.

      get the stout hemp rope


    4. coldwarrior
      4 | July 26, 2019 11:12 am

      UK leaves EU, goes into a free trade deal with the US…

      oh yes.


    5. RIX
      5 | July 26, 2019 11:20 am

      Pelosi just said that Immigration Reform will grow the economy.


    6. eaglesoars
      6 | July 26, 2019 11:52 am

      coldwarrior wrote:

      UK leaves EU, goes into a free trade deal with the US…

      oh yes.

      I listened to Boris’ speech, most of it was good. But he buys into the climate change crap and is going to waste a lot of resources on it.

      He didn’t mention the military (understandable) but they’ve got to get busy. If they don’t step up, the UK is going to end up just another US FOB.


    7. eaglesoars
      7 | July 26, 2019 1:05 pm

      They may have quit teaching econ in schools, but this whiz says she majored in it. For all the good it did her.

      One reason why drugs are so expensive: Pharma CEO pay is often tied to their stock price.

      That means Big Pharma spends more buying their own stocks than in research & dev to make prescriptions cheaper. It’s a huge Ponzi scheme.

      Congress needs to end the stock buyback

      I have never read anything more ignorant in my life.

      https://twitter.com/AOC/status/1154794058272972801

      And Happy b-day weekend CW!


    8. yenta-fada
      8 | July 26, 2019 2:24 pm

      coldwarrior wrote:

      https://legalinsurrection.com/2019/07/the-investigators-need-to-be-investigated/

      this was an attempted coup.

      get the stout hemp rope

      HAPPY B’DAY Coldw and your mom. 🙂

      The coup is not over. They continue to precipitate crisis after crisis. The real news doesn’t go away. e.g. the Southern Border crisis. Completely manufactured by the globalists. The enemedia decides what is important. China’s economy continues to go downhill as their totalitarian rule heats up. The takeover plans of Hong Kong
      are continuing apace. The Chinese keep buying gold as one means of trading outside the dollar system. They dump U.S. holdings to minimize the amount of dollars they keep. Countries sell them oil by converting currencies using gold as the intermediate step outside SWIFT transactions.

      We are in a stealth bull market in the monetary metals. There is still no institutional money in those equities, so volume is low. I have more picks than I have money. lol

      Have lots of foodie and family fun on the weekend!


    9. coldwarrior
      9 | July 26, 2019 3:26 pm

      41.874148,-80.133453


    10. eaglesoars
    11. coldwarrior
      11 | July 26, 2019 3:30 pm

      VVF9+G3 Edinboro, Washington Township, PA


    12. 4_Sticks
      12 | July 26, 2019 3:43 pm

      Happy Birthday to you and yours Mr. Warrior !! Enjoy !!


    13. RIX
      13 | July 26, 2019 3:58 pm

      @ coldwarrior:
      Happy Birthday!


    14. eaglesoars
      14 | July 26, 2019 4:04 pm

      coldwarrior wrote:

      VVF9+G3 Edinboro, Washington Township, PA

      if you say so………………


    15. eaglesoars
      15 | July 26, 2019 4:05 pm

      Good. Trump just told Apple to fuck off

      US to Deny Tariff Relief for Apple Mac Pro Parts From China

      https://www.theepochtimes.com/us-to-deny-tariff-relief-for-apple-mac-pro-parts-from-china_3018179.html


    16. eaglesoars
      16 | July 26, 2019 4:21 pm

      Guess who else is celebrating a b-day?

      Mick Jagger.

      Nope, not going there…………..


    17. coldwarrior
      17 | July 26, 2019 4:41 pm

      22043 US-6, Venango, PA 16440


    18. 4_Sticks
      18 | July 26, 2019 4:44 pm

      @ eaglesoars:

      Hes lucky to be alive to celebrate it.


    19. Possum
      19 | July 26, 2019 4:44 pm

      coldwarrior wrote:

      22043 US-6, Venango, PA 16440

      1,414 miles away from where I live.


    20. Aussie Infidel
      20 | July 26, 2019 6:26 pm

      coldwarrior wrote:

      UK leaves EU, goes into a free trade deal with the US…

      oh yes.

      Make sure Trump’s trade men don’t fuck it up, and get trapped by their own America First rhetoric. If America is first then that presupposes that someone else is second. Who wants a trade agreement that places you at a disadvantage? Fair trade I have no problem with . Nominally Free Trade is never truly free as ‘freedom’ is always buried very deep in the subject to manipulation detail. I’d even settle for equal trade. Trading with elephants always exposes oneself to being trampled, even if accidentally. The Aussies found that out over a decade ago after they signed a slowly unfolding FTA with the US. Sometimes it was the loaded details and sometimes it was just the major trading partner admitting that he had his fingers crossed when he signed.

      The Kiwis are suffering cruel for their early entry into a FTA with the Chinese who made it very clear after the first free years that it was anything but a FTA and that China would use non-trade barriers as weapons to suppress Kiwi trade initiatives. Then when the Kiwis still managed to compete with corrupt Chinese enterprises the Chinese just broke their own commercial law and when found out smiled wryly and gave themselves a slap on the wrist with a wet bus ticket whilst dragging NZ enterprises through very expensive commercial law mire.

      Pigmies always get hurt when they try to play fair with elephants when it comes to trade, especially when lawmakers, depend on inefficient industries and the workers who are employed by them, to get re-elected.

      SPIT


    21. Aussie Infidel
      21 | July 26, 2019 6:31 pm

      eaglesoars wrote:

      Good. Trump just told Apple to fuck off

      US to Deny Tariff Relief for Apple Mac Pro Parts From China

      https://www.theepochtimes.com/us-to-deny-tariff-relief-for-apple-mac-pro-parts-from-china_3018179.html

      Great news.

      BIG data only understands hard lessons!

      VERY Hard.

      AS for arguing that breaking up BIG data companies would take years and therefore leave them to create havoc in the intervening years is just a crock to give BIG Data more time to enrich themselves and totally dominate data control and therefore people globally.


    22. Aussie Infidel
      22 | July 26, 2019 6:32 pm

      Many HAPPY RETURNS Cold!

      🙂


    23. Aussie Infidel
      23 | July 26, 2019 6:40 pm

      Australian alleged conservative Prime Minister shown doing a Chin- luv-in with his first (covert communist) MP. Now there’s a matching pair of CCP operatives in the Australian parliament. One for Labor and the other for the Coalition government.

      PM ScoMo has a lot of explaining to do!

      SPIT!


    24. eaglesoars
      24 | July 26, 2019 6:47 pm

      Molon labe, baby

      Trump Campaign Expects to Sell $500K Worth of ‘Trump Straws’ by Next Week
      .

      https://www.realclearpolitics.com/articles/2019/07/26/trump_campaign_expects_to_sell_500k_worth_of_trump_straws_by_next_week_140874.html


    25. eaglesoars
      25 | July 26, 2019 6:51 pm

      Aussie Infidel wrote:

      Make sure Trump’s trade men don’t fuck it up, and get trapped by their own America First rhetoric.

      oh hello!

      Trump will NOT fuck over Boris or Nigel, he will do EVERYTHING to fuck over Germany and France. That means the UK makes out like a freaking bandit.

      Boris is telling Juncker to shove the backstop AND the divorce payment and Trump is the reason he can do that


    26. Bordm
      26 | July 26, 2019 6:53 pm

      @ coldwarrior:

      Happy birthday!


    27. eaglesoars
      27 | July 26, 2019 7:09 pm

      Boris Johnson, 2005

      “Voting Tory will cause your wife to have bigger breasts and increase your chances of owning a BMW M3.”

      what’s not to love?


    28. Aussie Infidel
      28 | July 26, 2019 7:44 pm

      eaglesoars wrote:

      Boris Johnson, 2005

      “Voting Tory will cause your wife to have bigger breasts and increase your chances of owning a BMW M3.”

      what’s not to love?

      HEH!

      Where do I enrolled?

      🙂


    29. Aussie Infidel
      29 | July 26, 2019 7:56 pm

      eaglesoars wrote:

      Trump will NOT fuck over Boris or Nigel,

      I just hope like hell that Boris doesn’t fuck over Nigel by refusing to sign a pre-election ‘no standing Tories in BREXIT Party seats ‘ pact, that would allow Labour to split the Conservative vote and allow Labour to slip on into power.

      If the Tories and the BREXIT Parties can get their shit together they will sideline both Labour and the rump Liberals.

      If not and with the various conservative parties competing for the same voters and a first past the post system, the socialists can slip in between the cracks and take the Treasury benches.


    30. Aussie Infidel
      30 | July 26, 2019 7:58 pm

      eaglesoars wrote:

      Boris is telling Juncker to shove the backstop AND the divorce payment and Trump is the reason he can do that

      I wish I could be as sure as you are.

      Boris has a perchance of changing his mind with no reference to anybody in particular.


    31. eaglesoars
      31 | July 26, 2019 8:12 pm

      @ Aussie Infidel:

      I’m not clear on what would force Boris to call a GE before the Brexit no-deal deadline, but I think he and Nigel are sane enough to join forces to preclude a split vote. The one who worries me is Gove. That man is a total snake and why Boris named him to his cabinet I’ll never understand.

      I don’t know how much influence he has with Boris but Jacob Rees-Mogg seems eminently sane and a decent human being to boot. I know a lot of people think Boris is a loose cannon, I do not. I think he wants Brexit, deeply, and I think he’s a ruthless SOB when he needs to be.

      Altho in his speech he seemed to credit the climate change garbage, which is a worry.


    32. AZfederalist
      32 | July 26, 2019 8:35 pm

      RIX wrote:

      Pelosi just said that Immigration Reform will grow the economy.

      You mean the same person that said that government handouts were good for the economy and caused it to grow? That Nancy Pelosi?

      /Yeah, not buying it


    33. RIX
      33 | July 26, 2019 8:37 pm

      IAZfederalist wrote:

      RIX wrote:y

      Pelosi just said that Immigration Reform will grow the economy.

      You mean the same person that said that government handouts were good for the economy and caused it to grow? That Nancy Pelosi?

      /Yeah, not buying it

      The very same.


    34. yenta-fada
      34 | July 26, 2019 11:26 pm

      President Trump winning. Build the wall says Supreme Court.

      I can’t copy and paste for some computer reason. Check out Breitbart.com.


    35. Canoe Convoy
      35 | July 27, 2019 2:26 am

      @ yenta-fada: I did. This is one of the reasons I voted for him. “This man’s a fighter. I cannot spare him.”


    36. rain of lead
      38 | July 27, 2019 7:25 am

      https://hotair.com/archives/ed-morrissey/2019/07/26/happened-pelosi-aoc-summit/

      If Ocasio-Cortez is avoiding reporters, that’s at least a gain for Pelosi. But it certainly would have been interesting to have been a fly on the wall for that tète-a-tète. If AOC puts out a “help wanted” sign for her chief of staff position, as several in her caucus want, then perhaps this might not have been just a confab between pals.


    37. eaglesoars
      40 | July 27, 2019 7:42 am

      rain of lead wrote:

      If AOC puts out a “help wanted” sign for her chief of staff position,

      that would be equivalent to a self-inflicted lobotomy. I suppose he could step aside and put a clone in there, tho.


    38. 42 | July 27, 2019 9:07 am

      Final numbers from the Great Cycle Challenge: $8,490,984 was raised this year.

      Thanks!!


    39. 43 | July 27, 2019 10:07 am

      Sheesh… The good news, is that I got my mid year bonus. $1440.00 Not a great bonus, but not a terrible one either. The bad news… $588.00 taken out of it in taxes.


    40. eaglesoars
      44 | July 27, 2019 10:52 am

      @ doriangrey:

      And now you know what it’s like to be ‘rich’. Congrats!

      @ right_wing2:

      That’s really good work, especially as it’s a charity that gets almost no media attention.

      Louie Gohmert has written an absolutely scathing indictment of Mueller. This definitely was an eye-opener for me, as I’d not really understood what happened to Congressman Curt Wheldon. Mueller destroyed his career when Weldon had the goods on the FBI failures vis a vis 9/11. Then there’s Ted Stevens and on and on. Bookmark this one.

      https://www.hannity.com/wp-content/uploads/2018/04/Gohmert_Mueller_UNMASKED.pdf


    41. Possum
      45 | July 27, 2019 11:44 am

      doriangrey wrote:

      Sheesh… The good news, is that I got my mid year bonus. $1440.00 Not a great bonus, but not a terrible one either. The bad news… $588.00 taken out of it in taxes.

      Be like me. I pay nothing in taxes.

      No state or federal taxes. No deductions for social security.vernment does not get one ent of my earnings!

      The go


    42. Possum
      46 | July 27, 2019 12:13 pm

      @ Possum:
      and I need a new keyboard.


    43. rain of lead
      47 | July 27, 2019 1:11 pm

      @ Possum:

      ya know, if you work for someone else, that’s not really an option

      I guess you can declare yourself exempt but you still have to pay at the end of the year


    44. 48 | July 27, 2019 1:21 pm

      @ doriangrey:
      Yeah, unfortunately bonuses are taxed at about 40%.


    45. Possum
      49 | July 27, 2019 1:55 pm

      rain of lead wrote:

      @ Possum:

      ya know, if you work for someone else, that’s not really an option

      I guess you can declare yourself exempt but you still have to pay at the end of the year

      I am unemployed…

      FREEDOM! No taxes, and eating 92 cent packs of hot dogs.


    46. rain of lead
      50 | July 27, 2019 2:43 pm

      @ Possum:

      freedom is just another word for nothing left to lose

      JJ. 1960 something


    47. 51 | July 27, 2019 5:45 pm

      Possum wrote:

      I am unemployed…

      Been there, done that, still trying to dig myself out of the hole it put me in.


    48. AZfederalist
      52 | July 27, 2019 10:50 pm

      right_wing2 wrote:

      @ doriangrey:
      Yeah, unfortunately bonuses are taxed at about 40%.

      The good news is that will come out at the time you file and you “get it back”. They tax bonuses as if that is your salary rate for the year.


    49. coldwarrior
      53 | July 27, 2019 11:52 pm

      Thx for the good wishes yinz! We just had delmonico’s from the local butcher and some great 16 kendall Jackson.

      It was a great dinner at chez gma papap coldwarrior’s


    50. Aussie Infidel
      54 | July 28, 2019 12:31 am

      @ coldwarrior:
      ABs and the Boys in a 16 all cliff hanger. Brody Retallick out with a dislocated / possible broken shoulder at the 60 minute mark. Boks came from behind with a try on full time to even things up. The ABs didn’t play well even though they were on offence most of the time.

      The AB’s coaches are still experimenting with positions and who’s in and who’s out of the starting 15. …. it showed!

      🙂


    51. Aussie Infidel
      55 | July 28, 2019 12:33 am

      boys = Boks

      bloody predictive snuck another one in to my prose!

      Grrrr

      🙂


    52. Deplorable Bumr50
      56 | July 28, 2019 6:36 am

      @ coldwarrior:

      Happy Belated Birthdays!!


    53. lobo91
      58 | July 28, 2019 2:22 pm

      Looks like Larkin Poe was in Scranton on Friday. Megan’s t-shirt caught my attention. Tyler Bryant is her future brother-in-law, of course.


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