Of course we have idiots like former Obama Economic Adviser Austan Goolsbee blaming it all on earthquakes and other crapola:
[youtube]http://www.youtube.com/watch?v=I06Dbbt_wrI[/youtube]
Yeah, the economy going down the drain is all the fault of a few natural disasters, not Obama’s economic policies: [PDF]
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.0 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.
The GDP estimates released today are based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 1.3 percent (see “Revisions” on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, exports, personal consumption expenditures (PCE), and federal government spending that were partly offset by negative contributions from state and local government spending and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
In fact economists has expected it to be revised down to 1.1% but it’s worse than they thought.
In the first quarter, the economy advanced just 0.4 percent. The government’s second GDP estimate for the quarter confirmed growth almost stalled in the first six months of this year.
The United States is on a recession watch after a massive sell-off in the stock market knocked down consumer and business sentiment. The plunge in share prices followed Standard & Poor’s decision to strip the nation of its top notch AAA credit rating and a spreading sovereign debt crisis in Europe.
And while the economy spirals downward the President and the First Lady are living it up on our dime.
The Obamas’ summer break on Martha’s Vineyard has already been branded a PR disaster after the couple arrived four hours apart on separate government jets.
But according to new reports, this is the least of their extravagances.
White House sources today claimed that the First Lady has spent $10million of U.S. taxpayers’ money on vacations alone in the past year.
Branding her ‘disgusting’ and ‘a vacation junkie’, they say the 47-year-old mother-of-two has been indulging in five-star hotels, where she splashes out on expensive massages and alcohol.
And don’t forget their daughters:
With President Barack Obama playing golf and getting briefed on the approaching Hurricane Irene on Martha’s Vineyard yesterday, his daughters, Sasha and Malia, took an excursion to Nantucket. President Obama’s daughters arrived at noon in a private, 40-foot boat, which was escorted into the harbor by a Coast Guard cutter, according to a source with knowledge of the girls’ trip to the island. Accompanied by Secret Service agents on the impromptu visit, the girls strolled around downtown, and were spotted at the Cheryl Fudge clothing store and other locations in the core district before departing around 5 p.m. The Obamas are vacationing on Martha’s Vineyard for the second straight summer.
But don’t expect the MSM to focus on this kind of stuff. Instead, expect them to focus on the Republican’s views on climate change, evolution and religion.
Economy? Spending?
Eh….not important.
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