Our friend Ed Morrissey updated us today on the sad state of the US economy.
Yes, the GDP is down again:
"Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.0 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the “second” estimate released by the Bureau of Economic Analysis.
In the first quarter, real GDP increased 0.4 percent."
It sounds to me like there are some dark clouds over the horizon!
Once again, we call for "growth oriented" policies. Unfortunately, Pres BO has been killing the economy with misguided populism and attacks on those who create jobs and risk their capital.
What's the result of Pres BO's rhetoric? Nobody is hiring on risking their capital!
We understand that Pres BO will be giving a big "jobs speech" after his vacation. Let's hope that it is a "growth" speech not another call for taxing the rich!
In the meantime, Pres BO's political nightmare just gets more and more scary! I hope that they are keeping an eye on the sharks in the waters of New England!
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