When the Commerce Department released the quarterly Gross Domestic Product figure at 8:30 Thursday, I said to myself that the number was flat out bogus. The number showed an increase in GDP by 3.5%
. The stock market closed up 199 points that day on the news. At the time, I didn't understand why the stock market went up on a fake number. Well as the day went on, the financial experts started to ask certain questions about the 3.5% increase
. They were questioning how much of the figure was due to government spending such as the Cash for Clunkers program and the $8,000 first time tax credit. Friday gave the analysts and economists their answer big time. The monthly consumer spending report was released showing that consumer spending was down 0.5%
. That decrease was the biggest decline since December. Two thirds of GDP is made up of "consumer spending"
. So when the report showed that consumers weren't
spending, the stock market sold off by 249 points. The consumer spending report showed what I and many other people who exercise common sense already knew. The economy isn't growing
. It doesn't matter how the media tries to spin this bad news into an illusion of good news, facts can't be manipulated. On Friday, Obama had to audacity to lie again to the American people by claiming that his so called stimulus package "saved "or" created 650,000 jobs
". I've heard of a person trying to have his or her cake and eat it too, but Obama takes the cake literally. Obama's loyal flock wouldn't dare question his absurd claim of saving "or" creating 650,000. How exactly can a job be "saved or created" in the same statement? A crackhead can make more sense then that. There is no proof that Obama's stimulus created any private sector jobs, and there is proof that his stimulus helped to save private sector jobs. As I said before, Obama's true believers will suck it all up like a sponge. Every state in America is losing private sector jobs. Also, the state governments are laying off workers. The states are laying off workers, because sales tax revenue for the states have dropped drastically
. A state's sale tax revenue is really the best indicator of economic growth, because the more people spend, the more tax revenue is created.
That is why I got a good laugh at the illusion or trick the Commerce Department tried to play. Their deceptive GDP number was a lame trick, yet their plan backfiring in their face was definitely a treat. Happy Halloween.