Good news / bad news. The good news is that the first time in recent memory, GDP was revised UP for a quarter with 1Q GDP inching up to 2.0% from the previously reported 1.9%. The bad news is that 2Q GDP dropped a full half-percent from 2.0% to a meager 1.5%. That’s quite a steep drop given how paltry 2% growth is to begin with. In other words, as bad as the economy was in the first quarter of this year, the second quarter saw that level of economic growth decline by 25%.
And President Obama (with his Virginia cheerleaders Tim Kaine, Mark Warner and Gerry Connolly in tow) has the audacity to claim that his economic plan worked?