So, Friday we found out that the economy grew at 2.4%, well below forecast “as a scarcity of jobs eroded consumer spending”, with ““The economy just muddling through.” Stocks fell off on this news. The Washington Post had this to say Saturday
The recovery is fading, and a troubling new pattern is setting in: economic growth that is too slow to put Americans back to work.
Gross domestic product, the broadest measure of economic activity, grew at a 2.4 percent annual rate in the April-through-June period, the government said Friday, down from 5 percent at the end of 2009 and 3.7 percent at the beginning of this year.
Followed by an attempt to put some spin on it, saying it was a good thing. Obama did it much better yesterday
President Barack Obama said on Friday he welcomed news that the U.S. economy grew by 2.4 percent in the second quarter, but said more work was needed to increase that growth rate and generate jobs.
“This morning we learned that our economy grew by 2.4 percent in the second quarter of the year, so that means it’s now been growing again for one full year,” Obama said at a Chrysler plant.
“We’ve got to keep on increasing that rate of growth and keep on adding jobs so we can move forward,” he said.
Hey, look, I’m all for POTUS, any POTUS, acting a bit like a cheerleader. It can pump up a crowd, and, at times, get the team to play better. Conversely, negative pronouncements from a POTUS can have negative effects. That said, Obama is not cheerleading, he is clearly delusional. Growth is slowing, people are tired of the high unemployment, and people are tired of being unemployed. Companies are sitting on their earnings, since they are unsure what this raging clueless neophyte partisan hack will push for and/or do next. He picks and chooses which parts of the economy he wants to increase, and which ones he wants to damage. His policies and pronouncements are ill news for the overall American economy, and, if we are lucky, we’ll only have to deal with a “lost decade” as Japan did.
Crossed at Right Wing News and Stop The ACLU
