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First Quarter US GDP Revised Down To Negative 2.9%

From the Obama administration’s first responders at the Associated Press:

US economy shrank at steep 2.9 percent rate in Q1

June 25, 2014

WASHINGTON (AP) — The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago.

But the setback is expected to be temporary, with growth rebounding solidly since spring.

Never mind that the same news media used to called 3.3% GDP under Bush a sign that the country was already in a recession.

The Commerce Department says the first-quarter contraction was even more severe than the 1 percent annual decline it estimated a month ago. Two-thirds of the downward revision reflected a decline in health care spending.

In other words, the previous quarter’s (also lousy) numbers were artificially pumped up by people buying insurance through Obama-Care.

And never mind that 87% of them got taxpayer subsidies on the average of 76%. So exactly how did that help improve the Gross Domestic Product?

Another major factor was a bigger trade deficit than initially estimated.

Despite the plunge in economic activity last quarter, many analysts think the economy is expanding at a strong rate approaching 4 percent growth in the current second quarter.

More BS. Besides, if we had a Republican in the White House, the news media would claim that the recession had already started.

After all, the fourth quarter of 2007 only had a negative GDP of 0.2%. And yet the Democrat eggheads at the National Bureau of Economic Research and the Democrat activists in the news media all claimed that was the beginning of the ‘Bush Recession.’ Even though the GDP went back into positive territory in the next quarter.

This article was posted by Steve on Wednesday, June 25th, 2014. Comments are currently closed.

One Response to “First Quarter US GDP Revised Down To Negative 2.9%”

  1. GetBackJack says:

    7 fat years
    7 lean years
    8 Obama years .. followed by 70 years of ‘babylonian’ captivity.

    Why, it’s almost biblical

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