Economy Grew At Just 1.5% Rate In 2nd Quarter, Nation Added $2.33 In Debt For Every $1 In GDP


“The worst economic recovery in history.”

Meanwhile, per Zero Hedge, America added $2.33 in national debt for every $1.00 in GDP in this same time period:

Visit the Zero Hedge link for a graphical representation of debt growth outpacing GDP growth. Our debt is now worth more than our entire economy.

But we just have to tax the rich, right?

Rob Port is the editor of In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters.

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  • SigFan

    But according to Obama his “plan” worked. Which can only lead to the conclusion that his plan was to wreck the economy and the country. It worked really well in that case.

  • davo

    Fuck America, Yeah!

  • Emil Kashuntz

    Gotta be Obama right? Had nothing to do with Bush and the tax cuts for the rich, just coincidence. Now lets play up to the fundamentalist, and scare them with some Kenyan, socialist, Muslim, steal your bible, take your gun crap. Even though the rich have a bigger portion of the income than ever, even though they pay less in taxes than ever, we got to fight to protect them.

    • Bat One

      Mr. Bush hasn’t been president for nearly four years. Obama has. The same Obama who told the American public that he could fix the economy… another obvious lie!

      And those Bush tax RATE cuts have absolutely nothing to do with the dismal state of the current economy. Fact is, if Obama and the Democrats had not been forced to sign off on extending the Bush cuts, the economy would be in even worse shape today than it has been.

    • Randy G

      You are really that stupid aren’t you Emil?

      • SigFan

        It was sort of nice not to have Hanni drooling all over everything the last few days, but then Emil showed up. Oh well.

      • mickey_moussaoui

        he’s terminally stupid

    • Gern Blanston

      Emil, why don’t you show us how much money the Feds would have in thier coffers if the Bush tax cuts had never occurred.Then we can compare our current debt to that which we’d have had without the tax cuts.
      Not that that’s a fair comparisson, since the cuts lead to more economic activity, etc., but we’ll just go with your premise that it’s all static.

    • Gern Blanston

      Yes, Emil, let’s tax the rich even more – that will surely grow the ecomomy. Why wouldn’t taking more money out of the private sector increase economic output? Kinda like when you’re riding in a little red wagon and you pull on its handle you’ll go faster, right?

    • sbark

      …..actually goes back to FDR mainly, with a good chunk of the blame on LBJ…..

    • donwalk

      The presidential election has given us two myths about the rich. First, that their incomes, and income inequality, are at all-time highs. Second, that the wealthy pay less in taxes than ever, and lower taxes than the rest of us.
      A recent report from the Congressional Budget Office, however, suggests that both may be false.
      Let’s consider income first. Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent in the same period.
      That may sound like a minor haircut for One Percenters compared to people who lost their jobs. But when you take into account federal transfers, assistance and taxes paid, the incomes of the bottom 20 percent grew by 3 percent, while it fell a modest 2 percent for the middle 20 percent.
      In other words, the incomes of the top one percent fell 18 times more than the incomes for the middle class at the start of the recession.

      • Bat One

        There is a third myth that the illiterati on the Left are pleased to ignore… the notion that the “rich” are the very same people who were rich the year before, and the year before that. The reality is that there is more upward – and downward – economic mobility in the US than in any other country in history.

        • Hannitized, Proofs obsession

          Can you tell me when Mitt Romney was poor and worked his way to the top vs. Obama? Didn’t think so.

          • Bat One

            Ah, yes. Right on cue, that “illiterati on the Left” pops up to try and change the subject. Which kinda makes sense since there is simply no arguing with the truth of what I said about economic mobility in America.

            Didn’t think so

            Congratulations! Finally you got the verb right!

    • donwalk

      Bush Tax Cuts Expiring restores the following:
      Taxpayers currently in the 10% bracket will pay 15%
      Taxpayers currently in the 15% bracket will pay 15%
      Taxpayers currently in the 25% bracket will pay 28%
      Taxpayers currently in the 28% bracket will pay 31%
      Taxpayers currently in the 33% bracket will pay 36%
      Taxpayers currently in the 35% bracket will pay 39.6%

      • Bat One

        You forgot the AMT “fix”, the death tax, the payroll tax, and most importantly the taxes on capital formation, the capital gains and dividends taxes, all of which will increase dramatically as of January 1st.

        If you think that a 1.5% GDP growth rate is “sluggish”, “miniscule” or “disappointing” just wait til all these Obama/Democrat tax hikes kick in just as the nation’s economy is stumbling into recession.

  • LastBestHope

    There is a reason we can’t get any air in this economy. We are smothering the job creators.
    Watch this: Rated MS (must see)

  • WOOF

    Charts for weak the minded

    • donwalk

      I think you meant for the weak minded, but your mind must have beome confused or something?
      Maybe you meant “Chart the weak minded” starting with Woof!

  • mickey_moussaoui

    we need obama to define “rich”. He acts like anyone with income over $250 G is rich. If that his idea of rich then we are in deep deep shit.
    . and this country is way past gone.

  • awfulorv

    It’s not the money coming in dummies, the money going out is the problem. Any frugal person, with grade school math abilities, could carve enough off our expenditures to turn this thing around. But they wont, they don’t want to be called names, by the politicians who depend on the freeloaders for their votes. Want to balance the budget? Cut every Gov. employee’s wages by 5%, and eliminate all gov. Hollidays. If they don’t like it, have them go work for a living.

  • awfulorv

    Would you agree that your eyes will eventually grow weaker, not stronger? If that be the case, why, then, would a sensible person cause wear and tear on them by reading the comments made by imbecilic fanatics on this, and other, blogs? Don’t do it, avert your eyes, on name recognition, and save them orbs. Do the same for TV commercials and those eyes may last you into your re-incarnation.