The U.S. Commerce Dept. has downgraded 2012′s 2nd quarter economic growth from a paltry 1.7% to a pathetic 1.3%.
Output was also revised down to reflect weaker rates of consumer and business spending than previously estimated. Outlays on residential construction export growth were also not as robust as had been previously estimated.
Economists polled by Reuters had expected second-quarter GDP growth would be unrevised at a 1.7 percent pace. The economy grew at a 2.0 percent pace in the January-March period.
Anyone who believes things are getting better has blinders on. Durable goods orders are down 13.2% — the largest drop since the deepest part of the recession in January 2009. Fewer people are working today, more people have completely dropped out of the workforce, and more people are on food stamps and welfare.
There were 133.56 million total jobs when [Obama] was inaugurated and there are just 133.24 total jobs today.
Compare that with what President Reagan did:
in the first 29 months of the Reagan recovery, the private sector created 8.04 million jobs, jumping from 72.77 million private sector jobs in December 1982 to 80.81 million in May 1983
If Obama is reelected in 40 days, America faces its own lost decade that will make Japan’s decade-plus long crash seem like an economic boom.
As I’ve heard people verbalize recently, for the first time in their lives, they are truly scared about the economic future of this country. They should be.