{"id":7531,"date":"2010-10-29T12:50:18","date_gmt":"2010-10-29T16:50:18","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=7531"},"modified":"2010-10-29T12:56:16","modified_gmt":"2010-10-29T16:56:16","slug":"todays-gdp-report-latest-proof-of-stimulus-failure","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/7531\/todays-gdp-report-latest-proof-of-stimulus-failure\/","title":{"rendered":"Today&#8217;s GDP Report:  Latest Proof of &#8220;Stimulus&#8221; Failure"},"content":{"rendered":"<p>Today, the U.S. Commerce Department <a href=\"http:\/\/bea.gov\/national\/nipaweb\/TableView.asp?SelectedTable=1&amp;FirstYear=2009&amp;LastYear=2010&amp;Freq=Qtr\" target=\"_blank\">reported<\/a> disappointing 2.0% gross domestic product (GDP) growth for the third quarter of 2010.\u00a0 Not only is that number below the <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052702304316404575580733603778988.html?mod=ITP_moneyandinvesting_0\" target=\"_blank\">expected<\/a> 2.2% rate, it&#8217;s also below the <a href=\"http:\/\/www.forbes.com\/feeds\/ap\/2010\/10\/29\/general-health-care-providers-us-wall-street_8058487.html?boxes=Homepagetopnews\" target=\"_blank\">rate needed<\/a> to substantively reduce our 9.6% unemployment rate.\u00a0 This now means that GDP growth rates for the five quarters of our current &#8220;recovery&#8221; have been 1.6%, 5.0%, 3.7%, 1.7% and now 2.0%.<\/p>\n<p>Here&#8217;s how that compares to the Reagan recovery, which focused instead on cutting taxes and reducing government regulation.\u00a0 In the <a href=\"http:\/\/bea.gov\/national\/nipaweb\/TableView.asp?SelectedTable=1&amp;ViewSeries=NO&amp;Java=no&amp;Request3Place=N&amp;3Place=N&amp;FromView=YES&amp;Freq=Qtr&amp;FirstYear=1983&amp;LastYear=1985&amp;3Place=N&amp;Update=Update&amp;JavaBox=no#Mid\" target=\"_blank\">five quarters<\/a> following implementation of the Reagan tax cuts in January 1983, we posted remarkable growth rates of 5.1%, 9.3%, 8.1%, 8.5% and 8.0%.<\/p>\n<p>So remind us again:\u00a0 Who is the one <a href=\"http:\/\/www.washingtonexaminer.com\/opinion\/blogs\/beltway-confidential\/dont-like-obama-youre-probably-too-scared-to-understand-facts-and-science-105139329.html\" target=\"_blank\">blinded to &#8220;facts and science,&#8221;<\/a> Mr. President?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, the U.S. Commerce Department reported disappointing 2.0% gross domestic product (GDP) growth for the third quarter of 2010.\u00a0 Not only is that number below the expected 2.2% rate, it&#8217;s also below the rate needed to substantively reduce our 9.6% unemployment rate.\u00a0 This now means that GDP growth rates for the five quarters of our [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[40,59,19,102,1004,2011,24,1614,179,28],"class_list":["post-7531","post","type-post","status-publish","format-standard","hentry","category-posts","tag-congressional-budget-office","tag-deficit","tag-economy","tag-free-market","tag-gdp","tag-gross-domestic-product","tag-obama","tag-obamanomics","tag-stimulus","tag-tea-party"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/7531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=7531"}],"version-history":[{"count":3,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/7531\/revisions"}],"predecessor-version":[{"id":7542,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/7531\/revisions\/7542"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=7531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=7531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=7531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}