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Chris Wysocki
Caldwell, NJ

The nine most terrifying words in the English language are "I'm from the government and I'm here to help." - Ronald Reagan

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Wednesday, 30 January 2013

Unexpectedly! 4th quarter GDP cratered after Obama's re-election

C'mon now, what did anyone really expect when they re-elected the guy whose ecomomic policy is "destroy America." The Food Stamp president and his magic unicorns still haven't fixed our economy. In fact, it's gone into a nosedive. And it doesn't look like he's in any kind of hurry to change course either.

The economy in the U.S, unexpectedly shrank in the fourth quarter, restrained by the biggest plunge in defense spending in four decades and dwindling inventories as household purchases picked up.

Gross domestic product, the volume of all goods and services produced, dropped at a 0.1 percent annual rate, weaker than any economist forecast in a Bloomberg survey and the worst performance since the second quarter of 2009, when the world's largest economy was still in the recession, Commerce Department figures showed today in Washington. A decline in government outlays and smaller gain in stockpiles subtracted a combined 2.6 percentage points from growth.

What's their plan? More of the same!

Federal Reserve policy makers, meeting today, are projected to press on with plans to pump money into the world's largest economy.

Because, to their credit, printing money like it's going out of style has worked so gosh-darned well for what, going on four years now?

Don't blame me, I voted for the capitalist.

UPDATE 31 Jan 2013 09:01:
Linked by Doug Ross. Thanks muchly!

Posted at 10:43 by Chris Wysocki [/economy] Comments | Perm Link |
Technorati Tags: economy Obama GDP recession | Tweet

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