The greatest economic comeback in world history continues to roar! The Obama Economic Boom, which the press hails as miraculous and amazing, continues to gain steam! The gross domestic product grew at a rate of 2.4% in the 2nd quarter, another sign the so called recovery is anemic and stalling. As much as the press is trying to hype up this so called economic boom, the reality is that this is an anemic economy and living standards are declining.
WASHINGTON (AP) — The recovery lost momentum in the spring as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment.
Consumers spent less, companies slowed their restocking of shelves and the nation’s trade deficit dragged more on the economy in the April-to-June quarter. In a separate report, the Commerce Department said the recession was deeper than previously estimated.
Together, the reports raise doubts about whether employers will hire enough and consumers will spend enough to invigorate the economy. As unemployment remains near double digits, Congress could feel pressure to pass more stimulus measures to speed the recovery. So far, Republicans and some Democrats have blocked additional spending because of their concerns about the size of the deficit.
Read the rest: Recovery loses speed as consumers turn cautious
The Obama Boom is rapidly disappearing. At this rate of decrease, we may well have negative numbers by the 4th quarter or 1st quarter of next year. The Porkulus bill, which was robbery of the American people has failed miserable. All it has done is create more debt for the American people and put a burden on our economy. Meanwhile, China is now the 2nd largest economy in the world and continues to grow at our expense.
Progressive economic policies are a failure and unless we change course, we are rapidly descending into 3rd world status.
Tags: GDP, Obama Economic Boom
