If we had a Republican president the media would be in a full-throated roar demanding impeachment because of the economy. Obama likes to tout his “economic success” but in fact we’re still in a recessionary mode.
The economic growth in the third quarter was just revised down from 2.1% to 2%.
Hell of a job Barack.
Gross domestic product — the sum of all the activity in an economy — increased at a 2% annual pace from July to September, according to the government’s latest update. Previously the Commerce Department had said the U.S. grew at a 2.1% rate after a 3.9% increase in the second quarter.
The slight downgrade was triggered by a larger trade deficit and a smaller buildup in inventories than earlier estimates showed.
The U.S. expanded at a 2.2% rate through the first nine months of the year, and the economy is projected to grow at a similar pace in the fourth quarter that ends on Dec. 31. If so, the economy will have failed to reach 3% growth for the 10th straight year, marking the slowest stretch since the end of World War II.
Remember when Barack was going to be the “jobs President?”
That didn’t work out so well. At least for Americans.
All of the net gains in in jobs since 2007 have gone to immigrants — both legal and illegal — according to a new report from the Center for Immigration Studies, meaning that fewer native-born Americans are working today than were at the end of 2007.
Give the Fed’s recent rate hike I wouldn’t be surprised to see the stock market go into a tail spin and 2016 see an official recession.
Sign up to get alerts from Joe!