The media refuses to give up on their Obama Boom theme. Despite evidence we are in a depression, The Progressive propaganda machine refuses to accept the truth. Instead, they now are doubling down on the Obama Boom lie. Their so called “economics” are calling for growth of 2% or more!
The race to the bottom in picking economic growth figures this year seems to have stopped nearly as quickly as it started.
No, that doesn’t mean that economists suddenly believe US gross domestic product will hit the pace it normally would see two years after the end of a recession.
But Wall Street’s biggest names have backed off earlier doom-and-gloom predictions of near-zero growth and now believe the economy at least has a better chance of avoiding an outright recession.
The impetus for the optimism: Thursday’s trade balance report which showed that the US deficit unexpectedly slid to $44.8 billion in July from $51.6 billion in June, primarily on the strength of a 3.6 percent surge in exports.
Nomura Global economist Aichi Amemiya was one of the first out of the gate, pushing his third-quarter forecast from 2.4 percent GDP growth to 2.6 percent.
The OBama Boom is a myth that refuses to die.
