FAIL. Obama GDP Slides to 1.5% in 1st Quarter of 2011 …Update: US Budget Deficit Shot Up 15% So Far This Year
Posted by Jim Hoft on Tuesday, April 12, 2011, 3:44 PM
Worst. President. Ever.
In 2009 the Obama Administration promised that with their big spending policies the economy would grow by 3.2% in 2009 and then 4% or higher in 2011 and beyond. Team Obama also said the unemployment rate at the end of President Barack Obama‘s term in 2013 would be just 5.2%.
Well, it ain’t happening.
The Obama GDP slid to 1.5% in the first quarter of 2011.
The New York Times reported:
At a time when the economy should be rebounding the latest GDP number for the first quarter of 2010 shows that the Obama economic policies have failed.
When 2011 began, Macroeconomic Advisers, a forecasting company, expected that America’s economic output would shape up to rise at a 4.1 percent annual rate in the first quarter, the highest pace in over a year.
But economic reports coming in over the last few months have been increasingly disappointing.
Today, after an especially weak report on February’s trade deficit, the group’s economists lowered their first quarter G.D.P. estimate to a sorry 1.5 percent annualized. If borne out, that rate would be slower than each of the last two quarters, at a time when the economy desperately needs to be rocketing forward so that companies will hasten their hiring.
The Commerce Department will release its preliminary number for first quarter G.D.P. on April 28.
Hat Tip Ben
UPDATE: The national deficit this year is up by 15% over last year.
The AFP reported:
The US budget deficit shot up 15.7 percent in the first six months of fiscal 2011, the Treasury Department said Wednesday as political knives were being sharpened for a new budget battle. The Treasury reported a deficit of $829 billion for the October-March period, compared with $717 billion a year earlier,
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Published May 17, 2012 at 1:26 pm - 155 Comments
#1AMERICAN commented:
And this suprises anyone???? Vote ODUMBO the Moooslim out in 2012
Lee commented:
Color me shocked. Sigh.
If you can’t read the sarcasm in that, you’re beyond hope.
Taqiyyotomist commented:
“We’re headed in the right direction.” –Ear Leader
JPL17 commented:
Jim: Where in the NYT article did the writer say, “the latest GDP number for the first quarter of 2010 shows that the Obama economic policies have failed”???
I gasped when I read those words, because I just couldn’t believe that a NYT writer would actually say that their Messiah had “failed” at anything. So I clicked on the link to see it with my own eyes, but when I did, sure enough, the “Obama…failed” line wasn’t there.
Was “Obama…failed” part of the original Times quote? If so, can you please post a screen shot of it? I’d love to know if this is another example of the Times flushing politically-incorrect commentary down the memory hole….
nelli commented:
Well, what can we expect, with oil prices so high?
Cheap fuel would boost the economy.
Too bad there’s no way to get any. Not with Democrats in power.
Dave-O commented:
I suspect that the economic forecasting firm is being overly optimistic at the level they are projecting. Just wait until we get $5/gal gasoline this summer – you can then stick a fork in the economy. Will that be Bush’s fault too?
Justine commented:
So, what happened to the almost trillion $ stimulus money?
.
Bill Mitchell commented:
Obama simply could not be a bigger failure as president according to every measurable metric. More than half of the “new jobs” in the latest jobs report were pure fiction based upon the assumption of thousands of new companies being created and hiring 10′s of thousands of employees.
How in the hell does this fool remain above 40% approval rating? Now with gas prices going to $5 a gallon, it only gets worse from here. Yet, the MSM still does not seem to blame Obama.
If he manages to get re-elected in 2012 in the current environment, he will undoubtedly be the greatest con-man of all time. Ignore everything you see people, just listen to the melodious sound of my voice…
gus commented:
Obama is a eff up. We saw this coming. Boehner better strap on his stones and get his act together.
Scott commented:
I guess it’s true…Obama saved or created trillions in deficit spending…For what is the question?
gus commented:
Obama has ZERO skills at anything. He’s a freak. He’s a misfit. He’s a loser. And he’s got emotional and psychological problems. Only a moron, a libtard or some nut with racial grievances could possibly vote for this piece of crap.
Joe College commented:
Look where The Times sticks this story. Not with the real news, but under economix/blogs. This way they can say they covered it yet at the same time nobody will ever find it in The New York Times.
http://economix.blogs.nytimes.com/2011/04/12/g-d-p-forecast-for-first-quarter-slides/
Scott commented:
The democrats have had a strangle-hold on domestic energy production for a generation beginning with…wait for it…Jimmy Carter! We haven’t commissioned a refinery or nuclear plant since the 1970s. The result is that we empowered third world despots who have taken in trillions in US dollars. These dollars should have stayed at home to build business here. To educated and employ Americans… Now, we stand like a punch-drunk fighter waiting for the knock-out punch. Do you hear me RINOs…Make Obama and the democrats own this economic devastation…They own the budget deficit. They own the trade deficit. They own the financial crisis…It is your job to make every American understand what these communists have done to our Republic…Do the job, or we’ll get people who can!!!!!!!!!!!!
JoeyO commented:
…But…But…But…the Stimulus! It saved and created millions of jobs and invested in all kinds of union goodies which must have made us the fastest growing country in the world since all the others were doing that stupid cut-taxes/cut-spending nonsense that never, ever works according to Liberal-Economics 101…
Hong commented:
Also notice that the story has been ‘updated’ with the first sentence missing. Interesting…there’s no liberal bias at the NYT at all.
David Kramer commented:
Yes, now reports are coming out that the unemployment numbers and jobs were COMPLETELY FIGMENTS of the ObaMao administration’s imagination!
Whodathought!?
http://brucetyson.wordpress.com/2011/04/12/fake-job-numbers-may-come-home-to-roost/
gus commented:
Scott. Boehner isn’t listening, he’s at a cocktail party.
jimg commented:
At a time when the economy should be rebounding the latest GDP number for the first quarter of 2010 shows that the Obama economic policies have failed.
Yeah. They scrubbed that line from the story.
Unreal.
gus commented:
#19 April 12, 2011 at 5:05 pm
jimg commented:
At a time when the economy should be rebounding the latest GDP number for the first quarter of 2010 shows that the Obama economic policies have failed.
Yeah. They scrubbed that line from the story.
WHY WOULD THEY SCRUB THAT??? I can’t figure it out. I mean Joe the REEEETARD Biden and Barry O’Dimwit have repeatedly told us that the economy has rebounded!!!
Muffin commented:
That’s called a plummet, not a slide. P-L-U-M-M-E-T.
Rock commented:
Look I understand the position of the President has been a 4 year contract with a one term renewal clause, but are we sure we didn’t get this imposter through Graigslist?
PS the cook is a disaster, and I thing she’s been raiding the pantry.
No One Ever Called Him Barack "Leadership" Obama commented:
Obama must be impeached if the country is to survive. His high crime & misdemeanor? Gross and malign incompetence and purposeful destruction of the private sector and the public fisc.
Rock commented:
WTF is no more a leader than the lead horse is a leader. It takes skilled hands on the rains to get the most out of the team, or throw the race.
Hopefully the voters will show their disapproval at the ballot box, but with the Injustice Department as the legal authority in the nation even that is at risk.
donh commented:
Double Dip…or more like a fade in the dead cat bounce following the TARP crash.
retired miilitary commented:
I think the NY TIMES is jumping on the “Lets draft Hillary bandwagon”
Valerie commented:
Just so we’re clear: Congress puts together the budget and oversees our agencies. Nancy Pelosi is the key person responsible for our budget mess, since before BO got elected.
This does not excuse BO for his share of the mess.
Valerie commented:
#23 April 12, 2011 at 6:06 pm
No One Ever Called Him Barack “Leadership” Obama commented:
“His high crime & misdemeanor? Gross and malign incompetence and purposeful destruction of the private sector and the public fisc.”
That’s a policy disagreement. Fraudulent use of a social security number, however, if proven, is a felony.
unseen commented:
wait till the $4.00/gal fgas is factored in.
this is a demand led recession. the only way out of it is to have deflation.
Robert commented:
not-president What-The-eF also said he would lower the deficit by half after his first term in office
A Babich commented:
If all those on the far right… namely these posts were as dilligent about critisising the disasterous President Bush policies we might actually get somewhere. I believe President Obama is doing a great job… especially in the face of the party of “NO” . A party who still believes that somehow the trickle down policies of Bush will somehow create jobs when those tax cuts just went into senior managers pockets and who now (you may be some of them) hold jobs hostage so they can get their way. The new budget proposed by the republicans , yet again falls on the middle class and the poor. With respect to the medicare plan proposed by the right, I can just see a senior 85 years old with dimentia attempt to negotiate health care with a provider or insurance company – give me a break!