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Economy Suffers Worst Drop Since Recession in 2009
Posted By Daniel Greenfield On June 25, 2014 @ 10:09 am In The Point | 5 Comments
Pshht. Here’s a little secret. The recession never actually ended. The media and handpicked economics experts have been insisting that everything is fine now. And just like their Global Warmist colleagues, their numbers don’t reflect reality.
The U.S. economy turned in its worst quarter in five years during the first three months of 2014, shrinking more sharply than previously estimated.
The decline was the sharpest since growth tumbled 5.4% in the first quarter of 2009 during the Great Recession. The last time the economy shrank was in the first quarter of 2011, slipping 1.3%.
Also, exports declined 8.9%, vs. the 6% drop previously estimated.
The U.S. economy shrank at 2.9 percent annual rate in in the first quarter, a far more alarming downward pace than announced in two previous government estimates, according to the Commerce Department.
The figure is nearly three times lower than the preliminary estimate of 1 percent released last month, and marks the worst performance for a three-month period since 2009.
Somehow the real figures keep undercutting the estimates. But the blame is being assigned to winter, because weather is apparently a new phenomenon. It’s true though that while winters did exist before, Warmist hijacking of climate science led to a prediction of a warmer winter. That prediction was false and cost people’s lives.
But the left always puts ideology ahead of science and people.
And let’s not forget ObamaCare.
The Commerce Department said its final revision reflected a weaker-than-expected pace of healthcare spending, which caused a downgrading of the consumer spending estimate.
Obama is the gift that just keeps on giving. So long as you remember that in German, ‘Gift’ has a very different meaning.
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