Skip to comments.As GDP Falls, President Obama Runs Out of Excuses
Posted on 01/31/2013 6:40:18 AM PST by IBD editorial writer
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?
(Excerpt) Read more at news.investors.com ...
I guess one thing I learned in November is that this man will NEVER run out of excuses.
Barack H. 0bama, GDP of the USA.
But this just has to be Bush’s fault!
The Fedgov is analogous to the family in 2007 riding a wave of false prosperity based on maxxed out credit cards and HELOCS on a house with negative real equity. Two leased luxury SUVs and a McMansion.
When the emperor is finally observed as naked, it won’t be a pleasant time in America.
I just wish I knew when the implosion will occur.
“I guess one thing I learned in November is that this man will NEVER run out of excuses.”
It’s because the Obama media will accept any excuse, without any questioning. The fall back position is that it’s the Republican’s fault.
We’re doomed, it’s hopeless, we’re on the Titanic listening to the band play. Obama says it’s the Republican’s fault. The Obama media reports that as fact, without question. The stupid American public, if they happen to notice, believes the Obama media.
Indeed. Another day and the author could have included a half dozen quotes from Bob Beckel on O’Reilly last night: any talk of economic malaise is evil demogoguery!
That is a very interesting analogy and it pinpoints the problem.
The marxists think that the government is the patient and we are bleeding it by reducing the amount of "revenues" they collect from the taxpayer.
Whereas the conservatives think that the American economy is the patient that is being bled out by a government that is wasting our financial resources.
Bush’s fault, Republicans’ fault...
those will never “expire”.
Great job, IBDew.
It seems that lessened spending on some areas like defense were more than offset by increased spending in other areas. Apparently, not only is consumer confidence low, but business pessimism is high. Your quote above nails the reasons.
I think it's significant that the economy contracted in the Christmas quarter. One has to work really hard to accomplish that. It would make sense to think the following quarter would have an even harder time.
Yesterday, the fed decided to continue their low interest policy. The trouble as I see it is that they must do that. As soon as interest rates rise, the interest on the fed debt will immediately blow up to a higher cost than all non-defense discretionary spending combined. It will be as high as the non-warfighting portion of the defense budget.
Business pessimism exists because businesses see this nation on a collision course with crisis.
Absolutely nailed it. It’s frustrating. The low-information voter was, ultimately, the iceberg. The corrupt MSM made sure we steered a course right into the iceberg with Captain Obama at the helm.
Devil Republicans made me do it."
Obama and the Democrats will always blame the Republicans, and the liberal MSM will always back them up, because instead of being objective, the MSM is there to be the centurion guarding and protecting Obama and his administration.
Furthermore, the idea that Obama and the Democrats care at all about the fiscal health of this country is a farce. The worse our economy gets, the more people will turn to the government for “help” and will grow dependent on it. Obama and the Left are all for the growing dependence on the government, so that they can continue to spend us into oblivion.
With both the citizenry depending on the government for aid (instead of self-reliance), and a media that blames every malady on the Right (and gets away with it), the closer we are to becoming a one party system with a tyrant/dictator as our Head of State.
This is going exactly as planned by the Socialists/Marxist/Communists in our country. Who won the Cold War, again? The seeds were planted in our midst, and we gave them plenty of room to grow. Now the weeds have taken over.
I’ll save time for any leftists wanting to defend the record
Generic responses from the DNC:
After the eight years of Bush...
The Republicans in congress are obstructionists
It’s all the selfish rich people hoarding the money
“What difference does it make?!?”
He only needs one excuse that the low information voter will buy: Bush’s fault.
In the Chicago Stock Yards, there is a large pen with an endless supply of scapegoats.
Oboma is the B & B president. (Brag and Blame)
You can fool 52% of the people all of the time it seems.
Prior to 11/6/2012, those 52% were useful idiots.
Now they're just idiots.
Obama has more excuses than the R party has cowards and that’s going some.