Corrente

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Now Obama has very his own recession!

Well done, all! Russia Today:

The US economy unexpectedly took its biggest plunge in more than three years last quarter, contracting at an annual rate of 0.1 percent and indicating a new level of vulnerability for the economy.

The plummet marks the first time the economy contracted since the Great Recession ended and is causing concern that the US could be headed further downhill. The economy shrank from October through December, which economists attribute to a large cut in spending, fewer exports and lagging growth in company stockpiles.

Anybody who thinks this is some kind of accident, I've got a bridge I want to sell you. Especially if you're one of those Obama-lovin' hipsters.

Have I mentioned lately what an asshole Obama is?

NOTE Maybe this is my pony.

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DCblogger's picture
Submitted by DCblogger on

I always took a cynical view of the FICA holiday, I always thought he wanted exactly enough stimulous to get reelected, and then he wanted to collapse the economy. I think he likes human desperation because it makes him feel more powerful.

Neil in Chicago's picture
Submitted by Neil in Chicago on

"plunge"!
"plummet"!
one-tenth of a percent . . .
Is there a secret rule of journalism that any decline, regardless of how slight, has to be covered by Chicken Little?
I don't mean that this isn't real, or isn't important, but what would, say, 2% be? OMGWE'REALLGOINGTODIE!!1!111!!

tom allen's picture
Submitted by tom allen on

Considering that the GDP grew +3.1% the previous quarter, -0.1% is quite a drop. -2% instead would have been panic mode, yes. As it is, nobody predicted a negative number.