Anyone in the real world knows we are going through stagflation. The economy has limped along the 4th quarter with GDP growth of 1.8%. Wages are stagnant and only crappy paying jobs are being created. Despite that, the media still keeps pushing the Obama Boom. They claim this slowdown is temporary and that soon the economy will boom! Haven’t they been saying this for two years now?
The economy has been showing clear signs of slowing, but the soft patch may be temporary, and some economists look for a pick-up during the summer.
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Supply chain disruptions form the Japanese earthquake and tsunami have had a direct effect on manufacturing and the auto industry in particular. Additionally, the spike in oil and gasoline prices has hit consumer and business spending.
“We can put our finger on the problems, and they’re temporary, I think,” said Mark Zandi of Moody’s Economy.com. “Oil prices were a blow. You can see that in the consumer spending numbers in Q1, and prices are coming back down.”
The latest disappointing data came Thursday, with the second look at first quarter GDP, still a sluggish 1.8 percent, while economists had expected it to rise above 2 percent. Jobless claims, above 400,000 for seven weeks, were greater than expected at 424,000.
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But she still sees a better second half. “I still think the second quarter is giving us the disappointment I feared would occur. The important thing is I still have not changed the second-half outlook. We still feel the second half will show the acceleration. I feel just as good about that as I did before.
Read the rest: Some Economists Expect Recovery Later This Year
If a Republican was President would the media be painting a rosy picture? No way. Ever since Obama has been elected the Progressive Propagandists have been saying things are improving and that good times are right around the corner. When these predictions don’t materialize they blame earthquakes, tornadoes and the weather. Has it ever occurred to them that Obama’s polices have failed?
Tags: CNBC, GDP, Progressive Propaganda, The Obama Boom
