Economy Is Gaining; Wait, No… It’s Actually Shrinking

Contrary to early reports, the American economy shrank drastically in the first quarter by 2.9 percent.  This is a far more alarming picture than the ones first painted that showed a slight growth.

The newest revision on Wednesday by the Commerce Department is nearly three times lower than the preliminary estimates — the worst quarter since the economic woes of 2009.

Fox News contributor and economist Peter Morici said that there are a few factors that can downplay the lackluster performance. But he also said there are some areas of concern.

“Business scaled back their investment, and that is a bit foreboding,” said Morici. “They just don’t believe the president’s ballyhoo about this being a breakout year.”

“It’s clear the White House doesn’t know which way is up, just two months ago bragging that ObamaCare was helping the economy; and now we’re seeing the worst economic report since the low point of the recession in 2009,” said RNC Chairman Reince Priebus. “The Republican House has sent Harry Reid and Democrats in the Senate dozens of bill to help jump-start our economy, and it’s time they stop standing in the way.”

According to The Wall Street Journal, Macroeconomic Advisers recently forecast that the economy will grow at a 3.6 percent annual rate in the April to June period.

However, the discouraging first quarter numbers might cause some to pause, given they they were told the first quarter would be a growth period as well.

This post originally appeared on Western Journalism – Informing And Equipping Americans Who Love Freedom

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Comments

  1. Linda From NY says:

    Of course the economy is shrinking what can anyone expect from this POS failed policies that he put in place which will lead to a economic death for America. One thing will lead to another, right now we are seeing a slow death of our economy

    With his crappy healthcare and more then half the Country out of work and on welfare and adding millions on the government's tit, sucking it dry it will cause the economy to crash bringing on chaos, that is what he wants to implement Marital Law and take even more control

    We better pray that by 2016 we may still have a Country of what is left of it, I have a bad feeling that this POS is going to do something evil to cause the destruction of our Nation and to stay in office forever.

    • You say "the POS is going to do something evil to cause the destruction of our Nation and to stay in office forever."…..he has been practicing evil deeds since taking office……..and no he won't stay in office forever because Americans would revolt. November will make a course correction.

      • Linda From NY says:

        Hi Karen,
        You are right this POS has been practicing evil since day one, I realized he is crazy and he loves power and he is crazy enough to do something Obama thrives on chaos

        And you are right again Americans would have a revolt if he tries to stay in power pass 2016, this coming Nov. we the people must get out and vote OUT all of these democrats and Rinos

        In 2012 we had a chance to be rid of this POS between voter fraud and low information morons they voted to put this man back in office but thank God that many people right now are waking up and they see him for what he is

        Believe me I do NOT want to be right about Obama staying in forever, is just that we are dealing with a madman and with him anything is possible to say the least

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