The first quarter 2017 GDP numbers are out this morning, and they are typically lousy for the president — the previous one, Barack Obama, that is — who has had the worst record of economic growth of any since Herbert Hoover.
Yes, Herbert Hoover. With an average growth rate of around 1.5 percent, Obama stands proudly next to the last president whose term witnessed an actual economic contraction.
The first quarter is not really President Trump’s. Obama was actually president the first three weeks of it, and it is mainly his policies that have been in place and have affected the economic terrain.
And so, the Obama “recovery” continues and finally, comes to an end. The economy was nearly in recession the first quarter, growing at 0.7 percent, the worst performance in three years. So while Obama hangs out on Pacific islands drinking frozen rum runners and writing the memoirs that will make him millions, you and I can just deal with it.
Consumer spending was slow, growing at just 0.3 percent, dragging down the numbers. I saw one report that, as I’ve seen so often, blamed the weather. Sorry, it’s not the weather.