Quote

'In the end it's not the years in your life that count. It's the life in your years.'
- Abraham Lincoln -

Saturday, July 28, 2012

White House Responds To Lousy Economic News

The economy sank back to a miserable 1.5% growth rate in the second quarter of 2012.  The Wall Street Journal responds:
"We're still in a position where we are pulling ourselves out of the very deep hole caused by the Great Recession, and there is still—of course—a great deal of anxiety in the country about the economy,'' said White House press secretary Jay Carney. He's right about the anxiety, but if only we were "pulling ourselves out."

The reality is that the Great Recession ended three long years ago. In this Less Than Great Recovery, the economy shows promise for one good quarter then slows back down. As the nearby chart shows, this is the third straight year of sputtering recovery. Growth of 4.1% in the fourth quarter declined to 2% in the first and now 1.5% in the second. The stock market rose as investors bet that the lousy growth will inspire more Federal Reserve easing. [link]
What's Obama's response?

His "plan worked."




All America looks on in shame.