The historic and ground breaking Obama Boom continues it’s torrid pace. Never since the rise of Ming dynasty in 15th Century China has an economy defied all the rules. Lower wages are considered good now. Rising inflation is now considered a positive sign for the economy. Higher oil and food prices are now considered signs of healthy growth.
In another historic first, GDP growth of 1.8% is considered fantastic. In fact, the media is claiming that this is a sign of more good growth to come! The reason for the low estimate is supposedly sever weather. Obama’s and the Fed’s 3rd World style economic policies have nothing to do with it. In fact they assure us, even better times are ahead because the economy has never been better!
Economic growth slowed more than expected in the first quarter as higher food and gasoline prices dampened consumer spending, and sent a broad measure of inflation rising at its fastest pace in 2-1/2 years.
But the pull back in output, which was also the result of harsh winter weather, a widening trade gap as well as weak government spending, will probably be fleeting given a firming labor market.
Growth in U.S. gross domestic product — a measure of all goods and services produced within U.S. borders — braked to a 1.8 percent annual rate after a 3.1 percent fourth quarter pace, the Commerce Department said on Thursday. Economists had expected a 2 percent growth pace.
[…]
Restocking by businesses picked up pace, with inventories increasing $43.8 billion after a $16.2 billion rise in the fourth quarter. Inventories added 0.93 percentage point to GDP growth. Excluding inventories, the economy grew at a pedestrian 0.8 percent pace, reflecting important pockets of weakness, after a brisk 6.7 percent rate in the fourth quarter.
Read the rest: U.S. Economic Growth Slows in 1Q, Misses Estimates
Never fear, the best is yet to come! This is what the lapdog Obama regime media, including Fox News, has been telling us for the last two years. When weak GDP numbers keep appearing they tell us to ignore it, that strong growth is around the corner. The truth is there is no Obama Boom that is going to stop America’s 11 year economic decline.
With the useless political eunuchs called the Republican Party in control of the House, don’t expect any challenges to Obama’s economic policies. We saw how cry baby Boehner caved to Obama in the Budget debate and did not get any real cuts. Look at how the GOP is letting Obama conduct an illegal war that goes against the War Powers act and the Constitutional requirement that the President receives authorization from Congress for military action. In fact, many Republicans now want a land invasion of Libya to help Al-Qaeda. They don’t even cut off aid to the Palestinians who conduct acts of aggression against an ally. The GOP is not serious about stopping this economic decline and our appeasement of Islamic interests.
Clearly the leaders of both parties (with some exceptions) didn’t heed the message of the 2010 elections. It’s business as usual in Washington while the American people are suffering from economic stagnation. Our politicians in both parties are a bunch of Progressive Neros, who are fiddling while America burns. 1.8% GDP growth is pathetic and is nothing to crow about.
In other Obama Boom news, initial jobless claims rose from 404,000 to 429,000.
WASHINGTON – New U.S. claims for unemployment benefits surprisingly rose last week to their highest level since January in a sign an anticipated recovery in labor markets may take time, a government report showed on Thursday.
Initial claims for state unemployment benefits jumped 25,000 to a seasonally adjusted 429,000, up from a slightly upwardly revised 404,000 the preceding week, the Labor Department said.
The great Obama Boom continues its historic and unprecedented pace!
Tags: economic decline, GDP, Jobless Claims, Stagflation, The Obama Boom
