‘It’s Gonna Be A Bloodbath’: The Financial Media And Wall Street Economists, By Refusing To Ask Obvious Questions, Have Left The American People Unprepared For Another Drop In Their Living Standards And Ability To Cope.

Monday, December 29, 2014
By Paul Martin

December 29th, 2014

Paul Craig Roberts: Everyone wants good news, so #US government makes it up

The financial media and Wall Street economists, by refusing to ask obvious questions, have left the American people unprepared for another drop in their living standards and ability to cope.

ATLANTA, December 27 (Sputnik) — Everyone wants good news, so the government makes it up. The latest fiction is that US real GDP grew 4.6% in the second quarter and 5% in the third.

Where did this growth come from?

Not from rising real consumer incomes.

Not from rising consumer credit.

Not from rising real retail sales.

Not from the housing sector.

Not from a trade surplus.

The growth came from a Bureau of Economic Analysis survey of consumer spending on services. The BEA found that spending on Obamacare drove the US real GDP growth to 5% in the third quarter.

In America, unlike in other countries, a huge chunk of medical spending goes to insurance company profits, not to healthcare. Another big chunk goes to paperwork, which has a variety of purposes such as collecting personal information on patients and combating fraud (probably the paperwork costs more than fraud).

The Rest…HERE

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