We are still waiting, going on two plus years now, for the Summer of Recovery President Obama promised would ensue from his spend, spend and spend some more, then when the economy completely crashes try to ask some questions approach to economics.
GDP for the first quarter was corrected down to the realistic rate of just 0.4%. That is a 1.5% drop from the fallacious claims that were previously made to try and put a rosy spin on Obamanomics.
The annualized seasonally adjusted rate in April through June was at just 1.3%. At least that is what they are telling us right now.
Funny. Every news report about why the markets have been down this week has cited the budget/deficit stalemate in DC as the culprit. The real story is that the markets were actually preparing for this bad news on GDP more than anything.
But expect the lie about the debt ceiling to permeate the headlines.
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