Remember how awful the Gross Domestic Product (GDP) performance was in the first quarter – no growth, and actually down 0.1%?
Remember when it was revised – even further downward – to minus 1.0%? That was a horror show.
Well, there has been another revision. Latest data show that our first quarter GDP is actually -2.9%.
Since I would not blame you for thinking what you just read must be a typo, let me repeat: First quarter GDP was -2.9%.
When Barack Obama campaigned for the presidency in 2008, he claimed that we were in a great recession, the worst since the Great Depression of the \’20\’s and \’30\’s – and we were losing 800,000 jobs a month. But that his $800 – 900 billion dollar “stimulus package” would stop unemployment in its tracks and bring us back to prosperity.
The truth, however, is that:
-the recession, though it existed per se, was far from the worst since the Great Depression (check the Carter years as a reference),
-we were not losing 800,000 jobs a month: there was exactly one month where 800,000 or more jobs were lost,
-and the “stimulus package” did no such thing, as shown by the fact that
-unemployment jumped from 7.8% when Mr. Obama took office to over 10% before coming down to the low 6\’s – which only occurred because millions and millions of people left the workforce altogether and were no longer counted…
-…and, in point of fact, according to the Bureau of Labor Statistics, job creation in 2013, Mr. Obama\’s fifth year as President – 2,331,000 – was lower than job creation in President Bush\’s fifth year – 2,506,000.
Chalk these up as just a few more of the countless lies told by Barack Obama and the people around him.
Reality check: after 5 1/2 years of Barack Obama, our economy is a mess – just like our foreign policy, our immigration policy, our health care policy and pretty damn near everything else that this administration has laid its hands on.
The only good news is that the Bureau of Economic Analysis says this is its final number….so it can\’t be revised downward even more.
When the fact that things are horrible, but it won\’t be getting even worse, is the feel-good part of the story, you know you\’re in trouble.
We\’re in trouble.