June 13, 2014

1Q GDP -1.7%

Worse than thought.

We were told this year’s dismal first quarter GDP was all because of harsh winter weather, right? You can kiss that assertion goodbye. The contraction, originally pegged at around 1%, is more than likely closer to 2% thanks to bad health care data. According to Reuters, “The government reported that the economy contracted at a 1.0 percent annual rate in the January-March period. But with health care spending data now in hand, economists say growth probably declined at a rate of at least 1.7 percent.” Say, wasn’t Obama supposed to fix our health system with a government overhaul, too? This is the face of Obamanomics and Hope ‘n Change. Another quarter like this and guess what? We’re in recession again. More…

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