As of now, I am in control here, in the White House

U.S. Economy Shrank during the First Quarter

Well this is going to require another Summer of Recovery.

The revision to the first quarter 2014 GDP number is in, and it turns out instead of barely growing 0.1 percent, the economy contracted by a full percentage point.

The latest lousy number is being attributed to the extremely cold weather. But that can’t be all of it. Economists predict some brightening the second quarter, but who knows? According to the Wall Street Journal:

The three-month contraction isn’t expected to herald a prolonged downturn, though it’s rare for the economy to shrink outside of a recession . . .

Gauges of industrial production, retail sales and durable-goods orders all posted solid gains in February and March before weakening in April . . .

The housing market surged in 2012 and into 2013, but has slowed over the past year as mortgage rates have climbed and prices have surged.

Many economists had hoped 2014 would be a breakout year for growth, encouraged by an economy that grew at a 3.4% pace in the second half of 2013. Those hopes have been deferred—if not yet dashed—by the latest stretch of weakness.

Five years in, and we’re still waiting for the “breakout” year. In fact, we’re always getting ready for the “breakout year.” Every year.

But, saddled with debt, Obamacare, higher taxes and mounting regulations, it doesn’t look like there will be a breakout year. Lucy just wont hold the ball down long enough for us to kick.

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16 Responses to U.S. Economy Shrank during the First Quarter

  1. US Economy (not good…) = Real world facts…

    STOP REPORTING FACTS Mr. Koffler.
    This Obama regime will not acknowledge these facts.

  2. His economic policies are not working, just like the foreign policy and the healthcare policy…I see a trend. Nothing is working.

  3. For the last several years I have noticed grocery prices going up.
    Another thing I have noticed is their is no competiing. In other words years ago there were many different companies selling corn. Now there is only 2 plus the store brand can. The two other have the same price for that corn. The list goes on for all other groceries.
    I live down south. I l love boiled crabs. Female the best. We no longer have big crabs. I do not know where they are shipping them.
    Someone is paying a whole lot more for them, leaving us without.

  4. But, but, the stock market is soaring…how could this be?

    This news is not a surprise to us out here in fly-over country. Our DC elites are living high, money’s flowing like a flooded river, and home prices there are skyrocketing, but out here….stagnant is our new normal.
    We’ll probably look back at “stagnant” wistfully when all of the Obamacare mandates come due and business’ and families are hit with the big surprise.

    • Same here in SE North Carolina. We have never recovered. Houses sit forever on the market. Jobs are few and far between. Businesses are closing. My daughter just moved home after losing her job.

      My husband and I ate both retired and worry about the future.

  5. OT sorry…but I am listening to Greta cover the imprisoned Marine in Mexico….can’t help but think that Bush (W) would have made this a priority or at least make some attempt to talk or deal with it! This pretend prezzy makes me sick…just one of the issues I feel strongly about.

    • I just turned her on. Did she make the point of what O spent the day doing? I mentioned earlier, I would think he would be on the phone with Mexico and the marine’s mom.
      I guess Mexico is making enough money off the drug issue, and don’t care about their tourist issue.

      • Well, Lee, he was busy with the concussion thing a..really important for a prezzy to address! No time for something really troubling or important..he will abandon this Marine just like he abandoned the Benghazi people..why would we expect anything more or less for sure. Glad that Fox is keeping this issue alive..my heart breaks for his mother!

    • Obama busy “pivoting” and “laser focusing” on the economy, global warming, illegal aliens, oop’s, immigration reform, 21st century diplomacy, bla bla bla to help our captured Marine.
      Another American abandoned.
      Meanwhile, thousands more are crossing our southern border illegally.

  6. The economy shrunk during his administration???..like why would it have improved?? Did our glorious leader do anything to make it better…not!

  7. Meanwhile there is no end to the money the grifters are spending at our expense. WorldNetDaily has a front page article on the true cost of their trip to Africa including $$953,788 just for the 100 Secret Service men and women he took with them. That was for the SS hotels, entertainment and security. The AirForce1 cost 8.1 million dollars to fly there and back. And the list goes on and on in the article. Very discouraging for us hard working folks. Or should I say us peons.

    Judicial Watch demanded the documents and finally received them.

  8. As I heard the news earlier in the radio, my thoughts were on those who graduated from college and are looking for jobs to pay back their debt. Best wishes to these new college graduates and those who plan to join the workforce right after high school.