U.S. ECONOMY CONTRACTS BY ONE PERCENT IN FIRST QUARTER …
We just wrote about global warming so it only makes sense to address the other big “weather hoax” out there … the myth that an unseasonably cold winter is responsible for the flagging U.S. economy.
America’s total economic output shrunk during the first quarter by one percent – its first contraction since the first quarter of 2011. Prior estimates from the U.S. Department of Commerce showed the economy growing by 0.1 percent.
The dismal first quarter data means it is all but impossible for the economy to hit its forecasted growth of three percent for the year – even if second quarter “bounce back” data is as strong as analysts claim it is going to be.
For those of you keeping score at home, the economy grew by 1.9 percent in 2013 and 2.2 percent the previous year.
U.S. President Barack Obama’s top economic advisor downplayed the new data, saying “it is important not to read too much into any one single report.”
That’s especially curious considering GDP would have shrunk by 2 percent during the first quarter were it not for a $40 billion surge in the health care industry driving almost exclusively by Obamacare subsidies.
Say it with us people, “rainbows and unicorns, rainbows and unicorns.”
Look, we hope the economy rebounds. It’s important for all of us that it does. But if you think Republicans and Democrats in Washington, D.C. are ever going to pursue the sort of policies necessary to create a sustained rebound … you’re crazy.
The costly bipartisan incentivizing and expanding of dependency remains an anchor on the free market recovery we could be experiencing right now …