White House: U.S. Has Avoided Depression

[Monkeybone]

A White House spokesman said Wednesday that the United States has pulled far back from descending into another economic depression,

Oh thank goodness! And here I thought that we have had the highest unemployment rate in 26 years. Good thing too. Wait....

although new figures to be released Friday will likely show a rising unemployment rate, possibly to more than 10 percent.

So it will go higher? I thought that it wasn't supposed to. My bad. Then how do you figure? Are people buying things or what?

"We have pulled far back from the edge of descending into another economic depression," White House spokesman Robert Gibbs said.

Oh so, not slowed down..or stopped right at...but we've pulled far back. Sweet action. But how do you figure?

Supporting his claim was a report showing that factory orders rose in June for the fourth time in five months, an unexpected gain and the latest sign that the ailing manufacturing sector is recovering.

The Commerce Department says factory orders rose 0.4 percent, after a 1.1 percent increase in May. Economists expected a 1 percent drop, according to a survey by Thomson Reuters.

Ok...so some places haven't shut down. Maybe they had to play a little catch up from cutting workers or hours. That is normal business when you are on a downward spiral. Cool that is went up .4% even though a 1% drop was expected. I wonder if there is a margin for error or if this is all just straight facts. I would assume facts since they know what ever single factory is doing and why they are increasing production. Wait...my bad... it didn't say increasing production.... it just said that orders rose. Darn those needy people wanting things. So are these big things that will really help these companies or what?

A 2.7 percent rise in orders for nondurable goods, such as chemicals and textiles, was the most since June 2008 and drove the overall increase. Orders for petroleum and coal products jumped 13.2 percent, as the price of oil rose.

Oh...so basically it was just things that are needed to go on...and that run out. Necessities basically. Well... ok. I would assume that those don't cost as much. I'm sure that there are items that are cost worthy that were ordered.

Orders for durable goods, big-ticket items such as aircraft and appliances, fell 2.2 percent.

Oh. Nevermind.


http://www.foxnews.com/politics/2009...est=latestnews

[Kathianne]

Oh thank goodness! And here I thought that we have had the highest unemployment rate in 26 years. Good thing too. Wait....

So it will go higher? I thought that it wasn't supposed to. My bad. Then how do you figure? Are people buying things or what? Oh so, not slowed down..or stopped right at...but we've pulled far back. Sweet action. But how do you figure? Ok...so some places haven't shut down. Maybe they had to play a little catch up from cutting workers or hours. That is normal business when you are on a downward spiral. Cool that is went up .4% even though a 1% drop was expected. I wonder if there is a margin for error or if this is all just straight facts. I would assume facts since they know what ever single factory is doing and why they are increasing production. Wait...my bad... it didn't say increasing production.... it just said that orders rose. Darn those needy people wanting things. So are these big things that will really help these companies or what? Oh...so basically it was just things that are needed to go on...and that run out. Necessities basically. Well... ok. I would assume that those don't cost as much. I'm sure that there are items that are cost worthy that were ordered. Oh. Nevermind.


http://www.foxnews.com/politics/2009...est=latestnews

Oh and tax revenues way down, while deficit soars:

http://taxprof.typepad.com/taxprof_b...-revenues.html

Tax Revenues Fall 18%, Biggest Drop Since Depression

From the Associated Press:
Tax receipts are on pace to drop 18% this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion. Other figures in an Associated Press analysis underscore the recession's impact:

Individual income tax receipts are down 22% from a year ago.
Corporate income taxes are down 57%.

Social Security tax receipts could drop for only the second time since 1940
Medicare taxes are on pace to drop for only the third time ever.
See the dramatic graph here.

Links at site.

[Monkeybone]

Could this "spend spend spend" that is going on be like the housing bubble? One day that bubble is going to pop, and then who will be there to bail out the Gov?

[Binky]

Hmmm, they've pulled back have they? Oddly enough, that smells a lot like stinky poo, to me. With unempl. ever so high, job losses, higher and higher prices, homes lost, credit card industry in the toilet, why would they say that? Oh yeah, I forgot, it's the gov't we're talking about here. It still has the "do not disclose the truth," mindset. Must'nt let the peons know what is actually going on. They will never have the famous "transperancy in gov't," that OB touted. Ain't gonna happen.

[cat slave]

Oh thank goodness! And here I thought that we have had the highest unemployment rate in 26 years. Good thing too. Wait....

So it will go higher? I thought that it wasn't supposed to. My bad. Then how do you figure? Are people buying things or what? Oh so, not slowed down..or stopped right at...but we've pulled far back. Sweet action. But how do you figure? Ok...so some places haven't shut down. Maybe they had to play a little catch up from cutting workers or hours. That is normal business when you are on a downward spiral. Cool that is went up .4% even though a 1% drop was expected. I wonder if there is a margin for error or if this is all just straight facts. I would assume facts since they know what ever single factory is doing and why they are increasing production. Wait...my bad... it didn't say increasing production.... it just said that orders rose. Darn those needy people wanting things. So are these big things that will really help these companies or what? Oh...so basically it was just things that are needed to go on...and that run out. Necessities basically. Well... ok. I would assume that those don't cost as much. I'm sure that there are items that are cost worthy that were ordered. Oh. Nevermind.


http://www.foxnews.com/politics/2009...est=latestnews

Excellent post there!!!!

[cat slave]

Yeah, waders needed for that garbage!