Monday, February 04, 2013

Whitehouse Plays The Blame Game With Negative GDP

Throughout all of 2012 I wrote of many things that were happening in the economy well before they were evident by anyone on Wall Street, in politics or in the mainstream media.  I certainly use algorithms and data for my analysis but let’s be frank, I’m not exactly Albert Einstein.  It’s easy to look good compared to institutionalized ignorance.  Compared to incompetent bureaucracy that only exists through legalized bribery and force.  

From the first quarter of 2012 on I wrote that money was draining out of the global economy faster than even 2008, and that corporate earnings were collapsing faster than at any time in the last decade.  A point that was confirmed after earnings were reported months later - Thomson Reuters then stated that corporate earnings had declined faster than at any time in the last 13 years.  And, I have written incessantly over the last eight years, including many times in 2012 that the Federal Reserve’s policies were not working.  Well, they may have been working if they were meant to bail out our masters but they were not fixing the economy.  So, simply from what I wrote numerous times, one should not be surprised by the just reported contraction in GDP in both Britain and the U.S.   But, Obama believes his political adversaries are to blame.  You know, the ones trying to destroy his legacy of incompetence, secrecy, cronyism, expanding wars and drone attacks. 

That a blogger in his underwear can provide more accurate analysis than  the Whitehouse as it pertains to what’s going on in the economy should give you pause for outsourcing your thinking to bureaucratic incompetence and institutionalized ignorance.   ie, Take back your power and think for yourself because they have no clue what they are doing.  But, they are good at doing more of it.  And, that will be their eventual demise. 

Now, we have the Whitehouse blaming everyone but themselves for the first drop in GDP since the 2008 collapse.   Really?  How long does institutionalized ignorance pull this nonsense?  The economy is not growing because the economy for countless Americans has effectively ceased to exist.  That dynamic has been growing exponentially for decades.   And, under Obama’s policies, it isn’t coming back.   The reality is intrinsic GDP without massive government spending on wars, cronyism and corporate welfare, which noted on here reached 70% of national income at one point, would have been negative for the last five years.  All five.   As noted on here before, there is a reason why transfer payments, after inflation, have swelled 800% in the last 30 years.  It has only been through monetary inflation and state antics that GDP shows any semblance of stability.  And if sequestration actually does happen, this could be the beginning of what will be Obama’s true legacy.  

Food stamp use, welfare rolls, poverty and nonliving wage jobs all continue on the increase under Obama and the Democrats.  Don’ t worry.  The Republicans would have probably done even worse. 

The real unemployment rate as it used to be calculated remains around 25%.   With four years of new workers rolling into the economy, there are more people unemployed today than when Obama took office.   And, as noted on here numerous times a service-based economy cannot grow so Obama’s trend of economic illiteracy continues to clearly move us in the wrong direction as our fearless leaders takes credit for a massive swell in bartender and Taco Bell jobs.   (I’d be more than willing to put on my straw hat and mosey on down to the Whitehouse and give our fearless leader a tutorial on failed economics and what he should be doing to restore democracy and democratic economics.  And, there are countless other Americans, probably millions, who could do the same thing were arrogance to actually be willing to consider its ignorance.)

Now, we can all play the blame game that this was George Bush’s fault but in actuality Clinton/Gore is substantially more complicit.   But regardless, both parties are equally responsible.  The failed ignorance of one party cannot survive without the failed ignorance of the other, and that will likely lead to the demise of both.  The real question is when does Obama ever take responsibility for this crisis?  He can’t continue to blame everyone else forever.  At some point it has to be his policies that are failing.  He was elected to take responsibility.  After four years, haven’t we had enough finger pointing?  Is this Congress or this Whitehouse ever going to take responsibility for anything?  Well, other than 20,000 drone attacks.  Of course not.  As noted on here many times, people who seek authority are most often disconnected from their humanity.  A hallmark trait of that persona is a lack of responsibility.  And, this blame game after four years of failed economic policy is simply more evidence of that fact.  All, by the way, as more Americans rot due to institutionalized incompetence because a working democracy has been turned into a platform for institutionalized looting rather than being able to service democracy or our citizens.

This is far worse than the Great Depression and it will never get better.  Ever.  Under the corporatist-fascist pro-business policies (anti-democratic, anti-living wage, anti-new business and anti-working markets) of both political parties.  The symptoms are simply being hidden by marginal and unlivable government transfer payments, a completely checked-out media, massive money printing to bail out the rich, elites, corporations and banking criminals and a secret corporate government bent on doing the will of our masters. 

Four more years.  Change you can believe in.

Whitehouse blames Republicans for GDP contraction

posted by TimingLogic at 7:09 PM

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