MORE ECONOMIC SLUGGISHNESS …
|| By FITSNEWS || America’s economy continued sucking wind in April, with retail sales remaining unchanged from the month of March. Economists had expected a modest rise of 0.2 percent.
After getting socked from December through February, retail sales posted a revised 1.2 percent uptick in March – however the momentum clearly didn’t carry over.
The abysmal reading is further evidence that the second quarter’s gross domestic product could be worse than the first quarter’s – which of course could mean the American economy is headed toward a recession.
Wait, wait … what? Wasn’t this supposed to be the year rainbows and unicorns were unleashed on our economic landscape? Yes … yes it was.
Unfortunately, rather than embrace the free market – the federal government has chosen to continue its entitlement perpetuation, wealth redistribution, crony capitalism, welfare statism and global interventionism (even though it’s already more than $18 trillion in the hole).
Oh, and let’s not forget the impact of socialized medicine.
For those of you keeping score at home, consumer spending accounts for more than two-thirds of the U.S. economy. Which means if spending isn’t growing, the economy isn’t growing.