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Recovery: US Economy has Worst Quarter in 3 Years
Posted By Daniel Greenfield On May 29, 2014 @ 11:47 am In The Point | 9 Comments
And while the recovery remains a talking point on Pennsylvania Avenue, rather than a reality on Main Street.
The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace.
Naturally the official word blames the cold because that way they can switch to promoting the total destruction of the economy through carbon credit taxation.
The estimate is down significantly from BEA’s 0.1% advance estimate released last month and makes Q1 the U.S. economy’s worst quarter in three years.
But don’t worry. The economists have more optimistic economic projections. They consulted the entrails, donated to Organizing for Action and they’re promising a bright future ahead. And then the real numbers will come down.
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