Why the surprise at shrinking economy?
...It already looks and feels like a recession and it could be one that gets worse if Obama stays on his same course of high taxes and high regulations. His refusal to do entitlement reform is also a drag on the economy. It is better to do it now than wait until it is too late. Romney had better ideas but they were drown out by a relentlessly negative and deceitful campaign by Obama. Those who were fooled by it will now have to suffer the consequences.
I don’t know why they say the drop is unexpected. We are preparing to decimate national security, at a cost of perhaps 1.2 million jobs. The country was and still is poised to accept more tax hikes. The regulatory burden on employers and the prospect of Obamacare hang over our heads. No wonder we are in an economic slump. One more quarter of this, and, according to the technical definition, we will be in a recession.