It’s not so much that President Obama has hamstrung the economy but that he’s methodically stalked it over the past two and a half years.
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.3 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.
The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The “second” estimate for the second quarter, based on more complete data, will be released on August 26, 2011.
Let me translate that into Blogger English: The economy sucks.
Here is the scariest part, though. We’re supposed to be in Happy Stimulus Recovery Land right now. The administration itself predicted that by the end of this year, we’d be growing at at least 3 percent. When the White House sent Austan Gooslbee forth to tell us just how awesome things were going to be, he was working off the advance estimate that our first quarter growth was 1.8 percent. Well, look at what that number really is — almost nothing.
That’s right, folks. The Obama administration, after touting two straight Recovery Summers, has brought us to a point where our economy is at a dead, flat standstill.
And today he wants us to jack up the debt limit and give him carte blanche to spend as much as he wants without so much as a by your leave from the people whose money he’s tossing down a thousand fetid ratholes. He demands this of us even though he can’t be buggered to come up with an actual plan to show us when we lift our heads from the kneeling position into which we’ve been manhandled by Harry Reid, Nancy Pelosi and the rest of the Congressional Goon Squad and ask him for one.
Folks, it is long past time that we did some demanding of our own. Right now President Obama has John Boehner and the rest of the Republicans in Congress so cowed that they daren’t come up with a real debt limit plan that delivers real cuts our bloated and squamous government. They’re piddling around with baseline cuts — cuts in the anticipated growth of the enormous beast that will leave us even farther in debt than we already are. That is intolerable. We must demand better, not only of the Republicans but of our President who stands haughtily over them and orders them around as if they were jesters in his royal court. It is unacceptable for our economy to be in such poor shape. It is unacceptable for our government to act as a hostile force to entrepreneurship, prosperity, innovation, and little kids who just want to sell some lemonade.
So let’s do something about it. Melt some phone lines. Get your friends and neighbors over and start working on a plan to turn the 2012 election into something bigger than we saw in 2010. Push back on Twitter and other social media platforms.
Help those Republicans in Congress to understand that if they start hacking away at the noxious tendrils choking the life out of our country, you’ll have their backs without hesitation. You have power, Americans. Time to show it off.
Barack Obama demands, does he? We’ll just see about that.
Category: The Economy and Your Money