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Chris Wysocki
Caldwell, NJ

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Friday, 29 July 2016

Obamanomics strikes again, US GDP grew by an anemic 1.2% in the second quarter

For 7½ years Barack Obama has promised us that recovery is just around the corner. Except around every corner there's always more bad news.

Growth in the U.S. economy was sluggish again in the spring, dashing expectations for a robust rebound after a tough winter. Stronger consumer spending was offset by weakness in housing construction and a big slowdown in the pace that businesses restocked store shelves.

The Commerce Department said Friday that the gross domestic product — the broadest measure of the economy — grew at a 1.2 percent annual rate in the April-June quarter. That was far below the 2.6 percent GDP growth rate that economists had been forecasting.

The government also revised down its estimate of first-quarter growth to 0.8 percent from 1.1 percent. The economy has now grown at lackluster rates for three straight quarters.

It's interesting that their forecasts always unexpectedly fail to match reality. It's also interesting how their initial reports inevitably get revised downward.

So don't put a lot of stock in that 1.2% figure. It's almost certainly too rosy an estimate.

And don't forget that Hillary Clinton promises to keep on keepin' on, as in she'll follow Obama's economic playbook, chapter and verse. Are you ready for 4, or God-forbid 8 more years of economic malaise?

Ask yourself, are you really better off today that you were in 2007?

I know I'm not.

If you're being honest, you'll admit you aren't either.

Keep that in mind on November 8^th.

Posted at 10:41 by Chris Wysocki [/economy] Comments | Perm Link |
Technorati Tags: economy Obama GDP Hillary-Clinton | Tweet

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