Bad GDP Growth, Bad Dow Opening: Still Some Leverage for the GOP

Reporting on Politics and Policy.
July 29 2011 9:48 AM

Bad GDP Growth, Bad Dow Opening: Still Some Leverage for the GDP

We learn today that GDP growth was far weaker than believed in Q1 and Q2 -- 0.4 percent last quarter, 1.3 percent this quarter. We watch the market open and drop 100 points.

The first piece of news mitigates the second for GOP debt deal holdouts. Erick Erickson, the RedState editor who's turne dout to be the Tom Paine of the GOP's line-holding effort, sums it up in two tweets.

Hahaha. GDP is worse than expected so everyone is buying the treasuries the Democrats say we'll default on paying by Monday. LOL.
GDP comes in lower than expected. Markets tank. Democratic spin is "it's because of uncertainty in what the GOP will do." Hahahaha.
Advertisement

Right: Some of the sell-off may be due to the rotten GDP report (which looks like the rotten reports from other non-Canadian Western democracies). So a Republican wondering how to vote isn't going to be spooked yet. Ironically, the market-panic-will-convince-them! theory of Republican persuasian is weak because Republicans have been expecting it. Darrell Issa went out of his way to say that the debt deal wasn't like TARP, because some members were comparing the demands made on them in July 2011 to the demands made on them in September 2008, and pining for another chance to ignore the experts and vote "no."

David Weigel is a Slate political reporter. 

TODAY IN SLATE

Politics

Meet the New Bosses

How the Republicans would run the Senate.

The Government Is Giving Millions of Dollars in Electric-Car Subsidies to the Wrong Drivers

Scotland Is Just the Beginning. Expect More Political Earthquakes in Europe.

Cheez-Its. Ritz. Triscuits.

Why all cracker names sound alike.

Friends Was the Last Purely Pleasurable Sitcom

The Eye

This Whimsical Driverless Car Imagines Transportation in 2059

Medical Examiner

Did America Get Fat by Drinking Diet Soda?  

A high-profile study points the finger at artificial sweeteners.

The Afghan Town With a Legitimately Good Tourism Pitch

A Futurama Writer on How the Vietnam War Shaped the Series

  News & Politics
Photography
Sept. 21 2014 11:34 PM People’s Climate March in Photos Hundreds of thousands of marchers took to the streets of NYC in the largest climate rally in history.
  Business
Business Insider
Sept. 20 2014 6:30 AM The Man Making Bill Gates Richer
  Life
Quora
Sept. 20 2014 7:27 AM How Do Plants Grow Aboard the International Space Station?
  Double X
The XX Factor
Sept. 19 2014 4:58 PM Steubenville Gets the Lifetime Treatment (And a Cheerleader Erupts Into Flames)
  Slate Plus
Tv Club
Sept. 21 2014 1:15 PM The Slate Doctor Who Podcast: Episode 5  A spoiler-filled discussion of "Time Heist."
  Arts
Television
Sept. 21 2014 9:00 PM Attractive People Being Funny While Doing Amusing and Sometimes Romantic Things Don’t dismiss it. Friends was a truly great show.
  Technology
Future Tense
Sept. 21 2014 11:38 PM “Welcome to the War of Tomorrow” How Futurama’s writers depicted asymmetrical warfare.
  Health & Science
The Good Word
Sept. 21 2014 11:44 PM Does This Name Make Me Sound High-Fat? Why it just seems so right to call a cracker “Cheez-It.”
  Sports
Sports Nut
Sept. 18 2014 11:42 AM Grandmaster Clash One of the most amazing feats in chess history just happened, and no one noticed.