Ahh, the Summer of Recovery. I remember it like it was yesterday. It was 2009, and we danced, we sang, and we toasted the stimulus, which was going to pull us off the sickbed and out of the doldrums. And then, the summer went by, and there was no recovery.
For years, we waited. Occasionally, we danced yet again, thinking, at last, this was it, the summer of recovery. But still, it never came.
And then there was 2014. Now, it seemed, the Sumer of Recovery was upon us, despite the fact that the economy actually contracted in the first quarter and never mind that because it was due to the cold weather which BTW was because of global warming you global warming deniers.
And then there was indeed, recovery in the summer. The economy grew at a rate of five percent as the hot months floated by. But then, the Summer of Recovery, as it has done year after year, faded into the Winter of Relapse.
The economy expanded during the last three months of 2014 at an annualized rate of 2.6 percent, the Commerce Department announced today, a middling performance that is the rule, not the exception, for the Obama years. Even with the high growth rates of the second and third quarters, economic expansion for the year is 2.4 percent, just slightly better than the 2.2 percent growth of the previous four years of Obama’s reign.
According to the Wall Street Journal:
The report portrayed a persistently uneven recovery that has yet to fire on all cylinders. Consumers—buoyed by surging job growth and a dive in gasoline prices—boosted spending in late 2014 at the fastest pace in almost nine years. But business investment slowed to a paltry pace, government outlays fell and export growth eased.
What’s more, things aren’t expected to be any better during the first quarter of 2015, the Journal reports.
The White House will make the excuse that we’re doing better than Europe. But Europe is mired in Socialism and has little chance of strong growth. That is, they’ve already achieved the goals Obama is seeking for us. But of course Obama hasn’t yet completely delivered us to our Worker’s Paradise, so we at least, with the right policies, have a shot a doing better. And with gas prices plunging, things should be better.
We should be toasting our Summer of Recovery. If only we could get out of the intensive care unit.