The latest news out of Washington on economic activity is as calamitous as the recent report on job growth: The economy is expanding just as anemically.
Indeed, there has never been an economy this sluggish three years after the official end of a recession.
The Commerce Department reported Friday that economic growth slowed in the second quarter, April through June, to an annual rate of just 1.5%.
That wasn’t entirely unexpected — but it’s no less troubling.
After all, annual growth in 2010 was just 2.4%, and only 1.8% last year.
In the first quarter of this year, the rate was 2%.
Not surprisingly, the White House put the best possible spin on things, citing the 12th straight quarter of economic growth.
The body is barely breathing, in other words, but it’s not a corpse quite yet.
Give it time, alas.
...
Obama now thinks the answer is a tax increase on job creators. If he really believes this is the answer, why did he wait until after the election to raise taxes instead of doing it when he passed his stimulus bill? to answer the question, he has no clue how to stimulate eh economy. He has already tried Keynesian methods that did not work so he is just scrambling trying to come up with a hail Mary pass.
Comments
Post a Comment