Obama’s Latest GDP Numbers Prove He’s No Ronald Reagan
Posted by Jim Hoft on Friday, July 29, 2011, 5:36 AM
Worst. President. Ever.
Let’s face it. Barack Obama is no Ronald Reagan.
The GDP grew at an anemic 1.3% in the second quarter.
Obama’s government stimulus driven economic numbers:
Compare those numbers to Reagan’s private sector driven economic numbers:
In the last two quarters the economy has grown at a rate of 1.8% and 1.3%. during the comparable quarters of the Reagan presidency in 1983, the recovering economy grew at 5.1% and 9.3%, respectively. It’s about time we all tell the Keynesians to go to hell, isn’t it?
After blowing a trillion dollars on a failed stimulus plan, the US economy expanded at a slower rate than expected in the second quarter of this year. The Commerce Department announced this morning that the gross domestic product rose at an annualized seasonally adjusted rate of just 1.3% in April through June.
The Wall Street Journal reported:
The U.S. economy expanded at a slower pace than expected in the spring as consumers cut back on spending, while revisions showed the slowdown since the beginning of the year was much more drastic than previously thought.
The Commerce Department Friday said gross domestic product rose at an annualized seasonally adjusted rate of 1.3% in April through June, while first-quarter growth was revised down sharply to a 0.4% rate from the earlier estimate of a 1.9% gain. A big reason behind the downward revision in first-quarter growth was that the inventory buildup by companies was less than initially estimated, while outlays by the federal government and consumers were also revised down.
Economists surveyed by Dow Jones Newswires expected GDP to rise 1.8% in the second quarter.
The first estimate of the economy’s benchmark indicator for the second quarter showed growth was supported largely by business investment and exports.
But consumer spending, a big engine for the U.S. economy, made a much smaller contribution to growth. Spending edged up by an annualized rate of 0.1% in April through June, the weakest it has been in two years, after a 2.1% gain in the first quarter.
Americans have had to spend more for gasoline amid higher prices, leading them to cut purchases for other things. Sales last month by U.S. retailers excluding car and parts dealers were unchanged, with declines reported by furniture stores; electronics and appliances stores; restaurant and bars; health care stores; and sporting goods, hobby, book, and music stores.
Of course, today’s number was unexpected.
UPDATE: BK informed me that the numbers are not correct – You gave Obama’s policies too much credit, the 4th q number was revised downward to 2.3%. That must be Bush’s fault too. Can’t wait until Nov ’12.
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Bill Mitchell commented:
“while first-quarter growth was revised down sharply to a 0.4% rate from the earlier estimate of a 1.9% gain…”
Wait, that is a 1.5% miss? Who the hell are these economists that they miss the GDP number by 1.5%?! So that means if they missed this quarter by the same amount, the economy actually shrunk in the second quarter?
The amusing part is how this all ties back to the exact moment Obamacare passed. You know that bill that Obama told us MUS pass to save the economy?
Jack commented:
Check out the revision for the first quarter of 2011.
Anita commented:
Even these figures may not be believable (may be revise downwards even later), since Q1 rate was revised downward to meagre 0.4%. Expect MSM to ignore it.
saveus commented:
Just as Obama planned.
Destroying the USA one day at a time
Kitty commented:
The Q2 1.3% will be adjusted down next quarter. Don’t be shocked if it’s a negative.
bigkahuna commented:
When will the GOP stand up and say RAISE TAXES…… ON DEMOCRATS ONLY.
I want to see someone also call for the congress to get no pay if they dont have a balanced budget and every year that passes and we dont have a balanced budghet they push back any pension a year. Why should the very 535 who are responsible for masssive debt and deficits be rewarded for screwing us over as a country ?
big L commented:
what nr 7 said, doubled. My idea is no debt ceiling increase at all until we see the 2010 and 2011 budgets written and paased first. Lets see how fast the politburo can move to get that done. WE need that to see what the cong is up to. WHERE the MONEY went!
No business would do this, not pass a budget for 2 yrs and yetspend like creazy.
STOP. Let the ruling junta get going and create the budgets, Then the House will take up some issues. This is the only leverage we have to get the Junta to perform!
SeniorD commented:
What’s this? The Economy is GROWING???!!! Something is clearly wrong here; the Puppet President was told by TOTUS his masters don’t want ANY growth.
wdk535 commented:
Let us conservatives make sure we have our facts straight before we start making accusations. According to the data shown, the average GDP under 0 is 1.38%, while under Reagan it was 1.44%. Hardly a significant difference.
Old One commented:
Troll alert. Poster # 1O is frothing & foaming at the mouth.
The eastern contingent of Soros’s basement battalions have been summoned to duty having now recieved their Media Mutters taking points of the day.