Bush says innovation helped economy grow (3.1% in GDP in 2005)

[papau]

http://www.usatoday.com/printedition/news/20060214/a_capcol14.art.htm

Bush says innovation helped economy grow

President Bush credited innovation and an efficient U.S. workforce for the nation's good economic health, and he predicted another year of solid growth. “The United States economy continues to demonstrate remarkable resilience, flexibility and growth,” the president wrote in his annual economic report to Congress.

The economy grew by 3.1% last year, as measured by gross domestic product from the fourth quarter of 2004 to the fourth quarter of 2005. The report projects 3.4% growth this year and 3.3% growth in 2007.

Annan and Bush discuss reforming panel

United Nations Secretary-General Kofi Annan said he and President Bush agreed during a White House meeting that the U.N. Human Rights Commission needs to be reformed. U.S. officials have long complained that the commission includes countries with abysmal human rights records and is ineffective in holding abusive countries accountable.

Annan's proposed reforms include replacing the commission with a new body. He said Monday that some reforms will be in place when the commission meets in Geneva, and “it will not be business as usual.”

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http://www.bea.gov/bea/newsrel/gdpnewsrelease.htm
FRIDAY, JANUARY 27, 2006 GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2005 (ADVANCE)

2005 GDP

Real GDP increased 3.5 percent in 2005 (that is, from the 2004 annual level to the 2005 annual level),
compared with an increase of 4.2 percent in 2004.

The major contributors to the increase in real GDP in 2005 were personal consumption expenditures
(PCE), equipment and software, exports, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased in 2005.

The deceleration in real GDP in 2005 primarily reflected a downturn in private inventory investment and decelerations in PCE and in federal government spending that were partly offset by a deceleration in imports.

The price index for gross domestic purchases increased 3.2 percent in 2005, compared with an increase of 2.9 percent in 2004.

Current-dollar GDP increased 6.4 percent, or $745.1 billion, in 2005. Current-dollar GDP increased 7.0 percent, or $763.1 billion, in 2004.

During 2005 (that is, measured from the fourth quarter of 2004 to the fourth quarter of 2005), real GDP increased 3.1 percent. Real GDP increased 3.8 percent during 2004. The price index for gross domestic purchases increased 3.4 percent during 2005, the same increase as during 2004.
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GAO finds $1.6 billion in media contracts

The Bush administration spent more than $1.6 billion on public relations and media-related contracts in 2003-05, according to a Government Accountability Office review of seven Cabinet-level agencies. The Defense Department spent the most: $1.1 billion.

[MadMaddie]

1. What's up is down, whats black is white

Anything they say I believe the opposite!!

Move along, nothing to see here.

[papau]

2. After all the high growth numbers, 05 comes in at 3.1% ?

Looks like W may have a hard time getting a better annualized rate of growth than Carter achieved

And Carter achieved it with out massive debt for the grandkids (heck Carter was only 0.1% per year less that Reagan and left with only 1 trillion in Debt - Reagan then added 1.7 trillion in new debt for the grandkids via his tax cuts for the rich). Bush Tax cuts are bigger than Reagan's in terms of adding to the debt - and they achieve less GDP growth.

[creeksneakers2]

3. 3.1% is just average growth

What happened to all the growth they promised with the tax cuts for the rich?

[papau]

4. Seems all the 4% and higher growth rates claimed did not really exist!

they were a quarterly number or some other division of two numbers than after "annualization" looked good in the media -

and out media never questioned anything.

[OneBlueSky]

5. GDP Growth: With and Without Mortgage Equity Withdrawal (MEW)

http://www.financialsense.com.nyud.net:8090/Market/cpuplava/2006/images/0125.a.gif