The American economy is off to a horrible start in 2016. GDP grew a measly 0.5 percent in the first quarter of this year. No wonder Democrats want to talk about transgender people and bathrooms.
U.S. Economy Expands to 0.5% Pace, Weakest in Two Years
The U.S. economy expanded in the first quarter at the slowest pace in two years as American consumers reined in spending and companies tightened their belts in response to weak global financial conditions and a plunge in oil prices.
Gross domestic product rose at a 0.5 percent annualized rate after a 1.4 percent fourth-quarter advance, Commerce Department data showed Thursday. The increase was less than the 0.7 percent median projection in a Bloomberg survey and marked the third straight disappointing start to a year.
Shaky global markets and oil’s tumble resulted in the biggest business-investment slump in almost seven years, and household purchases climbed the least since early 2015, the data showed. While Federal Reserve officials on Wednesday acknowledged the softness, they also indicated strong hiring and income gains have the potential to reignite consumer spending and propel economic growth.
“The fact that personal consumption is a bit on the soft side is a disappointment, especially in light of the low gasoline prices,” said Thomas Costerg, senior economist at Standard Chartered Bank in New York, who correctly projected first-quarter growth. “Consumption seems to be stuck in a low gear.”
Bill O’Reilly talked about this in his opening monologue last night. Be sure to watch all the way through so you can see Obama’s stunning statement on the strength of his legacy:
As long as we’re talking about depressing economic news, check out this report from Forbes:
Lost Dream: 90% Of Americans Are Worse Off Today Than They Were In The Early 1970s
For the vast majority of Americans, their nation’s economy is in a prolonged stagnation, far worse than that of Japan. When it comes to real income that is–income adjusted for inflation.
90 percent of Americans earns roughly the same real income today as they earned back in the early 1970s, according to a recent study released by The Levy Economic Institute (Figure 6).
Japan’s economic stagnation reaches back to the early 1990s.
Economic stagnation didn’t reach the remaining 10 percent of the population, which has seen a sharp rise in their real incomes over the same period.
Things were quite different in the decades preceding the 70s, a period that stretches back to the late 1940s, when real incomes rose for both groups – with the 90 percent group staying ahead of the 10 percent group in real income gains.
America needs a real change of course, real fast.
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