"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." -- Theodore Roosevelt

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Thursday, January 31, 2013

GDP Shows "Surprise" Drop in US

"If only the rest of America was as smart as I-- or is it me? Never mind. You know who I mean!"

Another "unexpected" development.

From the AP:

The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.
The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.

The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.

The surprise contraction could raise fears about the economy's ability to handle tax increases that took effect in January and looming spending cuts [emphasis mine].
Gotta love the AP. Hey, this all sets up a great incentive for spendapalooza the sequel. I mean sure the first stimulus was a dismal failure that managed to spend $1 trillion and netted basically a 0% change in unemployment-- if you don't count under employment of course.

The shrinking of the economy is pretty much a surprise for only academic Leftists and people who deny the existence of European and South American economic policies. Congrats Barack!

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