Would it surprise you to learn that the economic “good” news is actually not that good?
Obama is again pissing on the American people and the media is reporting rain, because the economy sucks!
In fact, the U.S. economy contracted at a worse pace than previously estimated in the first quarter, and it’s been the largest retraction, since the beginning of Obama’s administration. This is the biggest pull-back since a girl tried to kiss Elton John.
The Commerce Department reports that the Gross Domestic Product, the broadest measure of goods and services produced across the economy, fell at a seasonally adjusted annual rate of 2.9% in the first three months of the year. That is the fastest rate of decline since the first quarter of 2009, when output fell 5.9%.
What did Obama report? Let’s just say we were “Grubered.” Commerce had previously estimated output fell by 1% in the first quarter, saying manufacturers drew down inventories rather than produce new goods and as unusually harsh weather kept consumers at home and shut down work sites. Exports also declined after a surge late last year.
All this means is that after pumping $1 trillion of manufactured money into the economy for six years, America is still trending down.
In its third GDP reading, based on newly available data, Commerce said first-quarter consumer spending and exports were even weaker than previously estimated. Keep in mind that this is a well-controlled Fed giving you the best spin they can put on the “good” news. No matter how you slice it, there is just no way to spin that Obama’s economy is shrinking. As one article put it:
The economy’s first-quarter stumble has once again dashed hopes the recovery was in the process of switching into a higher gear. Early second-quarter data indicates the economy has improved this spring as warmer weather helped release some pent-up demand. Macroeconomic Advisers recently forecast the economy will grow at a 3.6% annual rate in the April to June period.
Allow me to translate what you just read:
The Recovery that supposedly happened is indeed not a recovery, but the Fed wants you to believe that we are recovering. They hope the spring data will show improvement, since the ignorant public comes out of hibernation in the spring to shop more. The same economists who predicted we would only decline by 1% (off by only 290%), are now predicting growth of 3.6%.