Government economists revised upwards their GDP estimates for the fourth quarter of 2013. And guess what?
We did much better than anybody thought possible!
The Commerce Department revised GDP upwards to 2.6% growth from the 2.4% growth that they had previously estimated for the fourth quarter.
So while everybody was bemoaning the fact that the Christmas shopping numbers that came out in December were adversely affected by weather, it's clear now to government economists that the effects of fourth quarter weather were put off until the first quarter of 2014.
“Robust consumer spending on services,” says Bloomberg, “particularly health care, helped accelerate the expansion, a sign that this year’s slowdown is partly due to heavy snowfall and freezing temperatures. Retailers such as Macy’s Inc. are waiting for the weather to improve to get a clearer picture of the economy.”
Gee, I wonder what could have precipitated such robust spending for health care in the fourth quarter of 2013?
Ah, yes: That was the quarter in which the Obama administration chose to screw everybody by having their insurance premiums go up.
Their only regret, now, is that they didn't have premiums go higher. Think of all the GDP growth we’re missing out on because of that.
Now, if we could only get the ossified Republicans to hike the minimum wage to $4 million an hour, everyone would be rich.
This is important.
Because if everyone were rich it would justify the Democrats disdain for people, including, by the way, themselves.
It would also help bring about the liberals’ long-desired goal of making everybody poor, once they taxed them.
You know what they say: "The Poor the Merrier.”
Which leads me to this question for my liberal friends: At what point do liberals get tired of defending bad policy, poor implementation and sloppy intellectualism when the only weapon, it seems, that their Democrat leaders have is buffoonery?
“Affordable. Affordable,” said Madame Pelosi just a week ago. “There’s a reason. Affordable. Affordable. Affordable. Affordable. Affordable. The reason they changed the name of it is because they wanted to get away, they — the opponents — from the word ‘affordable.’ And that’s why I’m patient with some of these comments. Whatever it is, it’s infinitely more affordable than the path that we were on.”
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for September 22nd, 2014 | John Ransom
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