Friday, May 30, 2014

Obama recession?

Is this the Obama Recession? The first quarter growth of the US economy was just revised to minus one per cent. A recession is two quarters in a row that are negative.

Obama’s economic spokesman Jason Furman said this was expected. Oh, does that make it good news? Or even “OK.” No.

Investors Business Daily documents how Obama’s recovery is, like little Orphan Annice, “always a day away."

• Early 2009, Fed Chairman Ben Bernanke said the economy would "pick up steam" in 2010.
• In February 2010, Obama claimed that "we are seeing the corner turn on the economy growing again."
• In early 2011, Obama's top economist said "the economy has shifted out of rescue mode into the growth phase."
• In 2012, Obama claimed "the economy is getting stronger" and "our job now is to keep this economic engine churning."
• Early last year, Reuters reported that "signs are emerging that a more robust recovery is around the bend."
• This January, news stories told how "expectations are rising that 2014 will be the best year for the U.S. economy since the recession ended 4-1/2 years ago."

It still hasn’t happened. Please, President Obama, do the magic you say you can and get us some growth. And higher participation in the work force.

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