According to Democrats, a foundering economy like this can be righted with tax increases:
(Reuters) – The U.S. economy came perilously close to flat-lining in the first quarter and grew at a meager 1.3 percent annual rate in the April-June period as consumer spending barely rose.
The Commerce Department data on Friday also showed the current lull in the economy began earlier than had been thought, with the growth losing steam late last year.
That could raise questions on the long held view by both Federal Reserve officials and independent economists that the slowdown in growth as the year started was largely the result of transitory factors.
Growth in gross domestic product — a measure of all goods and services produced within U.S. borders – rose at a 1.3 percent annual rate. First-quarter output was sharply revised down to a 0.4 percent pace from a 1.9 percent increase.
And of course what MSM story about the economy would be complete without the “unexpectedly” part?
Economists had expected the economy to expand at a 1.8 percent rate in the second quarter. Fourth-quarter growth was revised to a 2.3 percent rate from 3.1 percent.
Jerry Rice blames Bush.
And check out how Hope & Change is going for African-Americans in the city that’s hosting the Democrat National Convention next year:
According to an analysis by the Economic Policy Institute, in Charlotte, N.C., the unemployment rate for African-Americans is 19.2 percent. If you add in people who have given up looking for jobs, that number exceeds 20 percent, which, according to economists Algernon Austin and William Darity, has effectively mired blacks in a depression.
The Congressional Black Caucus has been leaning on President Obama to address the epidemic of black unemployment on his watch. So far, the president has resisted the notion of job programs specifically targeting African-Americans. His position is that a rising tide will lift all boats.
I differ with that last sentence. Obama’s philosophy isn’t “a rising tide will life all boats” — it’s “a lowering tide gives plenty of excuses to implement massive wealth transfer programs.”