May 2, 2014

The Economy Has a Pulse, but Only Barely

GDP growth has slowed to a crawl, all thanks to Obama’s policies.

The numbers are in for the economy’s performance in the first quarter, and they’re not pretty. The GDP grew by a barely perceptible 0.1%, far below estimates predicted last year. And then there are April’s underwhelming jobs numbers. Economists in 2013 claimed that 2014 would be a banner year for the U.S. economy, with some even claiming it would be the best year since the so-called recovery began in 2009. No such luck.

The White House, which over the last five years has been quick to deflect bad economic news with whatever disastrous headline worked to their advantage, this year chose Old Man Winter as the culprit. Administration economist Jason Furman said, “The first quarter of 2014 was marked by unusually severe winter weather.” But what about global warming? Never mind that. Mother Nature is clearly a bigot, and this was without a doubt the most racist winter in history.

Barack Obama came into office on the idea that he would turn America’s economy around, but he also mixed that with a promise of “fundamentally transforming the United States of America.” We can see which of these competing promises won out. From the start of his presidency, and the $800 billion stimulus washout, virtually every decision made by the administration and by Capitol Hill has stamped out the embers of real recovery. Excessive regulations and ObamaCare have conspired to keep the country from experiencing the type of strong post-recession growth we have historically enjoyed.

The Obama “recovery,” now 19 quarters long, is the most anemic recovery in modern history. Real GDP growth over those 57 months is 11.1%, averaging 2.2% per quarter. By comparison, the average gain over the previous 10 U.S. recoveries is about 21%, with a per-quarter gain of 4.1%.

The bitter irony here is that if it weren’t for the skyrocketing costs of health care under ObamaCare, the economy might have actually contracted last quarter. At least that’s the silver lining some leftists are pointing to, as they argue that because people are paying more for health care due to the draconian regulations coming to life under ObamaCare, the economy will benefit.

One of the original reasons for foisting ObamaCare on the American people was that it would lower health care costs. Even before the final passage of the bill, it was glaringly obvious that the law would raise costs, reduce quality of care and fail to live up to its promises. As of last quarter, there has been a 9.9% annualized jump in the cost of health care. The last quarter of 2013 saw a 5.6% rise. The excuse from the White House is that this is due to the high number of recent signups, and that costs will level out over time. Kind of like how the economy was supposed to pick up speed in 2014?

This week’s bad economic news was compounded by another unsettling fact. According to the World Bank, China will surpass the U.S. as the world’s largest economy this year. To be fair, there are a lot of qualifications attached to this bit of trivia. It’s based on purchasing price parity (PPP), not aggregate wealth or total share of global GDP, or quality of the products produced, three categories in which the U.S. still clearly dominates. But for how long? China wasn’t expected to pass the PPP benchmark for another five to seven years. It seems that accurate economic predictions these days, particularly when statists are in charge, don’t hold much weight.

Start a conversation using these share links:

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!

The Patriot Post and Patriot Foundation Trust, in keeping with our Military Mission of Service, are proud sponsors of the National Medal of Honor Heritage Center, the Congressional Medal of Honor Society, Folds of Honor, Honoring the Sacrifice, Warrior Freedom Service Dogs, Officer Christian Fellowship, the Air University Foundation, the Naval War College Foundation, and the Naval Aviation Museum Foundation.


“Our cause is noble; it is the cause of mankind!” —George Washington

Join us in prayer for our nation, that good and righteous national leaders would rise and prevail, and that division would be healed so we would be united as Americans. We pray also for the protection of our military Patriots, first responders and their families, and comfort for veterans who are suffering.

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2023 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.