Well, we’ve turned the corner! And we’re headed backward. Again.
The U.S. economy was all but in recession during the first quarter of 2014, growing at a rate of only 0.1 percent, the Commerce Department announced this morning.
Economists and Wall Street had expected growth of just over one percent.
The economy had shown signs of life during the second half of 2013, expanding at over 3 percent. But alas, another summer of recovery has fizzled out. The cold weather certainly played a role in the slowdown, but the latest figure points to another year of sub-par growth by historical standards.
But not by Obama standards. Growth has averaged only about two percent since the recession supposedly ended.