Bush says economy strong, resilient

[sabra]

Source: Reuters

WASHINGTON (Reuters) - U.S. President George W. Bush on Friday called the U.S. and world economy strong after American gross domestic product jumped 3.4 percent in the second quarter and despite a sharp sell-off in global stock markets.

"The world economy is strong and I happen to believe one of the main reasons why is because we remain strong," he said after meeting his economic team at the White House.

Bush called the U.S. economy "large, flexible and resilient" and said it has benefited from increased exports, particularly by farmers.

The Commerce Department reported that U.S. economic growth rebounded during the second quarter to its strongest pace since the beginning of last year.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2007/07/27/AR2007072700928.html

[Tempest]

1. Reported as 3.4 percent today

And buried in the papers next month it will be revised downward.

[chelsea0011]

2. tell that to the foreclosure crowd

[barb162]

3. Maybe he needs to reflect on the glorious course of (1) American labor

being offshored and outsourced into unemployment and bankrutcy and (2) the housing market's rising foreclosure rates and (3) the average American's huge credit card balances. After that he may want to take a gander at the fact that 45 million Americans are uninsured for medical, how many Americans are sleeping in the streets or shelters, etc.

[gratuitous]

4. Picky, picky

Did you see the size of the bonus Halliburton paid to Unka Dick? Now that's some serious scratch. Strong and resilient, baby. Strong and resilient. Because Dubya said so.

[barb162]

8. It's pathetic.

This country is being split quickly into a few rich and millions of poor with a middle class that's disappearing.

[Yavin4]

17. "Disappearing?" The Middle Class Has Disappeared

Middle class is determined by the value of your assets minus the value of your debts. If that number is positive and a certain figure (depending on your geographical location), then you are indeed middle class.

Most Americans depend on the assessed value of their home in their asset calculations, which is a huge mistake because most American homes are HIGHLY OVER-VALUED. Thus, most Americans are deluded into believing that they're middle class. In reality, they're lower class debtors.

[corkhead]

5. "resilient"... yes it hasn't yet completely collapsed in spite of his best efforts to destroy it

[barb162]

9. You're right. Americans are very good at working three jobs

to feed their families when a few decades ago it took one job to do that.

[Itchinjim]

6. Is that a fact Shithead?

Then please tell me why my 401(k) is down almost 7% in just the last week.
Douchebag.

[meowomon]

7. Then why as a nurse

am I finding it harder to pay my bills? Food prices are up. Energy prices are up. I can't afford to go to the movies anymore. Why is the economy so good for the richest few, but we the people (the voters) are increasingly in economic trouble? Why Mr. Bush?

[Yavin4]

18. Because Gays Are Getting Married

Does that answer your question.

[OhioChick]

20. This is Why....H1B's

New Delhi, May 11: FORTY-YEAR-OLD, Sreelekha Menon (name changed), a nurse in Lok Nayak Hospital has big plans for future. A few more days and Menon would be flying to the United States.

John Michael, a recruitment agent, says about 10,000-odd cases are pending with the US embassy and the list will increase in months to come.

“We forwarded as many as 10,000 applications for visas to the US embassy after the nurses got through the preliminary examination. The H1B visas (for work permit) are likely to come in next few days,” he says.

Michael says every year, a significant number of nurses migrate to the US and West Asia countries. India is a major provider of nurses to these countries. A majority of nurses come from Kerala, Tamil Nadu, Andhra Pradesh, Karnataka and Punjab. However, around 30 per cent of them leave for options abroad, he says.

http://cities.expressindia.com/fullstory.php?newsid=235892

[KillCapitalism]

10. Who even believes this bullshit anymore.

Yep, the economy is great! Just like Iraq is a really safe and democratic place!:sarcasm:

[barb162]

11. I think a lot of people still do believe it.

That's the problem. People who live on their huge stock portfolios don't know what's going on outside their gated communities.

[Yavin4]

19. Haliburton Board of Directors?

ExxonMobil CEO
Bill Gates
Michael Dell
The Hilton family


You know, Bush's base.

[kineneb]

12. Headline: Naked Emperor says His Garments are Elegant.

Bubble Boy parrots what his corporate masters want him to say.

[CountAllVotes]

14. we should all chip in and buy * some Magic Underwear

I'm sure Mitt could help. }(

[MGKrebs]

13. Well then why can't we fund our public hospitals, or fund schools,

or invest in science research, or improve our infant mortality rate, or reduce pollution, or check imports, or hire more air traffic controllers, or pay indigent-defense lawyers a living wage, or take proper care of wounded soldiers....

[laylah]

15. Sure *Dumbass...

tell me about it! Me, who is a very dedicated and talented Social Worker, who now has to work, on her feet, MANDATORY 56 hours a week because she cannot find a decent job otherwise. Sick, twisted bastard :mad:

[Sewsojm]

16. He really means

that his rich friends are doing great and he doesn't give a flying fuck about anyone else!! Go to Hell Shrub, You Worthless Rotten POS!!

[ckramer]

21. Did he know the market has plunged for two days?

Guess not

[MatrixEscape]

22. As I write this ...

Oil is at $77.02 a barrel. Of course, it fluctuates, but it is trending upwards with time. More bad news at the pump, along with the fact that the refineries are processing less light, sweet crude as they get more of the sludgy stuff that is also corrosive and damaging to the equipment. While the capacity of major wells declines, the quality of the oil goes more sour.

A bushel of corn, (thanks both to the price of oil and the effect that bio-fuels, (which the Bush Administration has encouraged) are having on prices) has about doubled in a year, from about two bucks to almost four.

Those are only two major and influential factors, but we are not looking at a short-term minor price inflation here. This looks, (from all the information) like a continuing pattern for the foreseeable future.

The reason I mention that, is people may be trying to ignore the situation as if it were just a short-term bump that will eventually reverse. I don't see how, where, or why it will. Food and energy, (and of course everything else we consume is related, directly or indirectly, to energy and fuel) is going to continue to rise in price.

You can add to that the ways that many States are trying to offset less Federal funding and other budget problems by taxing, tolling, raise fees, and even getting insidiously creative ways, i.e., the hefty Virginian abusive driving fees now in effect.

So, something is getting large, flexible and resilient, but it is not on the common person's side of the economy. Now, if you replaced economy with government in Baby-Booshey's statement you would then have a more accurate assessment.

[chknltl]

23. bush says a lot of stuff, someday he may get to tell stuff to...

...his cellmates as he stays the course in a prison.

[struggle4progress]

24. Taxpayers on the hook for $59 trillion

Updated 59d ago
By Dennis Cauchon, USA TODAY

The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used .... Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined ....

http://www.usatoday.com/news/washington/2007-05-28-federal-budget_N.htm

[struggle4progress]

25. Americans' love affair with plastic may have a messy ending

By Paul J. Lim
Posted 7/31/05

... Household debt rose from 96 percent of personal disposable income (consumers' take-home, spendable cash) in 2000 to 111 percent in 2003 to 113 percent at the end of 2004 ... At the same time, the savings rate--that's savings (not including home equity or investment gains) as a percentage of disposable income--has plummeted. It fell to 0.6 percent in May, down from as high as 3.4 percent in 2001 and 7.9 percent in the early 1990s ...

http://www.usnews.com/usnews/biztech/articles/050808/8debt.htm

These statistics say we're floatin in a borrowed bubble

[truthisfreedom]

26. But he left off the crucial description...

Faked.

[radfringe]

27. he has also said we're makin' progress in Iraq... *smirk*