FAIL. Obama GDP Slides to 1.5% in 1st Quarter of 2011 …Update: US Budget Deficit Shot Up 15% So Far This Year
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,