Skip to comments.Obama official: Reduced gov't spending to blame for slowdown
Posted on 04/28/2011 5:02:34 PM PDT by Sub-Driver
Obama official: Reduced gov't spending to blame for slowdown By Michael O'Brien - 04/28/11 04:40 PM ET
A top economic aide to President Obama blamed reductions in government spending for a slowdown in U.S. economic growth in the first quarter.
Austan Goolsbee, the chairman of the Council of Economic Advisers, said that a slowdown in government spending was mostly responsible for the 1.8 percent growth in gross domestic product (GDP) between January and March, down from 3.1 in the fourth quarter of 2010.
"It was an expected slowdown," Goolsbee said in an interview on Bloomberg television. "The biggest driver was a reduction in government spending at the federal level, a big negative from defense spending."
The slowdown had largely been predicted by outside observers, and the Commerce Department, which released the first-quarter statistics, blamed a variety of factors chiefly higher consumer prices, along with reduced spending.
Still, observers who predicted a slowdown are more optimistic about the chances of a recovery in later quarters something the Obama administration is counting on as it begins the president's reelection effort.
"Nobody likes a growth slowdown," Goolsbee said. "We've got to have faster growth, but 2011 and 2012 are still looking fairly positive."
what reduced spending? Nothing even got cut until the 2nd quarter.
They are satirizing themselves. Do they actually listen to what spews from their own lips?
"Reduced government spending." You can't make this stuff up. Then he goes on to say that's what causes the slowdown.
“Austan Goolsbee”....just his name alone screams “idiot”.
Let them continue their idiocy. They are digging their own graves. This kind of nonsense is proof they think we are either not paying attention or we are stupid.
A top economic aide to President Obama blamed reductions in government spending for a slowdown in U.S.
and they wonder why there’s a TEA Party.
More rantings of another Harvard idiot.
There are two ways to see through a telescope. This jackwad thinks everything is rosy.
This Jackwad thinks he is an economist
because he majored in Marxism.
There are two ways to see through a telescope.
This jackwad thinks everything is rosy.
Unfortunately, they're digging ours too.
This iQuarter ncluded the month of February.... He month with the biggest deficit spending in history...what was it? $225 billion?
These idiots can say anything. The Ministry of Truth backs them up.
This Quarter included the month of February.... ThE month with the biggest deficit spending in history...what was it? $225 billion?
Even if this nonsense were true, so what? An economy that depends on government spending to prop it up isn’t going to make it. Government sponsored, debt based wealth is a one way ticket ruin.
Snicker. The Obamoids are lapsing into self-parody.
Nothing got cut. I am not sure anything has less of an increase than planned.
Funny, I got a Fox ‘breaking news’ alert on my phone this morning that said the economic slow down was due to fuel prices and the weather.
So if we Quadrupled Federal Spending to 100% of GDP, a la North Korea, we’d be rich!
Welcome to Obamaland! Where up is down, wrong is right, and spending is saving.
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