As Obama vacations the economy continues to slide further into recession:
The sputtering economy may be headed for a double-dip recession after the government revised the nation’s gross domestic product downward for the second quarter to 1.6 percent from an initial estimate of 2.4 percent.
The first quarter grew at a 3.7 percent annual rate, the second quarter 1.6 percent, and this quarter is not likely to be anything worth bragging about, with economists forecasting growth of only 1.7 percent. GDP is the value of all goods and services produced in the U.S. and it’s the key indicator of the nation’s economic health.
The numbers are numbing — not nearly strong enough to give the recovery enough stride so that employers will want to hire, consumers will have the confidence to spend, or for businesses to invest robustly in equipment.
As a result the Chairman of the Federal Reserve said they will do whatever “is necessary” to prevent a further slide, including the purchase of more longer-term securities and easing the interest rates it pays on bank reserves.
What they aren’t admitting is that interest rates are already at their lowest level in memory and it’s still not helping. The confidence in our economy just isn’t there due in large part to Obama and his policies. The country now understands the man wants to tax everyone and their mother, except for the very poor, and give it away. What business owner wants to put more capitol into a venture that is sure to get taxed more?
Recall that the CBO said the economy will fix itself if Government just stays the hell outta the way. But nooooooo. Obama’s remaking of the United States into a Socialist paradise just couldn’t wait.
And now we got a double-dip recession.
Thanks Mr. President.
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