Obamaconomy In Freefall

by JASmius



Expectedly "unexpectedly," of course:

The world’s [second] largest economy hit a bigger ditch in the first quarter than initially estimated, held back by harsh winter weather, a strong dollar and delays at ports.

i.e. by Obamanomics, the straitjacket in which it has been confined and desiccating for the past six and a half years.

Gross domestic product in the U.S. shrank at a 0.7% annualized rate, revised from a previously reported 0.2% gain, according to Commerce Department figures issued Friday in Washington.

The reason why I always wait for the proverbial other shoe to drop before commenting on the Regime's GDP mendacities, because it always does.

The median forecast of eighty-four economists surveyed by Bloomberg called for a 0.9% drop. By contrast, the report also showed incomes climbed, fueling the debate on whether GDP is being underestimated.

i.e. Overestimated.

A swelling trade gap subtracted the most from growth in thirty years as the appreciating dollar....

i.e. Other currencies are being gutted of value even faster than the Fed is managing to disembowel our own.

....caused exports to slump while imports rose following the resolution of labor disputes at West Coast ports. Federal Reserve officials are among those who believe the setback in growth will be temporary, helping explain why they are considering raising interest rates this year.

The Fed will NEVER raise interest rates unless and until Barack Obama is ready to trigger the Final Collapse.  Period, exclamation point.

But again, the same "dog ate my homework" excuses.  A "harsh winter" in what was purported, for global warming/climate change hoax purposes, to be the warmest year on record.  "Port closings" when imports increased by 5.6% .  Meanwhile, U.S. exports plunged 7.6%, which suggests one or both all of three things: (1) Overseas markets don't want our products, (2) overseas markets aren't able to buy our products, and/or (3) our industrial production dropped by a like amount.  And let's not forget the Left's Keynesian pump-priming idol, personal consumer expenditures, which cratered by 1.9% despite the CPI (allegedly) declining by 1.6%.

The moral of the story?  We're in a permanent economic depression, have been for six and a half years, Americans instinctively know it, and they're not buying the Obama Regime's incessant "economic recovery" bullcrap - or much else.