Why aren’t Republicans running on the economy? If It’s the economy, stupid, is the way to get elected president, then why are Republicans being stupid? Why don’t you hear them talking about the economy ALL THE TIME.
It’s because the nation has bought into the White House spin, accepted by the press, that the economy was saved by President Obama and is doing pretty well, all things considered.
Well let’s consider this. Today, the Commerce Department announced that the economy grew 2.3 percent in the second quarter, AFTER the cold weather that supposedly keeps freezing economic growth went away. That puts growth this year so far at 1.5 percent, compared to 1.9 percent at the same point last year, which was really bad then.
Actually, the Wall Street Journal says the winter this year wasn’t to blame at all. It was a bunch of standard stuff that drives – or stalls – the economy:
Unlike last year, when much of the first-quarter weakness was blamed on unusually harsh winter weather, this year’s slower growth reflected a range of factors, including a stronger dollar, sluggish business investment and lackluster consumer spending. Thursday’s report showed some of those pressures may be starting to ease.
Economists surveyed by the Journal had expected 2.7 percent growth for the second quarter, which isn’t great either. Solid growth is somewhere above 3 percent. GDP growth averaged around 3 percent under Ronald Reagan, including the lousy economy he inherited from Jimmy Carter and the recession at the beginning of his term.
What’s more, Reagan launched a boom that lasted basically until 2008.
Things keep looking worse. According to the Journal, “From 2012 through 2014, GDP increased at an average annual rate of 2 percent, according to three years of revised figures Commerce released Thursday, a 0.3 percentage-point downgrade from prior estimates.”
The White House was beaming with pride.
“Real GDP rose faster in the second quarter than in the first, even after a large upward revision to first-quarter growth,” said White House Council of Economic Advisors Chairman Jason Furman. The “large upward revision” was an increase from 0.2 percent to 0.6 percent. Fantastic, don’t you think?
Where is George W. Bush? Can someone find him in Texas? We need to blame him for this economy. I know it’s been six and a half years since he was president, but that’s no excuse. We can’t possibly attribute this catastrophe to The One.