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U.S. Economy Stalls

If anyone has any questions about the decrepitude of the Obama economy and the “recovery” that never seems to get to “fully recovered,” it was answered today as the Commerce Department announced that GDP had expanded by 0.2 percent during the first three months of the year – that is, growth basically stopped.

This comes off a lousy 2.2 percent increase in the fourth quarter of last year, suggesting the slowdown is endemic and not due to the bad winter – i.e. increased cooling due to global warming – or the alignment of the planets, George W. Bush, the Tea Party, or the Nixon administration.

According to the Wall Street Journal:

The U.S. economy slowed sharply at the start of the year as businesses slashed investment, exports tumbled and consumers showed signs of caution, marking a return to the uneven growth that has been a hallmark of the nearly six-year economic expansion.

Economists surveyed by The Wall Street Journal had expected growth of 1% in the first three months of this year.

The first-quarter figures repeat a common pattern in recent years: one or two strong readings followed by a big slowdown . . . And while most economists expect another second-quarter rebound, some forecasts are muted. Ahead of Wednesday’s GDP release, for example, J.P. Morgan Chase was predicting only a 2.5% pace in the second quarter.

Wednesday’s report showed consumer spending, which accounts for more than two-thirds of economic output, decelerated to a 1.9% pace in the first quarter, down from 4.4% growth in the fourth quarter.

Households last year were buoyed by strong job growth and tumbling gasoline prices. But fuel costs have crept up since the start of the year and the labor market appeared to downshift in March, damping confidence.

Oh wait a second. The White House did find someone else to blame. FOREIGNERS.

“Economic growth in the first quarter was restrained by factors including, tepid foreign demand and harsh winter weather,” wrote White House Council of Economic Advisors Chairman Jason Furman. “This report underscores that the U.S. economy is directly affected by the global economy.”

Unfortunately, Furman neglected to mention the actual, primary cause of the slow economic growth.

If you are causing an economic slowdown, please stand up.

Obama stands

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25 Responses to U.S. Economy Stalls

  1. It was the Republicans winning the Senate that has caused the Economy to tank……oh and the weather……oh and the previous administration.

    I wonder what excuse jJosh will use today…….

  2. Economy: Go shopping for groceries. I just got back. For one example bags of chips. There are only (so) many different kinds, compared to years ago. Not much choice! The bags are only filled 1/2 way or LESS with chips. They cost more and more day after day, or at least every week or so. That is just one example of groceries.
    No less to choose. less chance in lower cost.

  3. My mortg payment is up (the homeowners ins), electricity is poised for some grotesque jump (they are asking when we would like our air turned off for part of the day–this is the DESERT!), and water/sewerage/trash is up $20 in less than a yr. Creep, creep. And now–we wait for the rush of talking pts–as predictable as the tides. (Wait–aren’t all the talking heads saying the economy “has recovered” and all the poor people have not?)

    • Obama warned us that electricity costs would skyrocket if he was elected.
      Ours have, of course we are in coal country, and Obama hates coal plants.

  4. In my small insurance business, we noticed a marked decline in the first Qtr. At first we attributed it to the bad winter, sort of a barrier to business expansion, car sales, house sales, etc. But the malaise continues. Not complaining, just saying that R does not stand for robust.

    H

  5. HEY! Obamacare has kicked in. Not even fully yet. But this year O care paycheck deduction is up, as are monthly O care health premiums.
    Don’t forget Oputter had the way GDP is calculated to make a +3. Add -3 to the .2 and the real GDP is -2.8.

    But even then all the data from O is a lie anyway.

  6. Without knowing any specifics on how they get their data, or how they compute it, it’s obvious that America has gone underground, sub rosa, and Dark Net.
    Big business might hire Acme Landscaping, but Mom&Pop are hiring cash-only landscapers.
    Craig’s list is selling all the goods and services that anyone needs or wants. A business like Amazon might be having a good selling period, but most of what they sell was made last quarter, last year, or years ago.
    If Mom buys a dress from the little Korean-run botique and they ‘forget’ to claim that sale, or Dad buys a new tool or electic gizmo at the swap meet, then those sales go unreported.
    We’re still living out here, not as well as we used to do, but we’re Americans and resourceful.

    • The bigger issue of the underground economy is the relentless illegals by the millions coming here and working “under the table for cash”
      Then they take, food stamp and everything else they can get. Oh then drop about 6 babies who are instant citizen and get welfare ect.
      We need to close the borders. But Mr. O and the rest do not want that!!!

      • Do we have to hate on the illegals every single day–SrDem is saying many people find a way to survive–even citizens. SrDem said Craigs–my entire life comes from eBay. Those are everyday Ams (snicker) with little businesses in many, but not all cases.

        • I am in SoCal, we are over run here and I am sick of everyone speaking Spanish. There is a reason Jerry Brown officially calls California, Mexico North.

          How would U like being called an “Fing”Gringo.

          I dont like it one bit. What about the Mexican that totaled my car and had no lic or insurance. His fault. How about sucking that up like I did? My insurance paid for uninsured motorist. Got to have that, I payed he did not. Another freebe?

  7. As a trained economist, it pains me every time I read about economic issues — it’s like sending a baby to a nuclear engineering conference as a presenter — Obama has no basic understanding of SIMPLE economics. So this is what we get.

    I’m not saying that we need an economist as president — I mean I do tons of electrical work — never took a class – but I chose to learn a few things before putting my finger in the box.

    This guy just is clueless and does not have the desire to learn new things — he knows everything — and unfortunately he is not very smart.

    Put this guy in a dark room — no windows… spin him around and ask him where WEST is — about 25% of the time he will be right and he will think that it is about his awesome brain and not luck. So when something is right in the economy, he thinks that it was him. I can only laugh…..

  8. First of all, as noted by Von Ebb’s comment above, they changed the way they compute GDP. So, we’re in the negative territory for sure. But, this corrupt administration will do anything they can to make sure we don’t go into an “official” recession, which is defined as two quarters in a row of negative GDP.

    Secondly, I heard this on Fox today – the average GDP under the Obummer years is 1.8%!! That’s over 6 and a quarter years. In all 25 quarters of GDP reports under Obummer, GDP has averaged just 1.8%. Melissa Francis of Fox Business reported that for the previous SEVENTY years, average GDP was double that!

    Lastly, I am so sick of the Obummer administration having an excuse for every single bad report, every single time. Excuses, excuses. The weather excuse really ticks me off. I live in Northern NJ and I remember several very bad winters with 15 to 20 huge snow storms and bad ice storms during both the Clinton years and George W. Bush years and I cannot recall one time that a GDP report was lackluster and they blamed the bad winter weather.

  9. […] U.S. economy stalls . . . If anyone has any questions about the decrepitude of the Obama economy and the “recovery” that never seems to get to “fully recovered,” it was answered today as the Commerce Department announced that GDP had expanded by 0.2 percent during the first three months of the year – that is, growth basically stopped. This comes off a lousy 2.2 percent increase in the fourth quarter of last year, suggesting the slowdown is endemic and not due to the bad winter – i.e. increased cooling due to global warming – or the alignment of the planets, George W. Bush, the Tea Party, or the Nixon administration.White House Dossier […]