White House blames ‘fiscal cliff’ fight, Sandy for GDP decline

The Washington Times ^ | 30 January 2013 | Dave Boyer

[COBOL2Java]

The White House on Wednesday blamed a surprising economic decline in the fourth quarter of 2012 on the uncertainty of the ‘fiscal cliff’ feud with Congress and the effects of Superstorm Sandy.

Alan Krueger, chairman of the president’s Council of Economic Advisers, said the first contraction of the GDP in 3½ years was partly because “federal defense spending declined precipitously, likely due to uncertainty stemming from the sequester” — deep automatic defense and non-defense spending cuts that were narrowly avoided at the end of last year. He also said Sandy, which struck the East Coast in late October, “disrupted economic activity.”

The poor economic report was a blow to start President Obama’s second term, after he waged a re-election campaign grounded in his promise of better days ahead for the middle class. The fourth-quarter slowdown was a sharp drop from the 3.1 percent growth rate in the July-to-September quarter.

Mr. Krueger said federal defense purchases dropped by an annual rate of 22.2 percent in the fourth quarter of 2012, the largest decline in 40 years. The so-called fiscal cliff would have imposed steep cuts in defense spending in an effort to reduce deficits; Mr. Obama and congressional Republicans agreed on Jan. 1 to delay the cuts for two months while they negotiate on a longer-range budget deal. They also agreed to extend tax cuts for families earning less than $450,000 per year.

[COBOL2Java]

[oldbrowser]

The poor economic report was a blow to start President Obama’s second term

That poor Owebama has the worst luck with the economy.

[Cringing Negativism Network]

Bunk.

I blame sending American jobs to China, and to every other country except America.

Bring back American jobs now.

[dowcaet]

I’m sure they’ll get around to blaming W again for this dismal economic news. Doesn’t it feel like we’re all trapped on an out of control plane that’s about to hit the side of a mountain?

[COBOL2Java]

It's all those pesky human beings, they're so...uncontrollable! Why won't they ignore the law of unintended consequences like they're supposed to and follow the Marxist plan like the book says?

[Obadiah]

Ever notice that Robert Mugabe and Barack Obama have NEVER been photographed together?

Coincidence? I think not.

[COBOL2Java]

Doesn’t it feel like we’re all trapped on an out of control plane that’s about to hit the side of a mountain?

And the Captain's blaming YOU for letting him get his affirmative action license from a diploma mill.

[Aevery_Freeman]

And these will be the “Good Ol’ Days” very soon.

[ntnychik]

Didn’t they attribute uptick in jobs to Sandy-related construction?
Looking for Keeping Story Straight Department.

[COBOL2Java]

Didn’t they attribute uptick in jobs to Sandy-related construction?

Don't expect that question to come from the steno pool - er, the press pool.

[The Great RJ]

What Obama’s not blaming Bush for the GDP drop??

[concerned about politics]

The White House on Wednesday blamed a surprising economic decline in the fourth quarter of 2012 on the uncertainty of the ‘fiscal cliff’ feud with Congress and the effects of Superstorm Sandy.

This is just a temporary short term loss of long term memory. They'll get back to blaming Bush any day now.

[oldbrowser]

The Gods of the Copybook Headings will not be denied.

[concerned about politics]

Doesn’t it feel like we’re all trapped on an out of control plane that’s about to hit the side of a mountain?

NASA Administrator Recommends Being Prepared to Employees

[Not A Snowbird]

I had nothing to do with it.

[skinkinthegrass]

blames ‘fiscal cliff’ fight, Sandy for GDP declineBarbaraStreisand!..IF we had a real leader (Not Boemher..0'Butthurts' ally);
then we might have been (better) able to resist his actions since 2011.
right now, they're (RINOs) runnin' like scared rabbits...

[COBOL2Java]

I had nothing to do with it.

Nor Sandy Cheeks...

[St_Thomas_Aquinas]

I blame the tsunami.

[PghBaldy]

In that vein, Steve Croft's interview of Barry & Hillary:

That the Dog returns to his Vomit and the Sow returns to her Mire