ObamaNomics FAIL: Q2 GDP Comes In At Only 1.3%, Q1 Revised Down To A Scant 0.4%…

[HonestChieffan]

Fail at every level.


WASHINGTON (AP) — The economy expanded at meager 1.3 percent annual rate in the spring after scarcely growing at all in the first three months of the year, the Commerce Department said Friday.

The combined growth for the first six months of the year was the weakest since the recession ended two years ago. The government revised the January-March figures to show just 0.4 percent growth — down sharply from its previous estimate of 1.9 percent.

“These numbers are extremely bad,” said Nigel Gault, an economist at IHS Global Insight. “The momentum in the economy is clearly very weak.”

The sharp slowdown means the economy will likely grow this year at a weaker pace than last year. Economists don’t expect growth to pick up enough in the second half of the year to lower the unemployment rate, which rose to 9.2 percent last month.

[RINGLEADER]

Not surprising.

He went out and bought a bunch of jobs. When the stimulus money ran out and he couldn't pay anymore they went away.

For some reason the left doesn't understand that the government doesn't create jobs. If you spend $1,000,000 you'll get 4 jobs for a year. Spend $1,000,000 in the private sector and I'll employ 15 people and, if I run my company properly, I may employ 20, 30, 50 or more people in future years.

The only thing left is to watch Obama blame this contraction (which started 6 months ago) on the debt fight happening now when election time rolls around. That's been job #1 for the Dems -- hitch this s#*t-wagon to the Repeublicans so they own it (despite universally opposing it) with them.

[BucEyedPea]

The left does not understand economics or how prosperity is created. This includes their opinion leaders like Krugman.

For some reason the left doesn't understand that the government doesn't create jobs.

I'd include some on the right, who think WWII with it's govt created jobs in a command economy, ended the GD.

[Donger]

Originally Posted by BucEyedPea

I'd include some on the right, who think WWII with it's govt created jobs in a command economy, ended the GD.

And they'd be right.

[BucEyedPea]

Originally Posted by Donger

And they'd be right.

Nope.

Command economies displace jobs.

[alpha_omega]

Wait, isn't this somehow (insert former president's name)'s fault???????

[blaise]

Originally Posted by alpha_omega

Wait, isn't this somehow (insert former president's name)'s fault???????

Yes, thank you alpha_omega.

Huff Post link.

Another Huff Post link.

- orange

[FD]

Well that explains the dismal jobs numbers.

[Saul Good]

Originally Posted by Forward Dante

Well that explains the dismal jobs numbers.

Finally an explanation. I had no idea how to explain it until now.

[ChiefaRoo]

Get in line for your Govt. Handout and /Obama

[dirk digler]

Depressing, depressing, depressing.

I would be almost willing to try anything at this point to get us out of this hole we are in.

[RINGLEADER]

Originally Posted by dirk digler

Depressing, depressing, depressing.

I would be almost willing to try anything at this point to get us out of this hole we are in.

Not pointing fingers (well, I guess I am) but the left (and yes, as BEP points out, some on the right as well) has refused to listen to the many business leaders and economic experts who have been saying for years now that you can't keep heaping taxes, uncertainty, and regulation on business and expect it not to react negatively.

I believe that we're starting to see a) the effects of Obama's policies take root, and b) a refusal of business to "buy-in" to his solutions. None of this is surprising to anyone who questioned the validity of the stimulus or the huge deficit spending binge that Obama and the Dem congress thought would fix the problem.

When the next president is elected (hopefully next year) the sigh of relief and the economic expansion that will come with a real change in course will be stunning IMO. It won't be because of any one policy or even because the new president is skilled -- it will be because the economy if finally thrown free of the weight of Obama's policies.

When you watch that clip where Obama talks about "shovel ready not really being shovel ready" you can hear the disappointment in his voice. It sounds like he really thought it work. Again, say what you want about the guy, but Rush was right when he voiced his desire that Obama fail -- he unfortunately succeeded in much of what he set out to do to "transform" America and the proof is in the (curdled) pudding of this economy...

[fan4ever]

Originally Posted by dirk digler

Depressing, depressing, depressing.

I would be almost willing to try anything at this point to get us out of this hole we are in.

Including how you vote?

[fan4ever]

Originally Posted by RINGLEADER

Not pointing fingers (well, I guess I am) but the left (and yes, as BEP points out, some on the right as well) has refused to listen to the many business leaders and economic experts who have been saying for years now that you can't keep heaping taxes, uncertainty, and regulation on business and expect it not to react negatively.

I believe that we're starting to see a) the effects of Obama's policies take root, and b) a refusal of business to "buy-in" to his solutions. None of this is surprising to anyone who questioned the validity of the stimulus or the huge deficit spending binge that Obama and the Dem congress thought would fix the problem.

When the next president is elected (hopefully next year) the sigh of relief and the economic expansion that will come with a real change in course will be stunning IMO. It won't be because of any one policy or even because the new president is skilled -- it will be because the economy if finally thrown free of the weight of Obama's policies.

When you watch that clip where Obama talks about "shovel ready not really being shovel ready" you can hear the disappointment in his voice. It sounds like he really thought it work. Again, say what you want about the guy, but Rush was right when he voiced his desire that Obama fail -- he unfortunately succeeded in much of what he set out to do to "transform" America and the proof is in the (curdled) pudding of this economy...

Unlike most presidential cabinets, which usually hover around 50% from the private sector, Obama's is around 27%, not taking into account his many "czars". So you have an administration that's relied heavily on "theory" from a bunch of guys and gals with letters after their names, but not much real life experience.

[patteeu]

Originally Posted by BucEyedPea

Nope.

Command economies displace jobs.

The broken window fallacy assumes a closed system. But if you break a bunch of windows in Europe while bombing all the European window repair companies to smithereens it can be great for the American window repair business.

I'm not saying that WW II got us out of the GD, but our economy derived some benefits from the war.