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| Economy |
| Not Unexpedtedly, the Economy Continues to Decline |
| 2012-07-28 |
| American consumers cut back sharply on spending in recent months, slowing the nation's already sluggish rate of economic growth. I'm saving all my big purchases for after the election. Provided Romney wins. Otherwise my big purchases are food and ammo... The economy grew at an annual rate of 1.5 percent from April through June, the Commerce Department reported Friday, a pace that confirmed fears that the economy continues to sputter. A growth rate below 2 percent isn't enough to lower the unemployment rate, which was 8.2 percent last month. And few analysts expect the economy to gain momentum in the second half of the year, as concern about debt problems in Europe and the "It's very disappointing for the future of the economy," R. Glenn Hubbard, Romney's top economic adviser, said on CNBC. "It's about half of what potential growth actually is in the American economy, and recoveries should be much more vigorous even after financial crises." Obama administration officials said the economy was being hurt by the fiscal turmoil in Europe and the decline in spending from local and state governments. Since the Trunks prevented him from implementing Stim II and Stim III. Obama administration officials said Congress should act on the president's jobs proposal, which would invest in infrastructure, hire more state and local government workers, double the payroll tax cut and offer new tax cuts for small businesses. Republicans have blocked the initiative, saying they oppose a tax surcharge on millionaires to pay for the measure. The GDP report said growth in consumer spending -- which accounts for about 70 percent of economic activity -- slowed to an annualized rate of 1.5 percent in the second quarter, down from 2.4 percent in the first three months of the year. The report also included revised growth estimates for the past three years. The new estimates showed that the economy shrank by 3.1 percent in 2009, slightly less than the 3.5 percent previously reported. So it seems the worst-economy-ever-caused-by-Bush was not quite as bad as the Obamanaunts have been bleating. That's an interesting little nugget! Growth in 2010 was 2.4 percent, down from 3 percent, and growth in 2011 was 1.8 percent instead of 1.7 percent. And Obama's comeback was slower than he's been touting. His Plan is working! |
| Posted by:Bobby |
| #2 >sluggish rate of economic growth Obama did build that, buy only via massive debt. 2.4 Dollars borrowed per 1 dollar of GDP "increase". Has to be below 1 for real growth. |
| Posted by: Bright Pebbles 2012-07-28 13:22 |
| #1 You didn't make it happen! It took the government to get you here! |
| Posted by: Procopius2k 2012-07-28 12:56 |