Another shoddy attempt to spin the Obama economy

by
Below is an epic comment from the page.  Mad props to BTK for posting this comment.  Emphasis is mine.
I am positive you are distorting the numbers here, please provide a more targeted source link than research.stlouisfed.org. I assume this is a proprietary graph that you created, but provide links to the primary graphs you used to compile it.

But lets give you the benefit of the doubt and say that that graph is 100% accurate, and that private sector growth is as strong as it was in late 07/08. And yet, despite inflation and QE and a government that deficit spends about 10.4% of GDP or $1.5 trillion a year (which, by the way, is 25% more than it spent in FY 2008 for the same growth, according to you) total GDP growth is only 1.9%. Isn’t this an argument that government spends money inefficiently and should get out of the way and let the private sector turn our economy around?

Its your contention that horrific government job cuts are the reason that total GDP growth lags Weisenthal Private Sector GDP growth figures. According to Dept of Labor, in FY 2010, the period in question, State govs cut 4k workers, and local govs cut 242k workers. If this accounted for the difference in GDP growth (just rough figures but 5% private sector, 1.9% total, 3.1% difference) that would equate to $443 billion (3.1% of GDP). Therefore it is your contention that each of the 246k gov jobs cut created $1.8 million of GDP growth (443b / 246k). Each DMV rubber stamper, each postal clerk, each community college assistant professor terminated had been creating $1.8mm in value. A claim that is patently absurd and belies the distortions that are obviously present in your graph.

Keep trying, one of these days you will contort yourself into an argument that sounds like it invalidates the evidence of 300 years of capitalist success and 100 years of socialist failure.

Read more: http://www.businessinsider.com/chart-of-the-day-gdp-minus-government-savings-2011-7?utm_source=Triggermail&utm_medium=email&utm_term=Money%20Game%20Chart%20Of%20The%20Day&utm_campaign=Moneygame_COTD_071911#ixzz1Sh09Hwyr

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