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Author Topic: Economy Woes Overstated?  (Read 1827 times)

Offline funkedup

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Economy Woes Overstated?
« on: November 29, 2002, 08:55:16 PM »
I read a magazine called The Economist which tracks economic statistics.  It seems to me that our GDP and unemployment figures, while not optimal, are still pretty dang good.  The only statistic that is really ugly is the Dow, and we are now in our 8th consecutive week of growth in the dow, the biggest 2 month gain in 15 years.  Is it possible that the media and their political masters have exaggerated the economic problems?
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Offline weazel

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Want to see the Dow go up?
« Reply #1 on: November 29, 2002, 09:02:38 PM »
.
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Offline poopster

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Economy Woes Overstated?
« Reply #2 on: November 29, 2002, 09:24:38 PM »
From my view of the economy no.

I'm in truck repair. Air freight business is down, resturant business is down etc. etc.

Thought a bread and butter account ( 35 trucks ) was taking there business elsewhere. By doing an inhouse computer printout of there trucks I found that they just were not putting in the miles per truck that they used too. By a loooong shot. Produce company that supplys resturants.

Shipping is down, people eating out is down.

Real from this end.
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Offline Karnak

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Economy Woes Overstated?
« Reply #3 on: November 29, 2002, 09:53:35 PM »
Economy sucks real, real bad from where I'm sitting.

I'm going to have to carry two jobs now just to try to make ends meet.

There are not nearly enough good jobs it seems, I just keep putting the resume out there and getting nothing back.
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Offline funkedup

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Economy Woes Overstated?
« Reply #4 on: November 30, 2002, 12:05:00 AM »
Sorry to hear that Poopy and Karnak.  :(
The numbers look pretty good though, so there must be some sectors doing well.  Who the hell are they.  :)
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Offline Soulyss

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Economy Woes Overstated?
« Reply #5 on: November 30, 2002, 12:28:13 AM »
The economy sucks...

Fresh outta college I looked for work for 6 months.  In that time I had 3 responses and never even got an interview out of them.  I've had to resort to working retail just to pay the bills, and now I'm busting my bellybutton and can barely make ends meet.
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Offline weazel

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The economy isn't very good here either.
« Reply #6 on: November 30, 2002, 01:17:00 AM »
Welcome to the "bad old days", shades of the 80's.

I'll refrain from pointing out the common denominator between the 80's and present.  :p

I'm thankful I'm self employed, so far the downward economic spiral hasn't affected me.
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Offline john9001

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Re: The economy isn't very good here either.
« Reply #7 on: November 30, 2002, 01:27:05 AM »
Quote
Originally posted by weazel
Welcome to the "bad old days", shades of the 80's.

I'll refrain from pointing out the common denominator between the 80's and present.  :p



  whats jimmy carter have to do with the present? stop picking on that old man.
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Offline funkedup

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Economy Woes Overstated?
« Reply #8 on: November 30, 2002, 01:52:59 AM »
Yep and why bring up Ken Lay.  He did all his crimes on Bubba's watch.  He didn't get busted until the new sherrif came to town.
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Offline AKDejaVu

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Economy Woes Overstated?
« Reply #9 on: November 30, 2002, 01:57:24 AM »
The economy has to recover from 5 straight years of bad investing.  Maybe its time for sense to prevail again.. at least for another 10 years.

AKDejaVu
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Offline funkedup

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Economy Woes Overstated?
« Reply #10 on: November 30, 2002, 02:12:47 AM »
Well going by this thread, unemployment is about 50%.  But for the whole US it's not so bad.  It's been better in the past, but looking at the last 25 years, I wouldn't say it's too high.  And the trend is downward currently.
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Offline funkedup

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Economy Woes Overstated?
« Reply #11 on: November 30, 2002, 02:14:22 AM »
What about inflation?

Looks like a pretty steady rise, no big fluctuation.  Certainly better than most countries around the world.
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Offline funkedup

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Economy Woes Overstated?
« Reply #12 on: November 30, 2002, 02:52:32 AM »
OK, more people are unemployed, and prices are going up as normal.  But isn't there less money going around per person?

No.  Real Gross Domestic Product per Capita (which is the best statistical measure of our material standard of living) continues to rise.  Look at the chart below.

The last two figures on the chart are:
2000 $33,525
2001 $33,568
Even in the terrible year of 2001, our standard of living still rose.

The 2002 final figures are not out, but the growth rates in Real GDP have been more than twice those in 2001.  So barring greatly acclerated population growth, the 2002 Real GDP per Capita will rise yet again.

So the question remains:  Other than the stock market, how is the economy doing badly?  Why so much noise by the media and politicians?

I think that considering the fall of the stock market, which is largely attributable to foolish or illegal behavior which occured on Bubba's watch, the economy is doing incredibly well.  It makes me proud to be an American.
« Last Edit: November 30, 2002, 02:55:22 AM by funkedup »
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Offline funkedup

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Economy Woes Overstated?
« Reply #13 on: November 30, 2002, 02:53:19 AM »
Figure for last post.

(Yes I had the day off. :) )
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Offline whgates3

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Economy Woes Overstated?
« Reply #14 on: November 30, 2002, 04:09:36 AM »
another way of looking at could be 0.1% GDP growth is only $44 better than recession (add in the weakening dollar & it is recession) & unemployment is the same as late in the carter administration.  thats pretty odd spin coming from the economist which is usually a very accurate & honest publication.  normally anything less than 1% GDP growth is considered weak
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