This seems to be a pattern in the Era of Hope and Change.
Taking already bad economic numbers and revising them downward later on.
The efforts by the Obama Regime to push domestic exports has been, in short, an epic FAIL. The June trade deficit was the highest since October 2008.
[T]he recent Obama initiative to push exports to double in 5 years has started off, just like all other administration efforts, as an abysmal failure. The June balance of trade plunged to ($49.9) billion, on expectations of ($42.1) billion – a surge of $8 billion compared to May’s ($42) billion. This number was the highest since October 2008, and just $28 billion away from the all time record.
Even worse news: the first quarter gross domestic product was revised downward from 2.4 percent to 1.3 percent, and the second quarter GDP was revised downward to below 1 percent.
Welcome to Jimmy Carter 2.0. High employment with a stagnant economy. All that’s missing currently is the double-digit inflation and double-digit interest rates.
It’s not pretty out there. The Regime and its sycophants in the state-run media keep using the word “unexpectedly” when describing the onslaught of bad economic news.
It’s unexpected only when one has the economic IQ of a turnip, something common to progressives. Massive government spending resulting in back-to-back years of deficits well in excess of $1 trillion dollars. Government takeovers of everything from the auto industry to the banks and financial institutions to the mortgage industry to health care. The looming cap-and-tax fiasco which will be passed in the lame duck session of Congress. The Mother of All Tax Increases facing every American when Congress allows the 2001 and 2003 tax rate reductions to expire January 1, 2011 and everyone’s taxes skyrocket.
Must be like standing on the Titanic and seeing the iceberg coming and knowing there was nothing you could do to stop it.
Double-dip recession here we come.
By the way, Charles Krauthammer pointed out this week on the Fox News Roundtable that once Congress passed the $1.3 trillion porkulus bill, Our Lord and Savior Barack Hussein Obama owned the economy no matter how much He continued to blame President Bush.
Everything He’s done since then has cemented His ownership.
