The U.S. economy is moving sideways. While there are some signs of life, the most important indicators are very weak. Economic growth slowed to a 1.8% annual rate in the first quarter of this year, down from 3.1% of last year’s 4th quarter. If you exclude inventories (which picked up), the economy actually only grew by an anemic .8%.
Yesterday the Federal Reserve acknowledged the slower growth (duh) and trimmed its growth estimate for the year to between 3.1 to 3.3%. It’s going to take an economic miracle to get us back to those levels, given high gas prices and rising inflation.
More bad news: new claims for unemployment benefits ROSE last week to their highest level since January. They jumped to 429,000. This does not indicate economic health. The jobless situation is also the most politically toxic element for the President. That, combined with high gas prices eating into every American’s income, is driving great dissatisfaction with Obama (among many other things.)
“Where are the jobs, Mr. President?”
That question was asked by one Nancy Pelosi of President Bush in 2003.
And when gas hit $4 a gallon in 2008, Pelosi pinned it on Bush and Cheney, saying, “The price of oil is… is attributed to two oil men in the White House and their protectors in the United States Senate.”
What do you say now, Mrs. Pelosi? Oh right: nothing.
The truth is that if the Left would get out of the way by allowing lower taxes, eliminating suffocating regulations, repealing ObamaCare and reforming other massive entitlements, and allowing drilling, permitting, and exploration, we could get on a glide path to real economic recovery. But the Left is determined to block common-sense solutions to these issues because of their total commitment to their failed and destructive ideology. Unfortunately, the Left controls the White House and the Senate. We got rid of Pelosi and her “leadership” based on lies this time. Up next: the rest of them.
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