Here Is The White House Spin On Today's Disappointing Economic Data

Tyler Durden's picture

A massive 13% collapse in durable goods, the biggest since January 2009; a $20 billion miss to annualized Q2 GDP estimates, and well below the lowest estimate, 60+ weeks of constant upward BLS revisions to initial claims "data" and not to mention assorted atrocious economic (note: not to be confused with market - the two are now completely unlinked) data from around the globe. And what does the White House say: the data shows that the "US is making progress." We sure wouldn't want to know what it would look like if after 3 episodes of easing, trillions injected into the economy via the Fed, and of course $6 trillion in extra debt the US was not making progress. Oh and yes, everything else is Bush's fault.

Full statement from the White House's Alan Krueger:

Today's Economic Data

More than the usual amount of economic statistics were released this morning. As a whole, today’s economic news shows that while we are still fighting back from the worst economic crisis since the Great Depression, we are making progress. We lost more than 8 million jobs and GDP contracted by almost 5 percent as a result of the Great Recession. We have more work to do, but incorporating today’s preliminary benchmark revision to the employment figures released by the Bureau of Labor Statistics with their earlier data indicates that the economy has added nearly 5.1 million private sector jobs, on net, over the past 30 months. BLS announced that total employment likely grew by 386,000 more jobs than previously announced during the 12 months from March 2011 to March 2012, and by 453,000 more private sector jobs in that same time period. In the past decade, the absolute difference between the preliminary and final benchmark revision has averaged 37,000 jobs.

We also saw revised data released today showing that real GDP grew in the second quarter of 2012 by 1.3 percent at an annual rate. Real GDP growth in the second quarter was revised down due, in part, to a downward revision to agriculture inventories as a result of the devastating drought our nation faced this summer. The Obama Administration continues to take all available steps to mitigate the impacts of the drought, and has called on Congress to pass a farm bill that would spur growth and provide rural Americans with the certainty they deserve. We also learned today that the advance report of durable goods orders declined in August, largely as a result of a decline in orders for transportation equipment. Excluding the volatile transportation category, durable goods orders fell by 1.6 percent.

Today’s news shows that we must do more to strengthen our economy and promote job creation. Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs. The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation’s infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses.

While we are still rebuilding our economy and working to recover from the worst crisis since the Great Depression, we are making progress and the last thing we should do is return to the economic policies that failed us in the past. The revisions announced in today’s reports are a reminder that economic data are subject to large revisions. As a whole the pattern of revisions suggest that the recession that began at the end of 2007 was deeper than initially reported, and the jobs recovery over the last 2.5 years has been a bit stronger than initially reported, although much work remains to be done to return to full employment.

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LawsofPhysics's picture

Prosecute the fraud dipshits.

SilverTree's picture

Howard Stern Exposes Obama Supporters 2012

foodstampbarry's picture

Amazing! I didn't think they could any dumber from 2008. But voila! They have!

DaveyJones's picture

I've noticed the governments spin has gone from 33 & 1/2 through 45 and is now 78

redpill's picture

Remember, it takes a pillage.*


* (C) 2008 Clinton Information Airwaves

Yes We Can. But Lets Not.'s picture

"the last thing we should do is return to the economic policies that failed us in the past".

So, four years later, and it is *still* Shrub's fault!!! And if the economy had been crankin' the past four years, whose fault would that be?

The man applied for a job. No experience.  Said he could do it.  Talked big, generalities.  We hired him.  Flat out sucked for four years, didn't hit any of his numbers, played a lot of golf.  FOUR YEARS.  He needs to get shit-canned.  New guy applying for the job.  Solid experience.  Proven track record.  It is a no brainer.  Give the new guy a chance, see what happens.

Haywood Jablowme's picture


So you guys ready to hang these bitch-ass motherfuckers yet or what?  I suggest it gets done before these psychopaths get their WWW3 and get us all killed in the mother fucking process.



Abiotic Oil's picture

Start with a room temp IQ and then put a person through the Government (public) School system and you get this result.

mkhs's picture

Now, now now...Don't be too hard on the educational system.  The students do have to show up to be learned.

NidStyles's picture

Show up to learn government propaganda eh?

The Gooch's picture

Nobody noticed but this SEIU paid "mouth piece" has a bag of crack in her mouth.

I shit you not.

The comments on YT have been "disabled"

Confused's picture

Execute....for treason.


There. Fixed it for you.



xtop23's picture

and remember........ you didnt do that. only in this case he would be correct. the government did.

Hippocratic Oaf's picture

I said, I believe in February, that nothing will be get done before the election and all 'truth' will be swept under the rug. You'd have to be a blind fool to believe ANYTHING coming outta Washington.


Bay of Pigs's picture

LOL. Cleveland? Good luck to all you folks living there....Bend Over!

Conax's picture

Was that that creature's real voice?  Daggg.

Totentänzerlied's picture

Someone should call up Attorney General Eric Bagholder, I'm sure he'll be all over it!

Get real.

Eireann go Brach's picture

If Obama ran a Subway store, he would be fucking fired 3 years ago! America is now just a scaled up version of the X-Factor, American Idol and reality TV all in one, with Obama in charge of the voting machine!

krispkritter's picture

He didn't build that sandwich...but the Wookie ate the fuck out of it...

slaughterer's picture

Obama's "Subway" only accepts EBT.  Your money is no good there. 

SemperFord's picture

Hey Wookie! Chewbacca would make a better president, sounds the same as Obummer to me, skip to 30 seconds

crusty curmudgeon's picture

What fraud?  The recovery is in full swing.  Haven't you got your obamaphone yet?  Enjoy!

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”  -Joseph Goebbels


PUD's picture

Obama is busy re-freezing the polar ice cap as we speak..whew! I was worried for a second

oddjob's picture

more like reicing his bong.

mick68's picture

 This will only get worse, wait until all Obama's "wait until after the election" promises come due.

davidsmith's picture

ZH will never understand that as long as most people with a Bachelor's degree or higher are working, it makes no difference whatsoever what the White House says. The American people back the Goldman Sachs bailouts.  They care about nothing except getting to work, and their shows.  Sorry--that's just the way it is.

walküre's picture

Yes, but once DWTS "All Stars" is finished the world will surely end. I mean how can they possibly top that? It's simply not possible and life after DWTS "All Stars" is just not worth it.

Zadok's picture

True yes, family member was just talking about retiring in 4 years and how much SS he was counting on receiving. After many reality conversations in the past, I just let him talk. I doubt there will be a country that we recognize in 4 years, let alone SS!

edifice's picture

There will be an SS, it just won't stand for "Social Security."

Zadok's picture

Made me LOL! Tis true! My bad, shouldn't us acronyms.

CommunityStandard's picture

Though the Social Security Admin is getting all those hollow point bullets....

ebworthen's picture

Yes, the fools, thinking that their 401K's and IRA's won't be confiscated and their children won't be drafted to fight WWIII.

The haze of the 60's, the illusions of the 50's, the dead generations of the 40's; all superceded by the children of the 70's steering the U.S.S.A. Titanic.

ElvisDog's picture

So true, davidsmith. The reason Obama is winning is that he represents the status quo, and the majority of voters like the status quo and want to hold on to it for as long as possible. I would say 90% of people deep down don't give a shit about "doing the right thing" or if there is a future price for kicking the can down the road now. Not only do the majority of U.S. adults not care about future generations, they want to kick the can down the road (and make the future generations' problems worse) as long as possible. They want to maximize their lifestyle now and screw the future. As long as they can still get their double grande non-fat latte from Starbucks and take their ski vacation to Mt Bachelor, most people are cool with whatever the Obama administration wants to do.

MachoMan's picture

How do you represent the status quo with the slogan "vote for hope and change"?

StychoKiller's picture

Good luck to anyone voting for "Hope and Stasis!" :>D

holdbuysell's picture

 "US is making progress."

Toward what?

krispkritter's picture

The precipice...FORWARD!

"It's not my fault." Obama 2012.

yogibear's picture

Moving forward into a 10ft thick concrete wall.

PiratePawpaw's picture

Just like Wile E Coyote making progress toward the bottom of the canyon.

Count de Money's picture

Alan Krueger, White House Hack: "We have more work to do."

If this is the work you're doing, please stop.

"While we are still rebuilding our economy and working to recover from the worst crisis since the Great Depression, we are making progress and the last thing we should do is return to the economic policies that failed us in the past."

Yeah, the past three and a half years.

walküre's picture

Yeah, the past three and a half years.

Nope. It goes back a whole lot longer than that. Try Nixon and the gold standard. See how the relaxing of currency and credit drove up the cost of living. Wages couldn't keep up naturally and soon you needed 2 incomes per household, the family structure went into the crapper. Credit cards were introduced, HELOC etc and everything went apeshit.

That's why you can bust your ass off and work as much as you like and still not make it. The top 5% in general and the top 0.1% specifically made out like bandits.

Classic ponzi my friend, classic ponzi. Maybe you got in ahead of the game, maybe you didn't. But you're part of the game whether you like it or not.

Count de Money's picture

I'm tired of having to explain this. What Nixon abolished was the use of gold as a benchmark for foreign exchange. And you know what? He didn't really have a choice because all the European countries and Japan had either already abandoned that standard or were threatening to. The reason was that, during the sixties, the US inflated big time its currency (yes, even under a "gold standard"). The gold standard forced other countries to print more of their currencies. In effect, what was going on was that the US was exporting its inflation.

We haven't had a gold standard since 1933 when FDR abolished gold as legal tender.

LawsofPhysics's picture

Good thing several states have re-instated gold and silver as legal tender.

walküre's picture

The reason was that a very unpopular war cost allot more to fight than they had anticipated. Not to mention a costly space program and arms race. Since then we have gone from bad to worse. In order to let the population by large participate in the economy, we opened the flood gates for cheaper imports from China and creating the illusion that Americans are wealthy because they can afford to stuff their houses with stainless steel appliances and Pier One Import kitsch.

The US has been exporting inflation since the creation of the reserve currency model. When you force the rest of the world to settle trades in USD, then it doesn't matter what is backing the currency as long as every other nation accepts it at face value and agrees to the settlement process.

Take the reserve currency status away and the US is bare naked broke.

TWSceptic's picture

It will be quite hard to spin the next crash / collapse. But it'll be interesting and entertaining to see them try anyway.