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Five Years Of ObamaNomics: A Progress Report
June 2014 was the fifth anniversary of the end of the 2008-09 recession. But the US economy has not yet begun an acceptable recovery. Polls show more than half of Americans believe we’re still in recession.
According to the “advance estimate” published Wednesday by the Commerce Department, Gross Domestic Product (GDP) grew at an annualized rate of 4% in the second quarter, ending June 30th. (This estimate will be revised twice and the final number, due in about sixty days, could be significantly different.)
While 4% is nearly double the average for the past five years it’s still not the strong growth America needs to begin a genuine recovery from recession. And, as the chart shows we’re suffering through the weakest post-recession recovery since the government began issuing quarterly GDP reports 67 years ago.
Last fall the Obama Administration spiked the football on news of a 4% quarter. But the three quarters since then average an anemic 1.8%. So this time the post on the White House website was more subdued. It began with the obligatory blame-hurling at Republicans – without acknowledging any failing for which someone should be blamed. The rest of the post was a bland, academic assessment with the cautionary advice that “GDP figures can be volatile and are subject to substantial revision.”
Perhaps they realize at the White House that they’ve declared economic victory too many times — beginning with Joe Biden’s “recovery summer” of 2009 — and no longer have any credibility.
Read the full story: www.libertyworks.com
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