President Obama’s economic recovery has now been proven to be worse than anyone thought. New figures provided by the Bureau of Economic Analysis show that economic growth in almost every quarter since 2012 was weaker than previously calculated.
The result is that Gross Domestic Product growth from 2012 to 2014 was only 2%, not 2.3%. “In dollar terms,” an Investor’s Business Daily article notes, “the revisions cut more than $100 billion from the nation’s economic pie.” It also means that President Obama has presided over an economic recovery — now more than six years old — that is far worse than all the previous 10 stretching back 70 years.
However, in a February 2009 interview on NBC’s “Today” show, Obama was referring to the pace of economic recovery when he said, “If I don’t have this done in three years, then there’s going to be a one-term proposition.”
President Bush’s recovery after the 2001 recession — attacked by Democrats as too little – proves to be stronger that Obama’s. After 24 quarters, Obama’s GDP is up a mere 13.3%. By this point in the Bush recovery, GDP had grown 18%.
Obama’s recovery – the worst since World War II — has vastly underperformed even his own projections. The administration’s fiscal 2010 budget pegged 2010 growth at 3.2%. Actual growth was 2.5%.
The revisions cut growth in the third quarter of 2014 by one percentage point. At the time the 5% increase was announced, Obama proclaimed that, “America’s resurgence is real.” Administration officials used the figure to counter Republican predictions of damage to the economy from the Affordable Care Act. The revisions announced this week also showed that the economy’s slight contraction of .2% in the first quarter of 2014 was revised upward to .6%
This summer, Obama told The Daily Show host Jon Stewart that the economy “by every metric, is better” than when he took office.
h/t: Wall Street Journal
This post originally appeared on Western Journalism – Equipping You With The Truth