27
Aug
15

The Economy Is Growing. Don’t Screw It Up, Congress

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Jason Furman: Second Estimate Of GDP For The Second Quarter Of 2015

Real GDP growth in the second quarter was revised markedly upward, as consumers spent more and businesses invested more than previously estimated. The economy grew at a much faster pace in the second quarter than in the first, with strong personal consumption leading the rebound. At this time in the global economy, it is essential that we continue to do everything we can to maintain America’s domestic economic momentum—including avoiding a return to fiscal brinksmanship or unnecessary austerity by passing an on-time budget that reverses the sequester, increasing investments in infrastructure as part of a long-term transportation reauthorization, and other steps to foster long-term growth.

1. Real Gross Domestic Product (GDP) rose 3.7 percent at an annual rate in the second quarter according to the BEA’s latest estimate, well above the first quarter’s 0.6 percent pace and the BEA’s initial second-quarter estimate of 2.3 percent growth. In the second quarter, the increase in GDP growth was led by a faster pace of personal consumption growth than in the first quarter and a shift from negative to positive net export growth. Structures investment, which declined sharply in the first quarter and was previously thought to have declined in the second, is now estimated to have grown. Overall, real GDP has now risen 2.7 percent over the past four quarters.

More here

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115 Responses to “The Economy Is Growing. Don’t Screw It Up, Congress”


  1. 1 JER
    August 27, 2015 at 1:41 pm

    • August 27, 2015 at 1:46 pm

      Thanks for your POTUS travel updates, JER. It’s a real treat to always know you’re ‘on the job’ tracking our peripatetic President 🙂

      Good of you to highlight Jason’s important economic information, NW and thank you Chips for posting it!!

      Was in the process of stringing together a series of very important updates about Ukraine in the previous thread when this one appeared, so I just continued expanding it so you good TOD folk would have a ‘one stop shop’ experience 🙂 BTW, it only gets worse and worse for Vlad because the Ukrainians are proving their steel that they’ve honed over the past millennium plus.

      bbl …

    • 4 Judith Fardig
      August 27, 2015 at 1:49 pm

      Congratulations, JER! Glad to have President Obama speak about the Katrina disaster. It drowned George W. Bush’s reputation. No recovery there!

    • 5 GGail
      August 27, 2015 at 2:37 pm

      Congrats JER on First!!!!!! YAY!!!!! 🙂

  2. 6 Vicki
    August 27, 2015 at 1:42 pm

    Thank you Nerdy for highlighting our Growing Economy. And, of course, Thank you President Obama.

  3. 8 JER
    August 27, 2015 at 1:44 pm

    Say What?!

    Donna Brazile praises George Bush’s Katrina response while on Air Force One with Obama: http://hill.cm/PelshzM

  4. 17 Vicki
    August 27, 2015 at 1:44 pm

    To those on Biden Watch:
    VP Biden will be in Miami on Wednesday talking about Immigration and then will meet with Jewish leaders urging them to vote Yes on the Iran Deal.

  5. August 27, 2015 at 1:46 pm

    Thank yooooooooooooooooou Nerdyaroo!

  6. August 27, 2015 at 1:52 pm

  7. 24 Nena20409
    August 27, 2015 at 1:54 pm

    JER, Congrats on your Gold ⭐
    Awesome post, NW 🍸

  8. 26 Nena20409
    August 27, 2015 at 1:57 pm

  9. 27 Nena20409
    August 27, 2015 at 1:58 pm

  10. 28 Nena20409
    August 27, 2015 at 2:02 pm

    Hmm?

    By Oct 2008, it was a Certainty who the Victor of Nov 4th Presidential Election was going to be.
    All these High Points……..Obama! 🙂 Obama! 🙂 Obama! 🙂

  11. August 27, 2015 at 2:08 pm

    Howdy TOD! Congratulations Jer on Número uno.
    Thank you NW for posting the information.
    Nice thing about being so behind is that I first saw on Twitter that CNN leaked what VP Biden said so I discounted early. It might be true but I’m waiting to hear it from Joe.

  12. August 27, 2015 at 2:10 pm

  13. 31 Anjo
    August 27, 2015 at 2:19 pm

    Tropical storm Erica has finally arrived with wind we can do without and rain we haven’t seen all year staying safe in Little Nevis

  14. August 27, 2015 at 2:40 pm

    Won’t get any clearer than this ….

    … just how fallacious the notion of ‘negotiating a better deal’ is.

  15. 39 Linda
    August 27, 2015 at 2:41 pm

    Jindal Letter To Obama: Please Don’t Mention Climate Change On Katrina Anniversary

    Presidential candidate and Louisiana Gov. Bobby Jindal (R) sent a letter to President Barack Obama this week asking him to avoid “inserting the divisive political agenda of liberal environmental activism” while commemorating the 10th anniversary of Hurricane Katrina.

    While you and others may be of the opinion that we can legislate away hurricanes with higher taxes, business regulations and EPA power grabs, that is not a view shared by many Louisianians.

    I would ask you to respect this important time of remembrance by not inserting the divisive political agenda of liberal environmental activism.

    Furthermore, the people of Louisiana have already agreed upon a pragmatic and bipartisan approach to preventing and mitigating the damage of future weather systems.

    http://talkingpointsmemo.com/livewire/jindal-letter-obama-katrina-climate-change

    LOL…..at the Anchor Baby Piyush.

    • 40 globalcitizenlinda
      August 27, 2015 at 2:51 pm

      Someone lied to this punk about his importance. I hope PBO mentions climate change, multiple times

    • 41 Don
      August 27, 2015 at 2:56 pm

      Jindal and Ben Carson share this belief that if they try to embarrass President Obama somehow the GOP will grant them the keys to the kingdom. The GOP isn’t about to elect anyone that doesn’t look like them, just as Colin Powell. Michael Steele raised more money than any previous RNC Chair and they canned his ass the first chance they got.

      • 42 99ts
        August 27, 2015 at 8:26 pm

        Exactly Don – I firmly believe the pollsters are making up the figures on Ben Carson – or else the GOP voters who respond have no idea he is a black guy. The latter sounds highly likely – a very non descriptive name has Dr Carson.

    • 43 jackiegrumbacher
      August 27, 2015 at 2:57 pm

      Linda, if I were President Obama I would return this offensive missal to Jindal and ask him to put it in a very vulgar, dark place. This insignificant little worm has a nerve to tell the President of the United States what to say and to characterize the most pressing problem on the planet as a “divisive political agenda of environmental activism.” I hope PBO’s entire speech is about climate change. And I hope Bobby Jindal slips on a banana peel on his way to the event.

      • 44 Linda
        August 27, 2015 at 3:03 pm

        Why is Jindal always so sweaty ? It creeps me out.

        • 45 kid kanga
          August 27, 2015 at 3:41 pm

          someone should tell lil’ bobby J how well that worked out for the Murdoch muppet down in Australia… pretty sure PBO still has his lunch leftovers in the fridge somewhere…

  16. August 27, 2015 at 2:51 pm

    • 47 Linda
      August 27, 2015 at 2:54 pm

      That crap is fueled by the media.

    • 48 jackiegrumbacher
      August 27, 2015 at 3:02 pm

      Every time the media, the so-called “Dem Elite” and the “oh so concerned” emos pull stuff like this about HRC, I feel more inclined to support her and I’m not a fan. You have 17 Republican candidates with not one ounce of integrity between them who are lying their rears off hourly and they pound Hillary for not been honest and trustworthy. The hypocrisy is sickening.

      • 49 donna dem 4 obama
        August 27, 2015 at 3:06 pm

        My sentiments exactly!!!

        • 50 COS
          August 27, 2015 at 3:49 pm

          Same here about HRC. She may not be perfect, but I will take her any day over those Republican racist losers.

      • August 27, 2015 at 3:17 pm

        They are responding to a poll that came out that put her way off the charts in those categories. We can all plainly see that the GOP candidates are idiot buffoons but some are starting to feel nervous about the possibility that her negatives are becoming a trend over time and weakening her. They’re frustrated with the ongoing saga of this email mess and are hoping it will quiet down in the fall. Do I think she would lose to Trump or Bush or Carson? I would hope not! But I don’t blame anybody for being nervous about it.

    • 52 Nena20409
      August 27, 2015 at 6:58 pm

      Funny, the GOPers and the MSM spout about that…….with those bad numbers, still the Quinnipiac Poll numbers Hillary Clinton beats every GOPer today.
      The Media and GOPers are demonizing HRC 24/7 and she is still beating them and their preferred base wants Trump? Bye Felicia!

  17. August 27, 2015 at 2:59 pm

    Looks like he’s enjoying himself!

  18. 54 jackiegrumbacher
    August 27, 2015 at 3:07 pm

    Nerdy, you are absolutely right to warn Congress not to screw up the economy because that’s exactly what the Republican majority plans to do between now and November 2016. They would like nothing better than to put the US economy on the ropes in the next year so they can accuse the Democratic Administration of incompetence, while pushing their own economy killing agenda on the electorate. We will have to fight tooth and nail to keep this from happening.

  19. August 27, 2015 at 3:10 pm

    • 56 SUEDUVALLSMITH
      August 27, 2015 at 4:28 pm

      VERY COOOOOOOOOOOOOOOOOOOOOOOOL…………….:) I HOPE HE’S GETTING HOT BISCUITS AND HONEY WITH THAT…:)

  20. August 27, 2015 at 3:11 pm

    Hmmmm….chocolate!

    • 58 SUEDUVALLSMITH
      August 27, 2015 at 3:56 pm

      ACCORDING TO HIS LAST STATEMENT…I DON’T THINK HE’S GOING TO RUN…IS PBO ON SOON OR DO I HAVE THE TIIME WRONG?

      • August 27, 2015 at 4:22 pm

        Sue that was a leaked statement from a snippet of conversation released by CNN. It may or may not be true. Please follow me on FB carolRoe. 😊 I don’t post much though anymore.

  21. August 27, 2015 at 3:12 pm

    The GOP has committed ECONOMIC TREASON against this country beginning January 20, 2009.

    OF COURSE THEY ARE GOING TO TRY AND SABOTAGE THE ECONOMY!

    • August 27, 2015 at 3:30 pm

      That’s what any reasonable person would assume and perhaps be correct in. A weak economy benefits the republicans. Hillary couldn’t escape a tusami of events to dislodge her coronation. It’s doubtful and democrat could win if economy was blown up. Barack Obama is only candidate in history to overcome a weak economy and win in 2012. That’s why everyone predicted he’d loose, history….

  22. 62 Allison
    August 27, 2015 at 3:18 pm

  23. August 27, 2015 at 3:21 pm

  24. 70 Don
    August 27, 2015 at 3:22 pm

    NOOOOOO!!!!

  25. 73 Allison
    August 27, 2015 at 3:22 pm

    • 74 Allison
      August 27, 2015 at 3:24 pm

      Did not mean to post the Human Rights tweet. Meant to post this instead.

  26. August 27, 2015 at 3:27 pm

    Afternoon, all. May the Force be with you.

  27. 78 Allison
    August 27, 2015 at 3:28 pm

  28. 84 SUEDUVALLSMITH
    August 27, 2015 at 3:47 pm

    WOOT-WOOT…AM HERE…WAITING FOR THE ENERGIZER!

  29. August 27, 2015 at 3:53 pm

    What, me worry?

  30. 91 SUEDUVALLSMITH
    August 27, 2015 at 4:07 pm

    KNOCK-KNOCK…ANYBODY HOME?

  31. 92 Allison
    August 27, 2015 at 4:13 pm

  32. 94 Allison
    August 27, 2015 at 4:15 pm

  33. 105 kid kanga
    August 27, 2015 at 4:24 pm

    I had always figured after PBO was elected the teabagger, RWNJs would lose their collective sh*t, but what I did not consider, at all, at that time, was the depths the DNC and D’s nationally would go also to avoid giving our guy any credit. DINOs like DWS/schumer etc, seem to go out of their way to mess things up, not support our pres/party. Like they just want him and the last 8 yrs to be forgotten about so they can get back to business as usual.

    And I guess that is it isn’t it. They just want things to go back to business as usual for their own comfort/greed. its really shameful. Even though I hope for Ridin with Biden, it seems to me the Democratic party as a whole has really let a prime opportunity slip thru their fingers. where are the new faces? Where are the new ideas? where are the candidates that aren’t 70+ well off white-folk? seems to me they can’t wait to get back to democrat “lite” and the good ol’ days… (sorry for rant, I mean to disrespect to anyone here)

    • August 27, 2015 at 4:52 pm

      I totally agree with you. A few years ago I thought we would have had a great bench but the DNC prefers to go back to the “good ol’ days.” An unimaginably bad move, huge lost opportunity, as you say.

  34. 107 SUEDUVALLSMITH
    August 27, 2015 at 4:26 pm

    MSNBC WAITING TO COVER PBO….I’M INTERESTED IN WHAT HE HAS TO SAY ABOUT NOLA RECOVERY……………………I WILL NEVER FORGET THAT HORRIFIC TRAGEDY……………..OR THE FOOL RAY NAGIIN LOADING HIS WEALTHY FRIENDS ON BUSES AND LEAVING OTHERS BEHIND…ANOTHER OINK–OINK MOMENT!

  35. August 27, 2015 at 4:33 pm

    Thought C-Span was covering. Nothing yet. ??????? Or maybe a new thread????????

  36. 110 MadameSoph
    August 27, 2015 at 4:36 pm

    Hi TOD,
    Just stepping in to sing praises of the Consumer Financial Protection Bureau. Today I was doing my bills and I found a note saying my credit card (which I have basically been happy with) had been bought by another financial institution. I called my credit card company to ask what, if anything would be changing (my primary concern was interest rates, especially on current balances as I have a small balance at the moment and was planning on taking a few months to pay it off). The credit card rep had no answers for me. I asked her for the number of the Consumer Financial Protection Bureau and, of course, she didn’t have it. So, I Googled it. The CFPB website is full of info, but I was overwhelmed so I called the number. Very quickly, and without too much phone menu BS, a nice woman answered named Ashley. Ashely listened to my concerns, asked for a number in case of disconnect and then asked me to hold while she researched. She came back with lots of info, including the fact that the new company would not be able to raise rates on an existing balance and had to give 45 days notice for significant changes. She had some other great suggestions/info for me too.

    You don’t know how these things work until you need and have to use them. I tell people all the time who criticize the ACA but have insurance through their job, that I actually use it and appreciate it, being self-employed. Same with those saying PBO hasn’t done enough for financial consumers. I felt so helpless until I called the CFPB number. Now I feel empowered and relieved.

    High praise and appreciation to Elizabeth Warren for fighting for this. Most of all, thank you President Obama for making this a priority, for appointing people like Warren to work on it and making sure it became a reality. He truly is the most effective liberal President of my lifetime.

    And, may I remind everyone during the current 2016 craziness that he is STILL the President and STILL getting it done for the people. 🙂

    • 111 99ts
      August 27, 2015 at 8:37 pm

      Great post MadameSoph – too many on the political scene want government to govern only for the wealthy – they forget that the majority of their constituents face issues like yours – all the time.

  37. August 27, 2015 at 4:37 pm

  38. 113 Allison
    August 27, 2015 at 4:37 pm

  39. August 27, 2015 at 4:40 pm


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