U.S. ECONOMY LIMPING ALONG …
|| By FITSNEWS || The big economic news this week was obviously the thud-worthy first quarter growth estimate from the U.S. Bureau of Economic Analysis (BEA). According to the government, the economy grew at an anemic 0.2 percent rate from January to March.
And that growth was due almost exclusively to rising energy costs … oh, and Obamacare.
Which is probably why economic growth for the second quarter of 2015 – which runs from April through June – isn’t looking so hot either.
According to the Atlanta Federal Reserve’s “GDP Now” tracking tool, the current estimate of economic growth for the second quarter clocked in at 0.9 percent.
Assuming that holds (and the Atlanta Fed’s first quarter estimates plummeted over time), we are looking at a best case scenario of 0.5 percent economic growth for the first half of 2015 – well below what the “rainbows and unicorns” crowd promised.
As we noted in our coverage of the abysmal first quarter data, “current lack of growth is part of an increasingly worsening broader downturn.”
The U.S. economy hasn’t expanded at an annual rate of three percent in ten years. It hasn’t achieved four percent growth in fifteen years. And it hasn’t hit five percent growth in more than thirty years. Of course growth exceeded five percent in twelve out of thirty years from 1950-1980. And it exceeded four percent in seventeen out of those thirty years.
You know … before the era of obscenely big government commenced.
Insert our boilerplate warning …
Until our leaders reverse course and engage the free market – not more wealth redistribution, crony capitalism, welfare statism and global interventionism – don’t expect anything to change. In fact expect things to get worse.
In fact don’t look now but … they are.