Posted on 05/29/2015 5:47:11 AM PDT by tellw
WASHINGTON (AP) -- The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The Commerce Department says the overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period. The revised figure, even weaker than the government's initial estimate of a 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending. It marked the first decline since a 2.1 percent contraction in the first three months of 2014, a slump that was also blamed on winter weather. Economists expect a rebound in the current quarter to growth of around 2 percent and expect the economy to strengthen later this year.
(Excerpt) Read more at hosted.ap.org ...
I feel like I'm listening to the crop forecasts in the old Soviet Union where every year for 60 years the lousy harvest was blamed on the "bad weather".
Every single year...
Bingo!
If you Lose, you Lose. If you Win, you Lose.
The Economy did pretty well under Bush, even recovering after the events of 9/11. When the Housing Bubble Burst in 2007 / 2008, it was the beginning of the end and created a Perfect Storm for Lord Obama to slide into Office.
All you hear is how the Bush Economy caused “the great Recession”. Well, the Bush Economy was fine for 6 1/2 Years.
Doesn’t matter though, the Lies have stuck and will continue to do so. I don’t see anything changing and I have yet to se any Blue State that Obama Won in 2012 switching to the Republican in 2016. We is Toast...
My goodness....if the economy gets hammered by some cold weather it’s in really, really bad shape.
It is amazing that our national economy was able to survive for so long, seeing how this “winter” takes such a large bite out of it. Unless I am mistaken, we’ve had these “winters” once a year, every year..... just amazing that in the past we actually had growth occur during “winter!!”
So they now tell us that it is 0.7 negative growth. How can you be that far off in an estimate and still keep your job?
“The fix: increase interest rates.”
I believe the fix isn’t in tweaking monetary policy, but the fix is in removing government from business and peoples lives. No income taxes, no business taxes, no regulations, etc. Then watch the people thrive and their businesses. Watch the economy take off.
The low interests rates (if I remember correctly) were supposed to be a temporary fix while the gov got its spending under control. Instead, it created a situation where there is no need for accountability....just keep those printing presses going!
I'm wondering if the next "fix" is all the talk were hearing about cashless society plans.
Your comments about 1984 are exactly why I have not re-read Atlas Shrugged. I am simply too afraid to face the truth!
I don’t recall Bush or even Clinton citing the weather for GDP disappointments of adjustments.
I thought they officially ended QE?
I never knew the depth of FDR’s insanity until recently. Laws were passed for instance that put in price floors on products and services - precisely the WRONG policy in the midst of a depression when we need prices to fall.
Totally unexpected. Aint socialism grand?
The title has been changed, folks...
It is now:
“US economy shrank in winter but staging a spring rebound”
OBVIOUSLY the Dems went nuts over the headline.
I wonder who called the editors?
Was iy Media Matters, the White House, or the IRS?
Well the story does conclude with “-—economists expect a rebound-—”. What could go wrong with that? You know we’ll be hearing about Hillary’s economic recovery plan purty quick?
Just to be helpful I’ll translate “liquidity trap” to mean excessive gummint spending and debt. This trap does not have a smooth painless bottom when we realize we’ve hit it.
Bottom line: republicans are in charge of congress. Hillary is running for president. Things are getting bad and it’s the republicans’ fault so it’s time to report the truth about the economy.
You misspelled ruin, there is supposed to be an i after the u.
“Now the truth is coming out and everyone will know Obama owns it.”
Not everyone, mostly just those of us who knew that this had to happen and WHY it had to happen if Obama was reelected. There are plenty of fools who will be easily convinced that the GOP caused it all and the truth is the GOP has been far, far too cooperative with the rats.
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