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The Audacity of Reality: “Hope and Change”
“Obama recovery, with an average GDP growth rate of just 2.1 percent, is among the slowest in history.”
Before this period, the longest stretch of years when real GDP did not grow by at least 3.0 percent, as calculated by the BEA, was the four-year stretch from 1930 to 1933—during the Great Depression.
Seven years ago our economy was in decline. We were shedding nearly 800,000 jobs a month, the housing market was in free fall, and the auto industry was flatlining. Many families were struggling to pay their bills and make ends meet, and millions more were watching their savings evaporate. We were in the midst of the worst recession since the Great Depression. –Sara El-Amine, Executive Director, Organizing for Action
and now, the Obama government has just passed $19 trillion in debt and is in pressing need of new funding sources. The only real change American citizens are experiencing is an increasingly democidal bureaucracy that regulates, penalizes and taxes them to death, unless of course they meet some government-defined facet of preferred un-American criteria.
The longest consecutive stretch of years in which the United State saw real GDP grow by 3.0 percent or better was the seven year period from 1983-1989, during the presidency of Ronald Reagan.
“Real GDP increase by 2.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same rate as in 2014,” the BEA said in the press release it put out today when it published its revised estimate for GDP growth in the fourth quarter of 2015.
In that quarter, according to today’s revised estimate, GDP increased at an annual rate of 1.0 percent.
In the Annual Report of the Council of Economic Advisers that President Obama sent to Congress this week, the administration noted that it is projecting real GDP to grow by only 2.7 percent this year and by less than that in the following two years.
“Real GDP is projected to grow 2.7, 2.5, and 2.4 percent during the four quarters of 2016, 2017, and 2018, respectively,” said the report.
Next week, the Joint Economic Committee will be holding a hearing on the president’s economic report.
“Whether it is burdensome regulations, a broken tax code or a ballooning national debt, the Obama Administration’s policies are a dead weight on the economy,” said Sen. Dan Coats (R.-Ind,). “Under this president, we continue to see stubbornly low workforce participation and historically high long-term unemployment rates.
“In order to boost GDP, we need to overhaul our tax code and strip away unnecessary government regulations to give employers the confidence they need grow their businesses and create new jobs. Congress can take action to help grow our economy, but we need a willing partner in the White House,” said Coats.
An astute observation:
“… the economy was pretty good and the real unemployment rate was fairly low throughout most of Bush’s presidency, right up until the Democrats took over Congress in the last two years. Once they took over, the economy began tanking, and Obama ran with that to give us one of the worst economies and lowest job rates that we’ve had in my lifetime. I don’t think even Carter was this bad. It’s nice that we returned Republicans to the Congress, but they haven’t been very effective in standing up to Obama’s excesses. “