This is brilliant:
The revisions are out with respect to last quarter’s GDP growth (i.e. the second quarter, which lasts from April to the end of June), and the facts are that the economy grew at even a higher rate than originally reported (and the reported rate of 4.2% was pretty damn good):
When economic growth in the first quarter of 2014 looked awful, it was widely seen as a fluke and all projections pointed to a big improvement in the second quarter. Those projections were correct. The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still.
The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services.
Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead.
To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession. The last time we saw GDP growth stronger than this was the first quarter of 2006 – more than eight years ago, long before the start of the downturn and the 2008 crash.
Some further context, quarterly GDP growth averaged 3.2% during President Clinton’s first term (1993–1997) and 4.2% during his second term (1997-2001).
That Obamacare thing? It’s working.
Jonathan Cohn writes up a lengthy report card after one year concerning the Affordable Care Act, or Obamacare. And this is not a glowing piece either, as Cohn does state the law has some very real “real flaws and shortcomings,” but that all “the available evidence suggests that the Affordable Care Act is working pretty much as its designers envisioned it would.”
“Critics can legitimately take issue with the law’s goals and principles. That’s a matter of philosophical preference, after all. Performance is another matter.”
Indeed. At this point, if you hate Obamacare, it is because you are ideologically opposed to it, and you do not believe it is a right for people to have affordable healthcare. Instead, you believe it is a privilege of the very wealthy and the elite, and the little people can go fuck off and die.
The results of the law after one year, according to Cohn:
1. More people have health insurance.
2. People who are getting health insurance are almost certainly better off.
3. “Winners” probably outnumbered “losers” in the new marketplaces.
4. Premiums in the marketplaces aren’t rising quickly, and more insurers are jumping in to compete.
5. Employer premiums also aren’t rising quickly.
6. The net effect on the budget has been to reduce the deficit.
The Polling Goodness Update:
ALASKA–GOVERNOR–Rasmussen: Bill Walker (I) 47, Gov. Sean Parnell (R) 42
ALASKA–SENATOR–Hellenthal Research: Dan Sullivan (R) 46, Sen. Mark Begich (D) 42
ARKANSAS–SENATOR–Rasmussen: Tom Cotton (R) 47, Sen. Mark Pryor (D) 40
FLORIDA–GOVERNOR–Cherry Communications—R: Gov. Rick Scott (R) 43, Charlie Crist (D) 39, Others 9
IOWA–GOVERNOR–Selzer and Company: Gov. Terry Branstad (R) 48, Jack Hatch (D) 34
IOWA–SENATOR–Harstad Research—D: Bruce Braley (D) 42, Joni Ernst (R) 42
IOWA–SENATOR–Selzer and Company: Joni Ernst (R) 44, Bruce Braley (D) 38
ILLINOIS–SENATOR–Rasmussen: Sen. Dick Durbin (D) 51, Jim Oberweis (R) 37
LOUISIANA–SENATOR–CNN/ORC: Sen. Mary Landrieu (D) 43, Bill Cassidy (R) 40, Rob Maness (R) 9
MASSACHUSETTS–GOVERNOR–Suffolk: Martha Coakley (D) 44, Charlie Baker (R) 43
MASSACHUSETTS–GOVERNOR–Western New England College: Charlie Baker (R) 44, Martha Coakley (D) 43
MASSACHUSETTS–GOVERNOR–YouGov/U. Mass-Amherst: Charlie Baker (R) 46, Martha Coakley (D) 45
MASSACHUSETTS–SENATOR–Suffolk: Sen. Ed Markey (D) 54, Brian Herr (R) 30
MASSACHUSETTS–SENATOR–Western New England College: Sen. Ed Markey (D) 56, Brian Herr (R) 34
MAINE–GOVERNOR–Univ. of New Hampshire: Mike Michaud (D) 41, Gov. Paul LePage (R) 39, Eliot Cutler (I) 14
MAINE–SENATOR–Univ. of New Hampshire: Sen. Susan Collins (R) 59, Shenna Bellows (D) 29
NORTH CAROLINA–SENATOR–CNN/ORC: Sen. Kay Hagan (D) 46, Thom Tillis (R) 43, Sean Haugh (L) 7
NEW MEXICO–GOVERNOR–Rasmussen: Gov. Susana Martinez (R) 50, Gary King (D) 37
NEW MEXICO–SENATOR–Rasmussen: Sen. Tom Udall (D) 52, Allen Weh (R) 39
NEW YORK–GOVERNOR–Siena: Gov. Andrew Cuomo (D) 56, Rob Astorino (R) 27, Howie Hawkins (G) 7
OREGON–GOVERNOR–SurveyUSA: Gov. John Kitzhaber (D) 50, Dennis Richardson (R) 38
OREGON–SENATOR–SurveyUSA: Sen. Jeff Merkley (D) 52, Monica Wehby (R) 32
PENNSYLVANIA–GOVERNOR–Mercyhurst College: Tom Wolf (D) 43, Gov. Tom Corbett (R) 28
RHODE ISLAND–GOVERNOR–Rasmussen: Gina Raimondo (D) 42, Allan Fung (R) 37
RHODE ISLAND–SENATOR–Rasmussen: Sen. Jack Reed (D) 61, Mark Zaccaria (R) 26
SOUTH DAKOTA–SENATOR–Neilson Brothers: Mike Rounds (R) 39, Rick Weiland (D) 26, Larry Pressler (I) 24
VIRGINIA–SENATOR–PPP: Sen. Mark Warner (D) 48, Ed Gillespie (R) 35, Robert Sarvis (L) 4
WISCONSIN–GOVERNOR–Gravis—R: Mary Burke (R) 50, Gov. Scott Walker (D) 45