US second to recover from recession

[csrowan]

From: http://m.huffpost.com/us/entry/4935182?u...f=politics

The U.S. Recovered From The Recession Faster Than Every Country But Germany

The U.S. economy recovered from the recession quicker than every country except Germany, according to a report released Monday by President Barack Obama's economic team.

The report offers a comprehensive look at the progress made since the financial crisis of 2007-08, which marked the worst recession since the Great Depression. The chart below shows the output per working-age person among the 12 countries that suffered most from the banking crisis.



The chart shows that the United States is just one of two countries where GDP has returned to pre-crisis levels, the other being Germany. The report primarily attributes the U.S. economic recovery to Obama's 2009 stimulus package, known as the American Recovery and Reinvestment Act. The Council of Economic Advisers estimated in the report that the Recovery Act, at a macroeconomic level, saved or created roughly 6 million job-years, where a job-year is defined as "one full-time job for one year."

A host of other jobs measures contributed to the economic recovery, including the extensions of unemployment insurance, the payroll tax cut and other tax cuts for business investment and hiring. The auto industry bailout is also mentioned as part of the broader policy response that put the U.S. economy back on track, as well as investments in social safety net programs that helped keep millions of Americans out of poverty.

"The fact that the United States has been one of the best performing economies in the wake of the crisis supports the view that the full set of policy interventions in the United States made a major difference in averting a substantially worse outcome," the report states.

Full report here: http://www.whitehouse.gov/sites/default/...sident.pdf

[SFLiberal]

From: http://m.huffpost.com/us/entry/4935182?u...f=politics

The U.S. Recovered From The Recession Faster Than Every Country But Germany

The U.S. economy recovered from the recession quicker than every country except Germany, according to a report released Monday by President Barack Obama's economic team.

The report offers a comprehensive look at the progress made since the financial crisis of 2007-08, which marked the worst recession since the Great Depression. The chart below shows the output per working-age person among the 12 countries that suffered most from the banking crisis.



The chart shows that the United States is just one of two countries where GDP has returned to pre-crisis levels, the other being Germany. The report primarily attributes the U.S. economic recovery to Obama's 2009 stimulus package, known as the American Recovery and Reinvestment Act. The Council of Economic Advisers estimated in the report that the Recovery Act, at a macroeconomic level, saved or created roughly 6 million job-years, where a job-year is defined as "one full-time job for one year."

A host of other jobs measures contributed to the economic recovery, including the extensions of unemployment insurance, the payroll tax cut and other tax cuts for business investment and hiring. The auto industry bailout is also mentioned as part of the broader policy response that put the U.S. economy back on track, as well as investments in social safety net programs that helped keep millions of Americans out of poverty.

"The fact that the United States has been one of the best performing economies in the wake of the crisis supports the view that the full set of policy interventions in the United States made a major difference in averting a substantially worse outcome," the report states.

Full report here: http://www.whitehouse.gov/sites/default/...sident.pdf

Seriously? You post propaganda from the White House?

Why Has U.S. Recovery Been so Slow?

By
Brenda Cronin
4:36 pm
Jan 3, 2014

Uncertainty, policy missteps and a severe financial crisis all have hobbled America’s climb back from the depths of the recession, economists said Friday, taking on a subject that has bedeviled scholars since the downturn.

A discussion of “Recessions and Recoveries” at the annual meeting of the American Economics Association in Philadelphia blamed factors before and after the 2007-2009 slump for the curiously slow pace of the U.S. recovery.

According to research by Harvard professors Carmen Reinhart and Kenneth Rogoff, the 4 1/2-year-old recovery is no outlier in historical terms. In comparing the fallout from more than 100 systemic banking crises around the world over the past century, they found a common characteristic: “the protracted and halting nature of the recovery. On average its takes about eight years to reach the precrisis level of income; the median is about 6 1/2 years.”

The current recovery “has much in common with pre-World War I crises,” Ms. Reinhart said Friday, and differs from most post-World War II rebounds, in which the economy snapped back sooner from less-severe downturns.

Another theory for the economy’s lethargic progress in the past few years is political uncertainty, said Stanford University economics professor, Nicholas Bloom. Along with a number of colleagues, Mr. Bloom has come up with a measure of economic political uncertainty, based on factors including media coverage, tax policies and differences among economic forecasts.

“In my view, [uncertainty] is not the primary cause of the slow recovery, but I think it’s an aggravating factor,” Mr. Bloom said. Policy uncertainty related to matters such as taxes and regulation — which can make businesses or consumers reluctant to spend — has been on the rise for decades, he said. That is in part because government itself has expanded, and government spending has become a larger share of the economy. Mr. Bloom’s research also suggests that at the same time, political polarization, which can foster uncertainty, has increased — although he has yet to find a definitive explanation why.

Another notion behind the slowly recuperating economy is that it hasn’t been given the proper medicine. John B. Taylor, also of Stanford University, proposed that missteps in monetary, regulatory and fiscal policy both contributed to the economy’s troubles — and proved little help after the crisis. Attempts to spur the economy after the recession were too timid and piece-meal, Mr. Taylor wrote in his paper, “The Role of Policy in the Great Recession and the Weak Recovery,” translating into a shaky climb back rather than an emphatic rebound.
http://blogs.wsj.com/economics/2014/01/0...n-so-slow/

[csrowan]

If you've got numbers that show something different, please post them. I'm sure there are different metrics.

Do you disagree with the figures posted for Real GDP Per Working Age Population in 2007–2008 Banking Crisis Countries, 2007–2013?

Why don't you read the full report and tell us which parts you think have figures that are wrong, what the correct figures are and how you got them, or if the figures are correct, why they aren't the right way to measure our progress?

[Scrapper]

It my take him awhile... he'll have to Google for a meme.

[SFLiberal]

If you've got numbers that show something different, please post them. I'm sure there are different metrics.

Do you disagree with the figures posted for Real GDP Per Working Age Population in 2007–2008 Banking Crisis Countries, 2007–2013?

Why don't you read the full report and tell us which parts you think have figures that are wrong, what the correct figures are and how you got them, or if the figures are correct, why they aren't the right way to measure our progress?

Why would you believe anything this WH says? This is the same WH that says all is good with Obamacare and it's right on schedule, the IRS didn't target conservatives not "one smidgen", there was no coverup in Benghazi and he will hold those responsible accountable, Fast and Furious is no big deal, you can keep your doctor or healthcare plan is you like it, will be the most transparent administration in US history, will close Guantanamo Bay, that Obama didn't set a red line for Syria, bypassing congress is unconstitutional and Obama intends to reverse when he is president, there will be no more wiretapping of citizens and The NSA is not abusing its power, the sequester is not something that Obama proposed, Obama's done more for Israel’s security than any President ever, and perhaps the biggest lie: “I, Barack Hussein Obama, do solemnly swear that I will execute the office of president of the United States faithfully, and will to the best of my ability, preserve, protect, and defend the constitution of the United States."

So why would you believe anything the WH says?

Why US economy imploded and why recovery is so slow
March 01, 2014 Robert D. Atkinson and Stephen J. Ezell

Why did the Fed keep interest rates so low for so long? Why did Wall Street buy risky mortgage-backed bonds? Why did America spend so much on housing? And why did so many people have a hard time paying their mortgage?
The answer to all of these questions is that after the late 1990s the United States began to fall behind in the race for global innovation advantage and as it did, the real engine of growth sputtered and when the dot.com, and later housing bubbles burst, there was no “there” there. We can see this in the numbers. The demand on Wall Street for capital to power real wealth-creating investments shrank dramatically as U.S. corporate investment grew just 17 percent in the first half of the 2000s, down from 73 percent in the last half of the 1990s. Venture capital investments and IPOs fell almost 80 percent.Inward foreign direct investment fell. It wasn’t that U.S. companies were no longer investing; they were, but increasingly overseas. In 2000, for every dollar invested domestically, U.S.-headquartered manufacturing multinationals invested 33 cents overseas. By 2009, that increased to 71 cents. This lack of investment opportunities is one reason why the ratio of undistributed U.S. corporate profits to GDP has doubled since the 1990s. U.S. companies had the money to invest in America but not the motive or opportunity. And the results were stark. America lost almost 20 percent of its manufacturing jobs in just four years following 2000. When measured properly, GDP growth was the slowest in the post-war era. And median household incomes fell 7 percent since 2000.But rather than downsize as demand for their services fell, Wall Street doubled down on risky mortgages. And rather than downsize as their incomes fell, consumers used their homes as ATM machines. Rather than support a national competitiveness policy to restore the demand for real investment and jobs, the Fed did the only thing it could: keep the monetary accelerator to the floor, but to little effect.

The only solution then as well as now is to address America’s real problem: its structural competitiveness crisis. Low interest rates can’t spur spending and investment when wages are stagnant and investment opportunities much richer outside the United States. This is why corporate investment in machinery and equipment has been stagnant over the last five years. And more stimulus would be like an adrenaline shot to a heart plagued with chronic disease. It might get the heart pumping stronger for a while, but without a competitive heart, health can’t be restored.

The only real answer is to rebuild the American economic engine—which is the one-third of the U.S. economy that competes in global markets and that shrinks if it loses that competition. If Boeing loses to Airbus, America loses jobs.
Why US economy imploded and why recovery is so slow

[csrowan]

So in other words, you have absolutely nothing showing that we weren't the second country out of the recession, and that all the other nations out there were even more slow to recover than we were.

You can only say that Obama sucks, despite the presented evidence that we pulled through faster than almost anyone else. And you don't have anything to show that the presented evidence is false.

[Cuzz]

So the problem is business is investing overseas but not here and Wall Street is gambling in the mortgage market?

Got it.

[chuck white]

Are you saying we aren't first?

Commie.

[cletus1]

Are you saying we aren't first?

Commie.

We are not first in everything . Am I a commie to acknowledge that?

[chuck white]

Are you saying we aren't first?

Commie.

We are not first in everything . Am I a commie to acknowledge that?

Worse, you're a Godless Commie.

[Wonky]

Are you saying we aren't first?

Commie.

We are not first in everything . Am I a commie to acknowledge that?

Worse, you're a Godless Commie.

Even worse! A godless commie who dislikes his country so much he often has to travel to far of places (with strange sounding names) just to get away

And yeah, it'd don't bother me one whit that we are not first in EVERYTHING. I mean hell, we are without a doubt first in putting people in prisons. Ain't that good enough?

[cletus1]

Are you saying we aren't first?

Commie.

We are not first in everything . Am I a commie to acknowledge that?

Worse, you're a Godless Commie.

Even worse! A godless commie who dislikes his country so much he often has to travel to far of places (with strange sounding names) just to get away

And yeah, it'd don't bother me one whit that we are not first in EVERYTHING. I mean hell, we are without a doubt first in putting people in prisons. Ain't that good enough?

TVguy said that is a good thing because we have lots of black gang bangers that would be walking around causing trouble if we didn't lock em up. He says you can't compare the US to other countries that don't imprison many of their citizens because they don't have that problem. So then I suggested that perhaps those countries are better than the US. He said that I was an America hater and that this great country was the best place on earth and that I should move to Guatemala.

[Scrapper]

Are you saying we aren't first?

Commie.

We are not first in everything . Am I a commie to acknowledge that?

Worse, you're a Godless Commie.

Even worse! A godless commie who dislikes his country so much he often has to travel to far of places (with strange sounding names) just to get away

And yeah, it'd don't bother me one whit that we are not first in EVERYTHING. I mean hell, we are without a doubt first in putting people in prisons. Ain't that good enough?

TVguy said that is a good thing because we have lots of black gang bangers that would be walking around causing trouble if we didn't lock em up. He says you can't compare the US to other countries that don't imprison many of their citizens because they don't have that problem. So then I suggested that perhaps those countries are better than the US. He said that I was an America hater and that this great country was the best place on earth and that I should move to Guatemala.

Consider the source.

[Wonky]

Are you saying we aren't first?

Commie.

We are not first in everything . Am I a commie to acknowledge that?

Worse, you're a Godless Commie.

Even worse! A godless commie who dislikes his country so much he often has to travel to far of places (with strange sounding names) just to get away

And yeah, it'd don't bother me one whit that we are not first in EVERYTHING. I mean hell, we are without a doubt first in putting people in prisons. Ain't that good enough?

TVguy said that is a good thing because we have lots of black gang bangers that would be walking around causing trouble if we didn't lock em up. He says you can't compare the US to other countries that don't imprison many of their citizens because they don't have that problem. So then I suggested that perhaps those countries are better than the US. He said that I was an America hater and that this great country was the best place on earth and that I should move to Guatemala.

I too think you should move to Guatemala. In that climate you might be able to grow a decent tomato.

And TVg is right: This is one hell of a fine country! I love the place. And yeah, there are a lot of gang things going on and lots of 'em are "people of color". There are also lots and lots of "people of color" who have been excluded from any chance of moving up with the Jeffersons. And there are lots of white folks doing Meth and going to jail and again because our society has changed rapidly and now even a good 'ol boy can't find a decent job.
Thinks are messed up.
We might start by letting lots of the nonviolent people who are there for drug use out and clear the space for the really bad actors. People like Value Size.

Then, start working on how we can put the people of this great country back to work doing meaningful work.

Run for Pres Clete, I'll vote for you. Early and often. And then we can work on electing TVg head cop.

[tvguy]

Are you saying we aren't first?

Commie.

We are not first in everything . Am I a commie to acknowledge that?

Worse, you're a Godless Commie.

Even worse! A godless commie who dislikes his country so much he often has to travel to far of places (with strange sounding names) just to get away

And yeah, it'd don't bother me one whit that we are not first in EVERYTHING. I mean hell, we are without a doubt first in putting people in prisons. Ain't that good enough?

TVguy said that is a good thing because we have lots of black gang bangers that would be walking around causing trouble if we didn't lock em up. He says you can't compare the US to other countries that don't imprison many of their citizens because they don't have that problem. So then I suggested that perhaps those countries are better than the US. He said that I was an America hater and that this great country was the best place on earth and that I should move to Guatemala.

Commie