Thursday, June 26, 2014

Like We Never Had A Winter Before

The Obama economy is tanking.
From The NY Times:
The beginning of the year was not just bad for the United States economy: It was, on paper at least, the worst quarter since the last recession ended five years ago.
The Commerce Department revised its estimates of first-quarter gross domestic product Wednesday to show that the economy contracted at a 2.9 percent annual rate. A combination of shrinking business inventories, terrible winter weather and a surprise contraction in health care spending drove the first-quarter decline, which is the worst since the first quarter of 2009, when the economy shrank at a 5.4 percent rate.
What makes the sharply negative number all the more stunning is that it didn’t feel like an economic contraction at all in the first quarter. Employers kept adding jobs. Many measures of business activity and consumer confidence were stable. And forecasters are expecting a healthy pop of growth in the second quarter, which ends next week.
But the economy was hit by an unlikely combination of negative forces that conspired to turn what seemed set to be another quarter of so-so growth into a considerably more gloomy experience....
But other causes of the first quarter-contraction were already well known. Businesses pulled back on their inventories, which subtracted 1.7 percentage points from growth (an earlier estimate had been 1.6 percent).
And the rough winter weather threw a wrench in many categories of business activity, slowing home building activity (residential investment subtracted 0.13 of a percentage point) and commercial building work (which subtracted 0.22 of a percentage point). Trade was a further drag, as exports fell sharply and imports rose a bit.
So, the harsh winter was a major cause of the horrible economy.  Correct me if I am wrong:  We live in North America and North America has winter, especially in the Northern half of the Country, so that is just a pathetic excuse from the White House and parroted by the liberal media.
So, let's what could be the real reasons:
ObamaCare started in this time period.
We have had a record number of people on SSI Disability.
We have had a record number of people on food stamps.
We have a record number of people on government assistance.
Once again, this shows that people on government assistance do not grow the economy.
Once again, another liberal idea/theory is blown to bits.

No comments:

Post a Comment