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The U.S. just had its worst year of economic growth since 2011The U.S. economy expanded 1.9 percent between October and December, government data showed Friday morning, capping off a long period of tepid expansion under the Obama administration.
For the full-year 2016, the economy grew 1.6 percent, the lowest reading on record since 2011 and down from an increase of 2.6 percent the prior year.
(1) Real GDP growth in the U.S. economy has been 'stuck' in a very narrow range of 1.6% to 2.6% from 2010 through 2016. It was 1.6% in 2016, but it was ALSO 1.6% in 2011, and was just 1.7% in 2013. Hence your claim that 1.6% is "a significant drop from....prior years" is simply FALSE. Why lie about this??
(2) The IMF does NOT see any significant uptick in growth, either for the world economy OR for the U.S. economy. This was pointed out in the OP. And, by the way, neither does the Federal Reserve see any uptick in U.S. economic growth coming.
(3) We were NOT 'trending toward recession' before the election. This is simply an ASSERTION by you, for which you have NEVER provided even an IOTA of statistical evidence. As I noted, with growth having been in a very narrow range of only one percentage point for the seven years from 2010 to 2016 inclusive, there is NO good statistical evidence of any downward trend leading to recession. The CONSENSUS economic forecast for the year 2017 BEFORE the election was for continued slow growth, and the odds of a recession beginning in 2017 were seen as VERY LOW, in the 10% range.
Your endless pattern of simply lying about these issues is doing you NO credit, Libertine.
Things are not that rosy at Cat.
UAW orders thousands of Caterpillar workers to stay on the job as contract expires
UAW orders thousands of Caterpillar workers to stay on the job as contract expires - World Socialist Web SiteThe United Auto Workers (UAW) ordered its members at Caterpillar, Inc. to continue working Tuesday night as its previous six-year contract with the heavy equipment manufacturer expired.
In a statement released shortly before the midnight contract expiration, the UAW wrote, “The UAW/CAT Bargaining Committee continues to work hard at the bargaining table. We have agreed to continue working beyond the expiration of the contract in hopes of achieving an agreement in the best interest of all members.”
Caterpillar has seen its revenue and profits plummet over the past several years as a result of global stagnation in the real economy. Having bet big on mining equipment with a series of multibillion dollar investments and acquisitions at the beginning of the decade, Caterpillar responded to the developing slump in commodity prices and subsequent downturn in machinery orders with a slash-and-burn strategy of factory closures and mass layoffs. The company has cut its global workforce by at least 16,000 since late 2015, a reduction of roughly 10 percent.
Seems Cat is betting again for a bail-out.