GDP grows at 2.4 percent in Q2

This is not particularly hard to figure out. Our President loaths business and business has little faith in the President. If I was running a business, I would be sitting on cash with little confidence that it would be in my best interest to spend. Particularly under a President who seeks to stick his hand in every producer's pockets. As for consumer spending, not me. The government has virtually bankrupted the country. I need to put away every penny I can in an America that seeks ways to take every penny I make. But isn't it ironic. The very ones whom President Obama so sorely needs to bail out his failed economy are the very ones with whom he's burned his bridges. Good luck with that approach, Mr President. Doesn't sound very promising.

With Ezra's help, they all can continue to serve special interest in secret while looking like they are on our side, but just don't have the votes.

Way to make the world a better place, Ezra.

"And second, if you're a business deciding whether the economy is strong enough for you to begin taking risks again, there's not a lot here that'll push you off the ledge."

The bright spots in the GDP report were in business equipment/software and residential real estate. Both are likely due to pent up demand. Companies put off buying new PCs for their employees as long as they could. Can you say business refresh? (time to replace your Windows 2000 machines, people) It will be interesting to see if residential real estate growth continues through the end of the year given the expiration of the federal housing tax credit. Only one month into the quarter and it's becoming pretty clear which direction that one is headed.

More news filtered by the journolist.

Just remember as you read, it does not have to be true, it just has to support views the journolist prigs.

ezra said: "quite a bit lower than the 3.7 percent we saw in the first quarter."

it was revised a while back to 2.7%

suggest you check this to see why this was a horrible report:

http://www.calculatedriskblog.com/2010/07/revisions-real-gdp-and-pce-far-away.html

I am wondering if halting American Slave Labor would help speed recovery. Here is what I am speaking of:
http://www.globalresearch.ca/index.php?context=va&aid=8289
http://tri-statedefenderonline.com/articlelive/articles/5106/1/BP-uses-prison-labor-tax-breaks-to-clean-up-their-mess/Page1.html
http://www.thenation.com/article/37828/bp-hires-prison-labor-clean-spill-while-coastal-residents-struggle
http://www.cio.com/article/595304/Prison_Labor_Outsourcing_s_Best_Kept_Secret_
http://www.examiner.com/x-8151-Military-Community-Examiner~y2010m6d14-Recalled-military-helmets-manufactured-with-prison-labor

Journolist left the toilet seat up.

Journolist double-dipped a chip.

Journolist scratched my car and didn't leave a note.

Journolist picked its nose in front of others.

Jim, you have this backwards: today's report revised first quarter GDP growth upwards from 2.7% to 3.7%. More to the point though, exactly why does the downward revision of 2008 growth mean or imply anything today? If anything, it makes it much easier to explain why job losses in 2008 and early 2009 were more severe than the original estimates of GDP growth would have suggested via Okun's law. Previously, Dean Baker and others argued that GDI was a more reliable indicator of actual performance (it fell more than the pre-revised GDP in a manner consistent with Okun's law and observed unemployment), but this downward revision more or less eliminates the puzzle. But I really don't see how a more accurate picture of the state of the economy two years ago is going to have any impact on business decision making today.

"But I really don't see how a more accurate picture of the state of the economy two years ago is going to have any impact on business decision making today."

I can hazard a guess. Companies factor in macroeconomic projections into their own business models. Assume they factored in that x% of GDP growth will affect their sales by y%. With GDP revisions two quarters back, they now factor in the higher GDP growth necessary to generate y% increase in sales. Would it mean any material change in their decision making?

As long as our government continues the reckless spending and unprecedented meddling with businesses, we cannot expect real long term growth.

The Congress and current Administration have put the country on a course of reckless government spending that has mortgaged the future of all Americans especially future generations. The only way to fix this long term structural problem is to create a pro-growth atmosphere for business. To do this we must reduce taxes NOW. How many different taxes does a business or individual pay on a regular basis? We must eliminate number and complexity of all these taxes and reduce the tax burden.

We also need to end the micro-management of business and the economy. Until we GREATLY reduce the tax burden on business and consumers and remove the senseless regulations that accomplish little in relation to the cost they impose, our future is bleak.

REMEMBER IN November...VOTE THEM OUT!!!

It would be interesting to break down the 1.8 trillion by companies or sectors. Is a large percentage held by Silicon Valley companies which are virtually debt-free? And certainly not hostile to Obama.

It would also be good to task some economists to come up with a model for a mature capitalist economy (us) that is not so dependent on consumer spending. Cuz the days of running off to buy a flat screen TV once a month are so over.