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GDP Growth Numbers Disappoint

The Commerce Department today announced that the economy expanded by only 2.5 percent in the first quarter of the year, a tepid number that was below the 3.2 percent economists expected, according to the Wall Street Journal.

The mediocre growth suggests the economy is in for another lackluster year. And such a rate of growth will do almost nothing to alleviate unemployment. Job growth has been no more that what’s needed to keep up with population growth – meaning no net improvement – and marginal declines in the unemployment rate have been attributable mainly to people leaving the workforce.

As I’ve predicted, the White House tried to hang at least some of the poor performance on Republicans, whom it deems responsible for the sequester.

Said White House Council of Economic Advisers Chairman Alan Kreuger in a written statement:

It is likely that the contraction in Federal defense and non-defense spending, at least in part, reflects the onset of sequestration.  These arbitrary and unnecessary cuts to government services will be a headwind in the months to come, and will cut key investments in the Nation’s future competitiveness.

What’s more, Krueger dipped into his makeup case and withdrew some lipstick to paint on the pig, saying the report “indicates that the economy posted its fifteenth straight quarter of positive growth.”

Which is a bit like when your son picks up a sock and tells you he cleaned his room.

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23 Responses to GDP Growth Numbers Disappoint

  1. GDP Growth Numbers Disappoint

    Disappoint? Yes. Surprise? No…

    Any half-baked student of history kind of expects this from command-and-control economies. The socialist experiment fails yet again…

    That George Bush must be responsible! Every time, too…

    • “half-baked student”… makes me wonder what type of college economic classes ‘Barack Hussein Obama’ took in college to establish his “understanding of economics”…

      OF THAT RIGHT! ‘Barack Hussein Obama’s’ “COLLEGE RECORDS” ARE OFF LIMITS/UNKNOWN.

  2. not to mention in another month or two they will readdress the number and correct it down to 2 or less.

    barkleypontree.blogspot.com

  3. Last night Mark Levin had a caller who is a National Park Service employee. Tours of the park where he works were cut back for no reason, and the employees were told to blame the cancelled tours on the sequester.

    Our government is punishing US, because we won’t bow to their demands. Commerce Department statistics? I trust nothing that comes out of this leviathan…

    http://www.therightscoop.com/must-listen-national-parks-service-worker-says-hes-forced-to-blame-sequester-if-asked-why-no-park-tours/

  4. Commerce? Economy? Jobs? Job “growth”?

    Mr. Kreuger should be embarrassed to be identified as a member of the WH Council of Economic Advisers let alone its Chairman.

    The United States of America is an economic wasteland — filled to the brim with illegal immigrants, all manner of identities wanting their ” due”, abortion mills, political cronies, all with their hand out wanting something from this ever burgeoning federal bureaucracy. What economy?

    The whole worthless Council of Economic Advisors is a Potemkin Village filled with courtesans.

  5. As Chief Ironside used to say back on his show in the late 60s (some of you recall it): QUERY!

    If we subtracted the economic benefits of gun and ammo purchases by people scared to death of this government, the false growth caused by rising health care prices AND the trickle down benefits of Barack & Moo’s traveling, vacations, etc…………Wouldn’t we be in NEGATIVE economic growth?

  6. AP headline today…

    “After near-stall in late 2012, US economy picks up”

    As long as crap like this continues to be peddled to the low information crowd, the truth will continue to be buried.

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