The Obama lapdog media is already crowing about the latest GDP numbers and they are proclaiming that the economy is strong and we are living through an unprecedented boom. The economy grew at a 2% for the 3rd quarter of 2012 which is a slight improvement from the 1.3% growth of the 2nd quarter. 2% no matter how you slice it is still an anemic figure and it is nothing to brag about and in this case its totally artificial since most of the growth came from a 9.6 % increase in government spending!
The U.S. economy expanded at a slightly faster 2 percent annual rate from July through September, buoyed by an uptick in consumer spending and a burst of government spending.
The Commerce Department said growth improved from the 1.3 percent rate in the April-June quarter.
The pickup in gross domestic product may help President Barack Obama’s message that the economy is improving.
Still, growth remains too weak to rapidly boost hiring. And the 1.74 percent rate for 2012 trails last year’s 1.8 percent growth, a point GOP nominee Mitt Romney will emphasize.
[….]
Government consumption and expenditures soared 9.6 percent after decreasing 0.2 percent in the second quarter.
Defense spending surged 13 percent after also decreasing 0.2 percent during the previous period.
This is a terrible number for the economy. Two percent represents stagnation and is not enough to keep up with new workers trying to enter the workforce. When George W. Bush was president, a growth of 2.5% to 3% was called anemic (or a jobless growth), but now that Obama is president, 1.5% to 2% is considered good economic news – that’s how much we have lowered our expectations for “the greatest economics president we ever had” (as Bob Beckel once pronounced him to be). Keep in mind that when Poppy Bush lost in 1992, 3rd quarter GDP was 4%, therefore Obama’s economy is worse than Bush’s 20 years ago. Still the media in its quest to reelect the fraud, will push the 2% as “happy days are here again”.
There is no Obama Boom and hopefully on November 6th, Americans will reject this propaganda.
Tags: 3rd Quarter GDP, Stagnation, The Obama Boom
