The U.S. economy slowed in the first quarter to one of the weakest paces of the five-year recovery as the frigid winter appeared to curtailed business investment and weakness overseas hurt exports.
Gross domestic product, the broadest measure of goods and services produced across the economy, advanced at a seasonally adjusted annual rate of 0.1% in the first quarter, the Commerce Department said Wednesday. Economists surveyed by The Wall Street Journal had forecast growth at a 1.1% pace for the quarter.
Wow!
I don’t care what Obama ”blames” it on, that s terrible!
I recall Kevin Williamson (economist) taking flack right after the $878 billion stimulus was awarded to Obama to help the USA ”recover.”
Kevin said he thought a 2.0 steady growth from then on would be enough for our country to eventually recover.
Most economists demanded more growth.
Obama has given us LESS growth, including this horrible report of 1/20th of that pathetic standard.
But Kevin pointed out that, 2% solid growth (based on our old standards, not Obama’s new numbers based on odd standards that made things look better on these reports) would compound into a doubling of our nations’ worth over Obama’s 8 years.
Well, Kevin’s ideal sounds good now, looking back and comparing it to what we’ve got.
Even the ”growth” in jobs Obama brags about is is 200,000 for all of April (expected) which is BELOW the growth rate of new workers entering the workforce!
A 300,000 jobs growth report would be able to absorb all the new workers.
It takes more than that to bring unemployed people back into jobs on top of that.
How often has Obama had a jobs report over 300,000 a month?
Correction: Obama economy SUCKS.
The Republicans have not seized on a game plan. Sure some say there is a game plan, but then they claim they will say what it is after elections. Then when they are hounded after the elections, they say the plan will be after the next election.
A batch of Republicans have claimed the government doesn’t create jobs. They can’t blame Obama for the economy because in their reasoning Obama, as president, has little say in the economy.
A batch of Republicans want lower taxes and interest rates to fix the economy. Most people out of work won’t be able to get loans or pay enough taxes that lower taxes would help them.
The Republicans may have to suck it up and come up with a plan to get government involved in creating jobs that pay well and helping the poor. One plan would have been to give every adult in the 75% wealth range and wasn’t in prison $50,000 lump sum. The one time cost would be close to $9 trillion of Federal Reserve created money. This is verses the Democrats plan of $800 billion in stimulus, the billions spent on cash for clunkers and the Social Security rebate, $17 trillion in Federal Reserve created money that was stashed at the banks (including $1 trillion in foreign banks) and $4.24 trillion in treasury printed money used to buy government bonds. Most of that $50,000 would probably be used to pay off debts, pay for one time needed repairs and retirement plans, but they would be in much better position than they are now.
We need more people on unemployment since Pelosi thinks that stimulates the economy!
If the Obama’s want to help our economy they might at least spend more of their many vacations here.
Here’s Michelle helping the economy 5 times out of 6 vacas this year (since Jan 1st 2014)
Hawaii I and Hawaii II, Aspen, Key Largo, and China, with the Middleburg spa weekend most recently.
So, 27 days in Hawaii (17 with family and an additional 10 at Oprah’s Maui Estate), a star-studded birthday bash, a State Dinner in a heated tent on the South lawn, skiing in Aspen for President’s Day weekend, Key Largo lodging at the Ocean Reef Resort ($35 million net-worth members only), and downtime at Salamander Resort in Middleburg, Virginia.
7 lavish (domestic) escapes in 4 months!
1 foreign one, too!
And more to come.
But, to really help the economy is is wise to force the closure of all the businesses involved or in close proximity?
Was this a plus or a minus?
During the Salamander Resort weekend John Kent Cooke (son of former Redskins owner Jack Kent Cooke) closed the Boxwood Winery for a “private event,” so Michelle Obama could taste wine.
As of this month’s report not even 2/3rds of Americans of working age are trying to participate in the US workforce!
The U-3 unemployment rate dropped from 6.7% to 6.3% as a direct result of this fact.
Seen graphically, the employment situation continues to slowly improve, but at a depressingly slow pace. It’s very unlikely that we’ll recover completely before another recession hits.
But all Obama’s syncophants care about is the meaningless number of ”the unemployed.”