Posted on 05/30/2014 4:15:17 AM PDT by IBD editorial writer
Recovery: The economy "unexpectedly" contracted at an annual rate of 1% in the first three months of the year. But fear not! The prosperity that President Obama has promised for five years will be here tomorrow!
Obama's top economic adviser, Jason Furman, dismissed the news that the 1% drop was twice as big as economists had predicted just a few weeks ago. This was, he said, almost entirely due to a downward revision in the "highly volatile inventories category" and some bad winter weather in some parts of the country.
"More up-to-date data," Furman says, show that the economy "continues to recover."
The media largely parroted his talking point, quoting various economists reassuring us that there'll be strong growth come spring. CNN, for instance, headlined its story "U.S. economy shrinks, but it's not a big deal."
We'd be somewhat inclined to buy into this happy talk if we hadn't heard this ad infinitum since Obama took office.
(Excerpt) Read more at news.investors.com ...
We are so screwed, when all this PRINTING of $$ finally comes home to roost. . .
We will soon see the administration spin-meisters claiming that negative economic growth is a good thing.
Like how they told us that Obamacare ends Job Lock and receiving unemployment benefits is really a good thing because it is a way of stimulating the economy.
April numbers include a $10B order for submarines. So, nobody is actually buying anything but, hey, look at those April numbers!
“negative economic growth is a good thing”
Our county just approved a medical marijuana pot farm in its TIF district citing it is a new growth industry.
” - - - Obama’s top economic adviser, Jason Furman, dismissed the news - - - “
Duh, isn’t that what we call DENIAL ?
If we’re not careful here, we’ll soon find out that Bush was responsible for THREE recessions: The one that started while Clinton was still president, called “The Bush Recession (1)”, The one that started because Obama was elected president, called “The Bush Recession (2)”; now this one, “The Bush Recession (3)”.
Well, ya have to realize that 0bama inherited a bad economy....you may have already heard that.
At this point, the economists say the economic activity for the 2nd quarter isn’t look very good either. However, I have every confidence that 0bama’s Dept. of Fixers and Fudgers will be able conjure up a positive 2nd qtr. GDP report.
Recovery for Wall $treet but not Main Street.
Still haven’t seen that phrase in the MSM.....
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