Monday, April 30, 2012
Don't expect Pres BO to talk about the latest GDP numbers
Another Friday and another day to come to terms with the reality that the US economy is still very sick:
"The U.S. economy expanded less than forecast in the first quarter as a smaller contribution from inventories overshadowed the biggest gain in consumer spending in more than a year.
Gross domestic product, the value of all goods and services produced in the U.S., rose at a 2.2 percent annual rate after a 3 percent pace, Commerce Department figures showed yesterday in Washington. The median projection of economists surveyed by Bloomberg News called for a 2.5 percent gain. Government spending fell for a sixth straight quarter."
It means that the US economy is not growing, at least not growing fast enough to offset the recent losses. The recession officially started in November '07 and it ended in June '09. We need the kind of growth that we had in 1983-84 "bounce", or about 8%.
Why isn't the US economy growing? I think that the answer is Pres BO, BO-Care & concerns about new taxes in 2013. We've been operating in a very uncertain landscape and that means that people will hold back. (Professor VD Hanson is right that Pres BO has "investors scared stiff")
Click here for Sunday's show with Bill Katz:
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