Despite the multiple “Summers of Recoveries” touted by President Obama and Vice-President Biden — it seems the U.S. economy is, at best, in a stall.
Gross domestic product — the broadest measure of economic growth — contracted at a 2.9% annual rate in January through March, according to the latest revision from the Bureau of Economic Analysis. That’s the weakest quarter for the U.S. economy since the Great Recession.
Naturally, The White House and its apologists blamed away the dramatic drop in GDP to nasty winter weather.
“The larger contraction in GDP in the first quarter is not a sign that the U.S. is suffering from a fundamental slowdown — it was still largely due to the extreme weather,” said Paul Dales, senior U.S. economist with Capital Economics.
Stephen Moore from The Wall Street journal summarily dismissed the “cold weather” excuse.
On a somewhat humorous note, former White House Press Secretary Jay Carney praised Obamacare when the initial Q1 GDP numbers came out, saying the healthcare law prevented an economic contraction.
Predictably, Huffington Post parroted the same laughable talking point from Carney at the time.
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