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More Crummy Economic Growth

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.

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16 Responses to More Crummy Economic Growth

  1. Here I go again. Food and essential prices. They are still going up on a weekly basis.
    The items are getting smaller.
    We import crap from china.
    Many jobs, many… have gone over seas.
    Just one example, Job. Call most companies to inquire about something.
    You can hardly understand them. You have ask them to repeat themselves over and over.
    At this time they want to give a raise to $15.00 to flip a burger.
    My first job was in a pizza joint in the 70’s. I had fun, but it was not my intention to work there the rest of my life. As well while I worked there, I did not get a check from the government as well.
    Also keep in mind while we are dealing with this economy one way or the other. The o Click travels on your dime.

  2. Nah–not Bush–Austen Goulsbee…I just can’t stand that guy. He is long gone to some academic sinecure. NPR had a overheated story on how the bad economic times were all behind us, glory be. It is almost funny–except it’s not.

  3. My favorite quip…(Tyler Durden @ Zero Hedge):
    “The historical revisions will surely draw many snickers among those who fail to see any difference between the US and Chinese Departments of Truth…”

    As the only businessman in the race, and a graduate of the Wharton School of Business, it might just be up to the Trumpster to take on Obama and his henchmen for their sneaky revisionist tactics over the last seven yrs.

    Most of the “R” candidates need to take crash courses in Economics 101.
    Trump/Fiorina for 2016!
    Strangely enough, it’s beginning to sound better and better to me…

  4. Even the low information voters are seeing that things are not getting better. While the media is still in the pocket of the Ruling Class, the public is beginning to see that things are not improving as the media says it is.

  5. “accepted by the press” Keith your wrong. Its propaganda from the WH that the press repeats, over and over. Thus creating reality for the dummies.
    Its pure and simple psych warfare aimed at the Stupid sheep. And they believe!

  6. But what about Associated Press’s headline today??

    “US Economy posts solid 2.3 percent growth rate in Q2”

    The accompanying story featured optimistic words such as: “solid rebound,” “surge,” “growth,” and “recovery.”

    Gotta love the MSM.