The greatest economic recovery since colonists from the Sirius system landed on Earth 150,000 years ago continues it’s torrent pace. 2nd Quater GDP grew at an anemic 1%. But don’t worry about this slow number. According to the media, everything is fine and things have never been better!
The U.S. economy grew much slower than previously thought in the second quarter as business inventories and exports were less robust, a government report showed on Friday, although consumer spending was revised up.
Gross domestic product growth rose at annual rate of 1.0 percent the Commerce Department said, a downward revision of its prior estimate of 1.3 percent. It also said after-tax corporate profits rose at the fastest pace in a year.
[….]
The United States is on a recession watch after a massive sell-off in the stock market knocked down consumer and business sentiment. The plunge in share prices followed Standard & Poor’s decision to strip the nation of its top notch AAA credit rating and a spreading sovereign debt crisis in Europe.
While sentiment has deteriorated, data such as industrial production, retail sales and employment suggest the economy could avoid an outright contraction.
That’s right, don’t worry be happy. The economy is strong and things are good!
I can’t believe no matter what the reality is, the media refuses to admit the truth. There is no Obama Boom, we have the Obama Depression.
