GDP Growth in First Quarter Down to 1.8%

red slippers

It’s a recovery. Just put on your ruby red slippers, click your heels three times and say, “It’s a recovery. It’s a recovery. It’s a recovery.” And then you’re ready to be an Obama Economist or Obamonist, for short.

U.S. economic growth was more tepid than previously estimated in the first quarter, held back by a moderate pace of consumer spending, weak business investment and declining exports.

Wait so have the sequester and “Uncertainty due to Congress’ failure to raise the debt ceiling” excuses run out? But who needs those stupid “Job Creators” anyway. Let them go to China. We have Obama.

Gross domestic product expanded at a 1.8 percent annual rate, the Commerce Department said in its final estimate on Wednesday. Output was previously reported to have risen at a 2.4 percent pace after a 0.4 percent stall speed in the fourth quarter.

Economists polled by Reuters had expected first-quarter GDP growth would be left unrevised at 2.4 percent. When measured from the income side, the economy grew at a 2.5 percent rate, slower than the fourth-quarter’s brisk 5.5 percent pace.

It’s like confronting four more years of the Recession-in-Chief is having a real downer effect on the economy.

Details of the report, which showed downward revisions to almost all growth categories, with the exception of home construction and government…

And we have a winner.

  • ServosT

    1.8% growth. $3.60/gal of gas. 8% unemployment. $Trillion deficits. The new normal.