Friday, August 27, 2010

Obama's Direction

News is out today that Q2 GDP is a lot worse than the unexpectedly bad numbers that were reported just several weeks ago. Ed Morrissey at Hot Air:

The GDP number for the second quarter got revised sharply downward by a third today, dropping from the initial estimate of 2.4% last month to 1.6% in the intermediate revision. The number represents a hard rebuke to White House attempts to paint a rosy long-term economic picture, as the anemic growth rate may indicate even more trouble ahead for joblessness

You know what this calls for . . . an Obama speech!

Of course.

Over to you Jim Geraghty:

The White House seems really convinced that if they say “moving in the right direction” enough times when discussing the economy, the voters will give them some sort of credit, or at least not notice that the economy has mostly sputtered over the last two years, and really for the last three

Geraghty also provides a handy list of GDP growth over the past 10 quarters.

This calls for a chart!

'Obama



So that's the direction Obama considers to be the right one?

Yike.




1 comment:

  1. This graph conflicts with the narrative that Obama inherited an economy in a downward spiral. We can see that the economy had turned around before Obama even took office.

    Indeed by March 15, 2009, the Obama Administration (Bernake) reported seeing the "green shoots" of a recovery. That was before the first dollar of 'stimulus' had been spent. The economy actually reported positive GDP growth by June, 2009. Again this was before any 'stimulus' money had an effect on the economy.

    Kinda make ya feel cynical doesn't it?

    ReplyDelete