As GDP Falls, President Obama Runs Out of Excuses

[Doc91678]

Obamanomics:​

The economy shrank last quarter, the deficit topped $1 trillion last year, U.S. debt shot up $5 trillion in the past four, and joblessness is at 7.8%. Boy, President Obama sure inherited an economic mess, didn't he? According to the Bureau of Economic Analysis, the economy "unexpectedly" declined 0.1% in last three months of 2012, the first decline since early 2009.

The Obama administration, naturally, tried to look for scapegoats, this time settling on Hurricane Sandy and Republican-induced uncertainty over the "fiscal cliff" outcome.

But if that were the case, why was the administration running around late last year telling everyone how great the economy was doing?

And why didn't any economist predict a downturn?

***snip***


Continue reading: --->
Political Cartoons & Opinion - Michael Ramirez - Editorial News - IBD - Investors.com

 

[S.J.]

It's Bush's fault, Bush's fault, Bush's fault.

 

[Avatar4321]

Do you think they care? Everyones taxes just went up and they didnt blink an eye. They think they are hurting those darn "rich" people. Nevermind trying to help everyone.

 

[zzzz]

The recovery is based upon quicksand. Our economy has been shifting to a service oriented economy with no real solid base. Although we consume great amounts, mostly on credit, there will be a day of reckoning. The corrections of the past 14 years is only partially correcting our economy but the deficit is like a pit of quicksand. Whatever we do, if we do not fix the deficit, we will continue to sink into eventual economic oblivion.

 

[Doc91678]

The recovery is based upon quicksand. Our economy has been shifting to a service oriented economy with no real solid base. Although we consume great amounts, mostly on credit, there will be a day of reckoning. The corrections of the past 14 years is only partially correcting our economy but the deficit is like a pit of quicksand. Whatever we do, if we do not fix the deficit, we will continue to sink into eventual economic oblivion.

The shift took place during the mid 90's during the Clinton admin and no one noticed it.