So much for hope and change. With the economy growing worse and worse, the grand promises of Barack Obama’s 2008 campaign have faded as the reality of malaise takes hold.
Obama’s economic collapse
Smack in the middle of the debt-ceiling crisis comes word that the economic situation is worse than everyone thought. New Commerce Department figures show the gross domestic product (GDP) growing at an anemic 1.3 percent rate in the second quarter of 2011. Even more alarming, the initial first-quarter 1.9 percent figure was sharply downgraded to a scant 0.4 percent. If the second-quarter rate is later reduced that much, it would signal that the country is in a recession. Most Americans suffering during this historic downturn wouldn’t be surprised....
The first Obama budget promised GDP growth of 4.0 percent in 2011. Instead, the current annual rate is 1.3 percent, and year-to-date growth annualizes to less than 1 percent. The promised unemployment rate for 2011 was 7.1 percent, to drop to 6 percent in 2012. Actual June unemployment was 9.2 percent, up from 8.8 percent in March ...
Read the whole thing. The promise and the reality are diverging at an increasing pace.
When I read or hear the remaining supporters of Obama and his policies tell us how wrong the Tea Party people are, I just want to tell them to shut up and sit down. They tried it their way and we are well and truly screwed with a double dip recession and trillions more in debt. We are literally worse off that when Obama took office because the hole he dug us is deeper and the tools we have to get us out are fewer.
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[[Economist says budget plans’ growth forecasts “laughable”
[[July 29 – Plans to resolve the U.S. budget and the debt ceiling standoff are ”astounding” in their presumptions of consistent GDP growth, co-founder and Chief Operations Officer of ECRI Lakshman Achuthan says. ]]
Link to this video is at http://commonamericanjournal.com/?p=30691
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