Obama's Recovery Is A Sham, And The Numbers Show It [US In "Growth Recession"]
InvestorsBusiness Daily ^ | September 27, 2012
Posted on Friday, September 28, 2012 11:05:50
Obama's Recovery Is A Sham, And The Numbers Show It
09/27/2012
Economy: As President Obama touts his "New Economic Patriotism" (see below), fresh data show just how badly his policies have failed. The old saying "patriotism is the last refuge of scoundrels" also applies to the economy.
The final revision for the second quarter is in, and it isn't pretty: GDP grew at a yearly rate of just 1.3%, not 1.7% as earlier estimated. Worse, durable goods orders plunged 13.2% in August, the biggest drop since the recession and an ominous sign the second half will be just as bad.
Pundits and economists have noted recently the economy is in danger of slipping back into recession. But they miss the point: It already is in recession. GDP growth of 1.6% in the first half of 2012 was abysmal, coming as it does more than two years after the recession officially ended in June 2009.
Economists broadly agree that to create jobs and raise standards of living, GDP must grow at a minimum of 2.5% or so. If the economy expands less than that for a prolonged period, it's a "growth recession." That's exactly where we are today.
The "recovery" Obama touts has featured GDP growth of 2.2% on average. There are today 261,000 fewer payroll jobs than when Obama took office — no growth at all and not even close to the 150,000 needed each month to sop up new entrants into the workforce.
Because of President Obama's reckless economic policies — out-of-control spending, a regulatory surge, the threat of a trillion-dollar tax hike, ObamaCare and $5 trillion in new debt — we're in deep trouble.
(Excerpt) Read more at news.investors.com ...
