30 Jan

Unexpectedly! U.S. Economy Contracts in Fourth Quarter of 2012

Donald Douglas @ American Power:

The economy’s shrinking and the Democrats are doing everything else besides working to fix it. That’s not what we were promised during the campaign, but you already knew that. And that’s Rick Santelli at the clip below, ranting away like only he knows how, apparently. As noted, I feel that populist insurrection rising, and it’s not just over the libelous gun control narrative. The permanent political class is systemically worsening economic conditions to further cement its grip on power. Think about it.

At the Wall Street Journal, “U.S. Economy Unexpectedly Contracts in Fourth Quarter”:

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U.S. economic momentum screeched to a halt in the final months of 2012, as lawmakers’ struggle to reach a deal on tax increases and budget cuts likely led businesses to pare inventories and the government to cut spending.

The nation’s gross domestic product shrank for the first time in 3 1/2 years during the fourth quarter, declining at an annual rate of 0.1% between October and December, the Commerce Department said Wednesday.

It was the first time the broad measure of all goods and services produced by the economy contracted since the recovery from the financial crisis began. Economists surveyed by Dow Jones Newswires had expected 1.0% annualized growth.

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About Curt

Curt served in the Marine Corps for four years and has been a law enforcement officer in Los Angeles for the last 20 years.

One Response to Unexpectedly! U.S. Economy Contracts in Fourth Quarter of 2012

  1. Nan G says: 1

    Remember when Obama stopped blaming Bush for this and turned his ire at technology?
    See:
    http://www.realclearpolitics.com/video/2011/06/14/obama_atms_contribute_to_unemployment_for_eliminating_tellers.html
    and here:
    http://www.examiner.com/article/obama-blames-internet-atms-for-high-unemployment

    Seems he’s both STILL blaming technology.
    Here’s the 3 ways it might go according to Obama’s favorite apologists:

    1. The best-case scenario is that “the economy returns to health after a wrenching transition.” AP quotes leftist economist Joseph Stiglitz as claiming that it will take at least “half a decade,” meaning after Obama’s time in the White House has ended.
    2. “The economy continues to produce jobs, just not enough good ones.”
    3. “Technology leads to mass unemployment.”

    http://bigstory.ap.org/article/will-smart-machines-create-world-without-work

    The REAL reason our economy keeps contracting is Obama and his policies.
    Like when he taxed the ”rich” by also ending the payroll tax holiday (which should NEVER have started in the first place).
    The little guys saw their take-home pay shrink and are spending less accordingly.

    Like when he extended unemployment insurance to 99 weeks or more.
    Statistical studies show people wait until their payments are near to running our before really going out to look in earnest.

    Like when he redefined ”full-time” employment as 30 hours a week or more.
    How many tens of thousands have been cut back (U-6) to part-time because their employer needs to avoid expensive ObamaCare penalties?

    Like Obama’s continuous war on American energy.
    People can’t afford to heat/cool their homes, drive their vehicles, and are losing jobs as more plants close.
    BUT Obama keeps the White House warm with COAL-powered electricity.

    Like Obama’s heavy new weight of regulations.
    Many businesses will not hire new people when simply keeping up on new regulations cost so much.
    Did you know that a business that fixes a mistake on a federal 1099 form must pay a penalty of up to $75,000?
    Did you know that being late with that form costs a small business up to $250,000?

    ReplyReply

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