Obama Presides Over Economy that Shrinks in 4th Quarter
Honestly, who would have thought that the policies of a man inspired by Marx rather than Adam Smith would have the economy shrink by .1% during the Christmas season?
From the Commerce Department:
Real gross domestic product — the output of goods and services produced by labor and property
located in the United States — decreased at an annual rate of 0.1 percent in the fourth quarter of 2012
(that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.
The Bureau emphasized that the fourth-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page 4
and the “Comparisons of Revisions to GDP” on page 5). The “second” estimate for the fourth quarter,
based on more complete data, will be released on February 28, 2013.
The decrease in real GDP in the fourth quarter primarily reflected negative contributions from
private inventory investment, federal government spending, and exports that were partly offset by
positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment,
and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased.
The downturn in real GDP in the fourth quarter primarily reflected downturns in private
inventory investment, in federal government spending, in exports, and in state and local government
spending that were partly offset by an upturn in nonresidential fixed investment, a larger decrease in
imports, and an acceleration in PCE. Read more….
For the low information voters out there, aka, Democrats, the Commerce Department also has some pictures to help you understand that YOUR President, who has SPENT TRILLIONS, has no real economic plan, and in fact, his actions haven’t really done a damned thing to get this economy moving.
Furthermore, during President Obama’s first term, despite the Stimulus, despite pumping trillions into the economy via deficit spending, and despite the passage of Obamacare, the best economic growth that his policies could produce was 2.5% during 2010. Two to two and half percent annual growth is near stagnation and considering the massive amount of money that this administration has pumped into the economy, some $6 trillion dollars in deficit spending during his first administration, economic growth of this size is unacceptable.
At what point do people abandon policies that do not grow the economy? Can they truly be happy subsisting on Section 8 vouchers, EBT cards, and welfare checks?