This is the THRID article today alone on SEPARATE bad econmic news today. New nemployment claims data was AGAIN BAD. ADP monthly numbers show a SHARP DECLINE in hiring growth in the second quarter. See the previus two articles for a full description f thsese two items.
The THIRD item today was a REVISION of the GDP "growth" number for the first quarter. This is another one of those numbers reported as a concerete number, when it is just an ESTIMATE. The original nummmber, reported more than a month ago, was 2.2%: our GDP (Gross domestic Product) supposedly 'grew" at 2.2% in the first quarter (ending March 31). Oly it did not. Today's REVISION showed that--subject to furtehr revision--GDP only "grew" at 1.9% (less tlhat 2%). Compare this with the Ronald Reagan recovery, where the econmomy grew an AVERAGE of 6% as the recovery occurred. Obama has not even had ONE quarter of 6% growth. The closest was the second half of 2009, BEFORE Obama's policies had a chance to take full effect. I think the last quarter of 2009 showed a GDP growth of someting like 5%. The HIGHEST "growth" since has been about 3%. Ging in the right direction? That is an Obama/media Big Lie.
In other, words, the econom;y DID NOT GROW in the first quarter. "But, Skip, it did grow 1.9%." Hey, "growth" of not muhc less than that was called a RECESSION during the first six months of 2008. The ENTGRIE 1.9$ "growth" (as was true of the 1% "growth" during the Bush/Obama/Democrat "stimulus" in the spring/summer of 20008, was "created" by the FEDERAL GOVERNMENT (including Bailout Ben Bernanke) THROWING MONEY at the econmy. Remember that "payroll tax cut" (a/k//a welfare payment for the "middle class") that was supposed to 'stimulate" the economy? And Bailout Ben is continuing to pump TRILLIONS of dollars into the economy. We are KILLING our future, and all we are getting for it is an ARTIFICIAL "growth" of 1.9%.
I know. The OBAMA way to look at this is that we would not even have 1.9% if it were not for Obama. Ha e you finally seen the LIE here? When the GOVERNMENT stifles any real recovery, and makes it impossilbe, then the GOVERNMENT has to "double down" on the obvious fact taht the GOVERNMENT cannot "create" growth my CONTROL and MANIPULATION. Unless you set the stage for a PRIVATE recovery, as Reagan did, thee BEST you get is STAGNATION. , and eventual collapse as the government house of cards/Ponzi scheme finally collapses (as it has in Greece, and is doing in a good part of the rest of Europe, as Bailout Ben, Wall Street and Oama are PUSHING a complete bailout of the BANKS of Europe).
No. Today is a truly BAD day, as far as indications of the health of our economy go. Not that ANY of the days of the Obama Administreatin have been that much better, except on a momentary basis as the economy briefly "bounced back" INTO STAGNATION created by Obama's policies.
P.S. No proofreading or spell checking (bad eyesight0.