The government revised upward its initial reading of third quarter GDP from 2 percent to 2.7 percent in a move that was widely expected by economists.
And everyone said “yawn.”
That’s because the GDP growth was more government puffery. The increase was borrowed or freshly minted money. The government merely accelerated spending, filing one hole, while digging another- deeper- hole, in Obama’s latest 60-year-same-as-cash financing offer.
At least that’s what the markets have felt apparently- reacting with shrug to another wave of “good” news coming out of the government about how great things are for the folks back home.
Home sales, or least contracts for home sales, have risen to a six-year high, unemployment claims fell again, although still high. Obama has promised that he’s gonna finally make the rich “pay”; and Warren Buffett tells us that those punitive measures will boost the morale of the middle class.
And the miasma of economic data and lavish discourse on it serves as further proof that whatever else may be happening, the economic numbers are disconnected from the everyday lives of ordinary persons as are the people who run Washington, London and Paris
Because you are kidding yourself if you think that anything coming out of any of the Western capitals- and the mouths of so-called Western billionaire capitalists- are about any “class” besides the “ruling” class.
If Warren Buffett wants to boost the morale of middle class so badly, he should:
1) Pay his own taxes; and 2) boost the paychecks of his middle class workers, not their taxes.
Or he could do us all a favor and just die, like he should have ten years ago.
It would have been fun to watch the government confiscate his wealth and do all the things Buffett advocates for. You know? Like NOT building the Keystone Pipeline. But you see, Buffett’s private railroad has the contract to haul the oil that the Keystone Pipeline would haul for a fraction of the price.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for September 1st, 2014 | John Ransom
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