Boom: Q1 GDP revised downward to -1.0%

posted at 9:09 am on May 29, 2014 by Ed Morrissey

For the first time in three years, the American economy contracted over the course of a quarter. In the interim report on GDP, the BEA estimates that the US economy shrunk by a full point in 2014 Q1, a downward revision of the advance estimate of 0.1% growth:

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 1.0 percent in the first quarter according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.

The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, real GDP was estimated to have increased 0.1 percent. With this second estimate for the first quarter, the decline in private inventory investment was larger than previously estimated (see “Revisions” on page 3).

The decrease in real GDP in the first quarter primarily reflected negative contributions from private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by a positive contribution from personal consumption expenditures. Imports, which are a subtraction in the calculation of GDP, increased.

Don’t blame federal budget cuts for this contraction, or the weather either. Federal government spending rose 0.7% after dropping 12.8% in Q4, although state government spending fell by 1.8%.  Exports fell by 6.0%, a sharp drop in any sense and a remarkable reversal from +9.5% in Q4, and real non-residential fixed investment dropped 1.6%.

Not all of the news was bad, though. Real personal consumption expenditures (consumer spending) rose 3.1% in Q1, almost the same level as in Q4 (3.3%). The real final sales of domestic product, which are sales to end-user consumers, rose 0.6% — much lower than Q4′s 2.7%, but still positive. However, growth in real gross domestic purchases was entirely flat (0.0%) after a stagnation reading in Q4 of 1.6%.

CNN rushed to cheer everyone up by proclaiming the “expected” nature of the slump:

Brace yourself. The U.S. economy looks like it went on a roller-coaster ride at the start of the year.

Revised numbers released Thursday show the economy shrunk in the first quarter, marking the first downturn since early 2011. Gross domestic product, the broadest measure of economic growth, fell at a 1% annual pace, according to the Bureau of Economic Analysis.

A slump was entirely expected, and economists aren’t too worried. They expect a sizeable bounce back in the spring.

CNBC’s Rick Santelli isn’t as sanguine, and certainly isn’t banking on the 4% growth number for the rest of the year cited in CNN’s report:

Reuters chalks it up to — what else? — cold weather:

The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded.

The Commerce Department on Thursday revised down its growth estimate to show gross domestic product shrinking at a 1.0 annual rate.

It was the worst performance since the first quarter of 2011 and reflected a far slower pace of inventory accumulation and a bigger than previously estimated trade deficit. …

The decline in output, which also reflected a plunge in business spending on nonresidential structures, was sharper than Wall Street’s expectations. Economists had expected the revision to show GDP contracting at a 0.5 percent rate.

There have been indicators of better growth in Q2, but nothing that would indicate a 4% growth rate for the rest of 2014. There is more hampering the US economy than just a cold winter. This is part of the continuing cycle of stagnation seen since the June 2009 recovery, and there are no indications that we are breaking that cycle now. This report should be a sign that we’re getting more fragile, not gaining strength.


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In my high school Government class, had to write a research paper – we selected our own topic. I chose: How to turn a country communist.

The ten page requirement was consumed by 1) Control media (back then it was Networks, Newspapers); 2) Constrain religious practices and 3) destroy the economy.

The instructor handed it back pronouncing loudly “Well done, comrade!”

socalcon on May 29, 2014 at 9:56 AM

Here in Southern California, where we had a beautiful, mild (if dry) winter, and where the housing prices have been rebounding nicely, you’d think we’d be the picture of “recovery.” But look closer and you’ll see a whole lot of empty storefronts where longtime shops and restaurants used to be. Are we doing better than a lot of the rest of the country? Yes, but with an undercurrent of unease that wasn’t here before.

ncinca on May 29, 2014 at 9:56 AM

Red lines ink, baby!

Key West Reader on May 29, 2014 at 9:55 AM

ReWrite™ engaged for the ObamiNation slogan.

Steve Eggleston on May 29, 2014 at 9:56 AM

Key West Reader on May 29, 2014 at 9:53 AM

I’m fairly certain this won’t happen, however, here is to 0 just up and quitting. *clink!*

Bmore on May 29, 2014 at 9:57 AM

The advantage of living in Flyover Rube Country rather than in the hip city, proximity to farmers willing to barter beef and produce.

My freezers are overflowing with prime cuts, and not just from the drifters and hitchhikers I process down in the cellar, actual beef too.

Bishop on May 29, 2014 at 9:45 AM

Now that I got my house, I might start doing that. It is hard to do that when you are living out of those tiny apartment refrigerators. But we have a huge Refrigerator and stand up freezer coming out of storage sometime next month. Then I can join one of those cow shares and maybe get some chicken too. I am not that picky about the cuts. But maybe if the wife learns to barbeque, I might become picky.

astonerii on May 29, 2014 at 9:58 AM

You know what will fix this don’t you? Amnesty!!!

ReaganWasRight on May 29, 2014 at 9:58 AM

Seems funny that they blame the Vortex and long cold snowy winter and it didn’t affect the Canadian economy. What happen up their ? Did they have a real warm winter or is it a fact that their deficit is not nearly as large as the US. I think the Harper gov’t is more friendly to business as well.

garydt on May 29, 2014 at 9:52 AM

Can someone pop over to Hawaii and pick up a COLB for Harper?

slickwillie2001 on May 29, 2014 at 9:59 AM

FINALLY…President ZERO is greater than the economy.

brentspolemics on May 29, 2014 at 9:59 AM

Gasoline prices are not news under a Democratic president.

If we had a Republican president, gasoline would once again be the lead story.

slickwillie2001 on May 29, 2014 at 9:56 AM

Nah, the lead story would be the VA scandal. Then the IRS. Then the NSA. Then Benghazi. Then F&F. Then the economy. Then gas prices.

Come to think of it, all of those stories would take a backseat to the Republican President’s resignation speech cuz there’s no way anyone with an R after their name would survive all of that.

Doughboy on May 29, 2014 at 10:00 AM

Surprise, surprise, NOT!

Jayrae on May 29, 2014 at 10:00 AM

It would not feel good to have another recession, and worse when they started Blaming George Bush for it. But if it were to happen I would conclude that it was the Obama Tax increase of 2013 that was to blame taking so much cash out of the economy.

In order to not be too personal, I would say that many people I know had less income and paid more in taxes than the year before. They withheld the same as the year before, made less money, and then had to send a check. Most of the people I know work in one industry. I have heard that government workers made more last year than EVER in all of history, and many of them don’t even bother to send the check.

The media is thinking now, we need to blame this recession on the GOP, and that they won’t give Obama the money they gave other presidents so he can fix the economy. The GOP who…fill in the blank…and ruin the economy. We need less capitalism, it is mean and greedy and results in recessions, because it is not “Resilliant and Sustainable!”

Fleuries on May 29, 2014 at 10:00 AM

But maybe if the wife learns to barbeque, I might become picky.

astonerii on May 29, 2014 at 9:58 AM

Barbecuing is the man’s job. Stews, roasts, and the like is the wife’s job.

Steve Eggleston on May 29, 2014 at 10:00 AM

Anybody who was a nobody in 2012 would roll her this time around. It’s The Rat Way.

Steve Eggleston on May 29, 2014 at 9:55 AM

Forget whoever dares run in the Dem primaries against the pre-ordained birth canal…… I’m more fascinated with the number of rats who gush about how Killary is the most experienced and accomplished candidate of either party in decades. They, of course, can’t back it up with actual accomplishments but that doesn’t curb their enthusiasm in the least.

And while on the subject, I agree with Mark Levin. The conservative right needs to get behind one candidate and push long before the MSM and establishment GOP tell us that we are going have to support the electable one. Rand Paul, Marco Rubio, Jeb Bush, or Chris Christie (the one who has AP gushing like a teenaged schoolgirl).

Happy Nomad on May 29, 2014 at 10:02 AM

So if cold weather is what is causing the slow down in the economy…
Don’t we want global warming?

MityMaxx on May 29, 2014 at 10:02 AM

So economists expected this even though the original number was wrong?

The economy took a downturn because it was cold, even though we’re in the grip of global warming?

But we’re supposed to believe that everything will be rosy soon … five years after the recession ended?

I don’t even …

Mark Boabaca on May 29, 2014 at 9:17 AM

This.

KMC1 on May 29, 2014 at 10:03 AM

Looks like the bum, Obummer, is getting what he wanted: destroy the economy.

I hope he ends up living in a tent, scratching for food and water, prior the end of his years. His kids will be grown, doing well, and ignoring both him and his lovely wife.

avagreen
on May 29, 2014 at 9:42 AM

More likely the kids will be the ones in the tent scratching for food and water. After all, Teh SCOAMT and Mooch are Boomers.

Steve Eggleston
on May 29, 2014 at 9:44 AM

Yeah. But, in my fantasy it’s him and Mooch in the tent. **evil grin**
.
.

Maybe he’d even have to the the VA for health issues. The one with the longest waiting lists. (0‿‿─)

avagreen on May 29, 2014 at 10:04 AM

That’s what happens when you put a Communist in the White House.

glockomatic on May 29, 2014 at 10:04 AM

Safe bet Q2 will be positive. Can’t have anyone using the “R” word.

forest on May 29, 2014 at 10:05 AM

The permanent ObamaRecession is here…

albill on May 29, 2014 at 10:06 AM

Forget whoever dares run in the Dem primaries against the pre-ordained birth canal…… I’m more fascinated with the number of rats who gush about how Killary is the most experienced and accomplished candidate of either party in decades. They, of course, can’t back it up with actual accomplishments but that doesn’t curb their enthusiasm in the least.

And while on the subject, I agree with Mark Levin. The conservative right needs to get behind one candidate and push long before the MSM and establishment GOP tell us that we are going have to support the electable one. Rand Paul, Marco Rubio, Jeb Bush, or Chris Christie (the one who has AP gushing like a teenaged schoolgirl).

Happy Nomad on May 29, 2014 at 10:02 AM

That’s all about keeping the field clear so she can wait until mid-2016 to “marry” Huma (with Bill hoping she doesn’t divorce him first so they can start pushing poly-”marriage” instead of being the final push for gay “marriage”).

Related to the second item, there’s rumblings that the Scott Walker campaign is about to throw the conservative groups that spread the conservative governance message better than the campaign under the John Doe bus in order to prove his GOPe bona-fides.

Steve Eggleston on May 29, 2014 at 10:08 AM

CNN: Brace yourself. The U.S. economy looks like it went on a roller-coaster ride at the start of the year.

Roller coasters go up AND down. This economy is only going down.

Alien on May 29, 2014 at 10:08 AM

Then I can join one of those cow shares and maybe get some chicken too. I am not that picky about the cuts. But maybe if the wife learns to barbeque, I might become picky.

astonerii on May 29, 2014 at 9:58 AM

Most places you buy a partial cow from will let you designate the form in which you will receive the meat. I go for a lot of thick steaks with the balance being ground beef, my wife likes the thin cut steaks but I beat her and she changes her mind.

Bishop on May 29, 2014 at 10:09 AM

Safe bet Q2 will be positive. Can’t have anyone using the “R” word.

forest on May 29, 2014 at 10:05 AM

Even if every quarter between now and the end of 2016 is negative, the NBER and the Presstitute Organs won’t break out the “R” word. After all, it’s unpossible for a Rat to have a recession.

Steve Eggleston on May 29, 2014 at 10:10 AM

Funny how we never hear anything about gas prices these days. It’s been firmly entrenched at $3.39-3.45 for what seems like a couple months now and it’s been over 3 bucks for years, yet it’s treated by the Democrat/media complex like it’s the new normal and we should just accept it.

Doughboy on May 29, 2014 at 9:29 AM

Couple of months? Try 1,245 days and counting.

Capitalist Infidel on May 29, 2014 at 10:12 AM

They are – the markets are up.

Steve Eggleston on May 29, 2014 at 9:48 AM

Of course, more zero interest borrowing from the Fed Reserves so they can make tons of money by lending it to customer at much higher interest… Fed Reserve will keep buying tens of billions of dollars each month of Wall Street toxic assets at the terrible expense of the American people and go generations to come… The Limousine liberals who control Wall Street never had it better than under Obama… Next time the Occupy Wall Street lunatics go on the street to protest Wall Street we should really encourage them, they are going after the money base of their own party…

mnjg on May 29, 2014 at 10:17 AM

The Worst Four Years Of GDP Growth In History: Yes, We Should Be Worried
http://www.forbes.com/sites/realspin/2013/04/12/the-worst-four-years-of-gdp-growth-in-history-yes-we-should-be-worried/

2010 2.5%
2011 1.8%
2012 2.8%
2013 1.9%

http://useconomy.about.com/od/GDP-by-Year/a/US-GDP-History.htm

4% my a$$! Some recovery…

Patriot Vet on May 29, 2014 at 10:19 AM

Ain’t Obamanomics wonderful?

GarandFan on May 29, 2014 at 10:19 AM

But, according to the MSM, things are great:
* The U3 unemployment rate is dropping as people have stopped looking for jobs
* The market is doing well because of MSM cheerleading and companies reducing payroll
* People are forced to take low-paying, part time jobs without benefits

bw222 on May 29, 2014 at 10:20 AM

Couple of months? Try 1,245 days and counting.

Capitalist Infidel on May 29, 2014 at 10:12 AM

I meant at the current level. It’s been over 3 bucks for over 1,245 days though. You’re correct.

Doughboy on May 29, 2014 at 10:22 AM

Corporate profits down 13% doesn’t bode well for anybody except Obama’s crony capitalists.

Christian Conservative on May 29, 2014 at 10:23 AM

But Obama is clean and articulate.

John the Libertarian on May 29, 2014 at 10:27 AM

Yeah, that’s fine and all, but…what about that missing Malaysian jet? Anyone heard about that?

a5minmajor on May 29, 2014 at 10:28 AM

Q5? Certainly 0 will make up this lost ground in Q5, right?

Bmore on May 29, 2014 at 10:28 AM

Depression Part II, buckle up….

PatriotRider on May 29, 2014 at 10:29 AM

If not for those deserving VA bureaucrats getting bonuses and spending them, the GDP would have been -2% for Q1.

txdoc on May 29, 2014 at 10:37 AM

Don’t trust these guys. There will be a huge rebound just before the elections, followed by “disappointing” numbers immediately afterward.

spinach.chin on May 29, 2014 at 10:42 AM

Economists estimated -0.5% Q1 GNP; it was actually -1.0%. Wouldn’t that big a gap in U-3 unemployment be called “unexpected” bad news?

So if we’re really lucky, we can expect 4% annual GDP growth for the year? After the past few years, that’s good news? What am I missing?

ConservativeLA on May 29, 2014 at 10:43 AM

Don’t worry, increased government spending is all that’s needed to bring the rate into positive teritory.

Obama is focused like a laser on more government spending.

Relax, you rubes, your betters are on top of this.

Dolce Far Niente on May 29, 2014 at 10:47 AM

apparently the stimulative effects of unemployment checks did not kick in during Q1 like Nancy pelosi thought they would…

GrassMudHorsey on May 29, 2014 at 10:51 AM

Related to the second item, there’s rumblings that the Scott Walker campaign is about to throw the conservative groups that spread the conservative governance message better than the campaign under the John Doe bus in order to prove his GOPe bona-fides.

Steve Eggleston on May 29, 2014 at 10:08 AM

That would be a disaster if it’s true. Walker was the last conservative-leaning moderate I was willing to consider backing after Paul went off the reservation.

Doomberg on May 29, 2014 at 10:52 AM

Also, apparently the thousands upon thousands of jobs from the “green” economy we have been promised by general earflaps did not arrive in Q1 like the princess of the sandtraps thought they would.

GrassMudHorsey on May 29, 2014 at 10:53 AM

My freezers are overflowing with prime cuts, and not just from the drifters and hitchhikers I process down in the cellar, actual beef too.

Bishop on May 29, 2014 at 9:45 AM

I find that the hitchhikers are leaner and more chewy and that the drifters have better marbling and more suited to the BBQ.

climbnjump on May 29, 2014 at 10:54 AM

and, sadly, the stimulative effects of obamacide did not begin happening in Q1 either.

GrassMudHorsey on May 29, 2014 at 10:54 AM

And, obviously, both the economy and reality are racist.

GrassMudHorsey on May 29, 2014 at 10:54 AM

Seems like a pretty good time to post the Facebook Status from the Texas Nationalist Organization’s page just yesterday:

‘The objective of the Texas Nationalist Movement is the complete, total and unencumbered political, cultural and economic independence of Texas. It is to restore the Republic of Texas to its rightful status as an independent nation-state, guaranteeing the individual rights of every Texan, and achieve our place as a nation among nations. It is to fulfill our national destiny and achieve the greatness envisioned by our Founding Fathers, desired by this generation of Texians and required by future generations to live in freedom. It is to be an independent light in a world that is being plunged into darkness.’

Having lived 61 of my 65 years in what once once the great state of California, my survival instincts brought me here to Texas. I emulated the great Davy Crockett and uttered the words ‘You may all go to Hell, and I will go to Texas.’

And I am damned glad that I did. Barack Hussein Obama has succeeded in ‘fundamentally transforming’ the greatest nation in the history of the world. We are now the Greece of the Western Hemisphere, and we Texians will have no more of it. I seriously do urge my conservative friends and acquaintances in the blogosphere to consider relocating to the Lone Star State. Texas is as close to Traditional America as y’all are gonna get, folks.

bimmcorp on May 29, 2014 at 10:56 AM

There is only one possible explaination for this, the American economy must be RACIST!

There is only one way to turn this around: AMNESTY!

Steele on May 29, 2014 at 10:58 AM

2 more years of this roller coaster of no confidence in the Obama America.

portlandon on May 29, 2014 at 10:59 AM

Former Alaska Governor, Sarah Palin is the one conservative who could really turn the United States of America around and restore the nation’s dignity as well as the economy and overall health of this terminally ill nation. Trouble is that the progressive liberals have poisoned the minds of the low info voters and the Beltway GOP are just as complicit in our decline as are the libs. They all fear and loathe the woman. Conservatives by and large, lack the courage of their convictions to fully support this woman…settling for another milk toast, gutless, pandering weasel who will simply allow the decline to continue to the abyss. Y’all know I’m right, too.

bimmcorp on May 29, 2014 at 11:03 AM

This plus our growing debt=epic failure

rjoco1 on May 29, 2014 at 11:13 AM

May 29, 2014 at 10:27 am John the Libertarian

But Obama is clean and articulate.

I keep mixing up the headlines and the content. “Ludicrous … Uninspiring … Disturbing”

Jaibones on May 29, 2014 at 11:23 AM

YAY! Negative growth is within sight, Komrades!

ExpressoBold on May 29, 2014 at 11:25 AM

What a disaster. At least if Q2 also shows contraction, we’re officially in a recession and there’s no hiding it anymore.

LukeinNE on May 29, 2014 at 11:25 AM

The Affirmative Action Presidency and the Clown President are competing for legacy epitaph rights.

Jaibones on May 29, 2014 at 11:27 AM

It’s funny to see the same press that talked the country into a recession from 2006-2008 try to talk the country out of that recession. Good luck with that.

GuitarSlinger on May 29, 2014 at 11:27 AM

But, but… Obamacare saved Q1, remember?

Midas on May 29, 2014 at 11:33 AM

Can’t wait till the GDP is the square root of that.

formwiz on May 29, 2014 at 11:37 AM

Former Alaska Governor, Sarah Palin is the one conservative who could really turn the United States of America around and restore the nation’s dignity as well as the economy and overall health of this terminally ill nation. Trouble is that the progressive liberals have poisoned the minds of the low info voters and the Beltway GOP are just as complicit in our decline as are the libs. They all fear and loathe the woman. Conservatives by and large, lack the courage of their convictions to fully support this woman…settling for another milk toast, gutless, pandering weasel who will simply allow the decline to continue to the abyss. Y’all know I’m right, too.

bimmcorp on May 29, 2014 at 11:03 AM

Don’t get me wrong, I like Palin – however, I wouldn’t characterize her as “the one conservative” who could do those things.

Please – there are quite a large number of conservatives who could do those things. The problem is, GOPe never even *looks* for/at any of them (including Palin).

Midas on May 29, 2014 at 11:38 AM

Oh for pete’s sake. Not only do we have to do vetting on judges (Obama or Bush appointee?), but now we have to do vetting on weather people (Al Gore nut or real scents), and now economists (CNN or Fox Financial Network). I tell ya I’m exhausted. Can’t anyone just say a cigar is just a cigar anymore?

warmairfan on May 29, 2014 at 11:40 AM

Safe bet Q2 will be positive. Can’t have anyone using the “R” word.

forest on May 29, 2014 at 10:05 AM

Q2/3 will be robustly positive, unemployment will be down, etc.

All to be revised dramatically/negatively after election day, of course.

Midas on May 29, 2014 at 11:43 AM

Does the White House copy of the Washington Post have a business section in it?

I’d hate for Obumbler to miss this important news.

jangle12 on May 29, 2014 at 11:57 AM

This thread really needed the Chip Diller “All is Well” graphic.

tommyboy on May 29, 2014 at 12:01 PM

ELIZABETH WARREN: “It’s Reagan’s fault.”

TarheelBen on May 29, 2014 at 12:03 PM

Q1 GDP down, DJIA UP! Bullish baby!

ZeroHedge writes that the rest of the year will have to grow at 5% in order for us to hit the 3.8% or so growth the Fed wants.

lets take a guess as to how likely that is to be – *in reality*

antisense on May 29, 2014 at 12:11 PM

But maybe if the wife learns to barbeque, I might become picky.

astonerii on May 29, 2014 at 9:58 AM

Barbecuing is the man’s job. Stews, roasts, and the like is the wife’s job.

Steve Eggleston on May 29, 2014 at 10:00 AM

Get yourself a smoker and learn to cook meat slowly. Then, the cuts don’t really matter all that much. Just about everything is awesome.

trigon on May 29, 2014 at 12:18 PM

Watch for this “decline” to continue as the QE’s dry up. No more “free money” for the big banks and financial institutions. And, as the purchasing power of the middle class continues to dissipate, the “Carter inflationary period” may come to fruition.

Rovin on May 29, 2014 at 9:39 AM

And then there’s the Going Galt Effect to consider:

I can afford some level of discretionary spending. For the last 30 years, I’ve kept the local Lowes Stores in business with all my weekend projects. (They gave me an Honorary Apron long ago.) But I don’t anymore. We don’t spend a dime unless we absolutely need to.

Prices have exceeded my threshold of tolerance. I will not purchase discretionary items simply out of spite.

And this year, my front yard is a vegetable garden (too) and we haven’t had steaks in months. Next, I’m going to try to figure out how to grow bacon. I think you use chicken manure so I’m going to get some chickenses too…

Tsar of Earth on May 29, 2014 at 12:24 PM

Please – there are quite a large number of conservatives who could do those things. The problem is, GOPe never even *looks* for/at any of them (including Palin).

Midas on May 29, 2014 at 11:38 AM

There may be, my friend, but there are none on the radar with the exception of Gov. Palin. As I said, neither party gives a crap anymore. For that matter, I pretty much don’t either.

bimmcorp on May 29, 2014 at 12:26 PM

And this year, my front yard is a vegetable garden (too) and we haven’t had steaks in months. Next, I’m going to try to figure out how to grow bacon. I think you use chicken manure so I’m going to get some chickenses too…

Tsar of Earth on May 29, 2014 at 12:24 PM

Living in the country has it’s huge benefits. We raise and slaughter a pig a year, and we keep a large flock of chickens and other fowl. Haven’t bought an egg in four years, and you just can’t beat hormone free bacon and pork chops, not to mention home made sausage and home cured & smoked ham. Haven’t raised my beef yet, but we swap pork, chicken & eggs for beef from the neighbors. Works well for us. Healthier, too…

bimmcorp on May 29, 2014 at 12:31 PM

Retweeted by DrewMTips
Barack Obama @BarackObama · Apr 2
“Our economy is doing better, it’s growing.” —President Obama #RaiseTheWage

https://twitter.com/BarackObama/status/451434449540874240

https://twitter.com/DrewMTips

Not sure I can top this snark… not willing to try.

gekkobear on May 29, 2014 at 1:59 PM

I find that the hitchhikers are leaner and more chewy and that the drifters have better marbling and more suited to the BBQ.

climbnjump on May 29, 2014 at 10:54 AM

Mail carriers can carry their own as far as marbling, much better than meter readers…

Axeman on May 29, 2014 at 2:06 PM

Nobody will be madder than Obama……

can_con on May 29, 2014 at 9:14 AM

Well, he’s already plenty mad at how bad Bush messed up the economy.

Obama’s probably exasperated that even after ~6 years, the aftershock of Bush’s economy can be so bad. It’s enough to give up Free Markets altogether. (Because government-sponsored entities like Fannie and Freddie couldn’t endlessly buy up bad loans and insulate the market from bad lending decisions to keep the plates spinning–Because, hey, free markets did it!)

Axeman on May 29, 2014 at 2:12 PM

“Obama inherited the bad economy from the Obama administration. Now excuse me, it’s time time make energy more expensive and less reliable.” – Jay Clowney

OxyCon on May 29, 2014 at 2:54 PM

Unless the Democrat, DC administration fudges the numbers, the only way employment related numbers will go is DOWN, DOWN, DOWN.

MN J on May 29, 2014 at 2:59 PM

Slightly OT but I heard this statement AGAIN via NPR this AM during the ‘conversation with the President’.

The broadcaster (Inksy?) referred to Obowmao as ‘Professor of Constitutional Law’
… G O D A M M I T.
This is enough!
King Putt is no more a Professor than I am an astronaut!
IS THAT CLEAR?

Obama is not and NEVER WAS a PROFESSOR of ANYTHING!
To claim that he is, is a complete denunciation of the title.
I prefer to refer to him by the appropriate and demonstrated title: A COMPLETE AND UTTER FRAUD

Missilengr on May 29, 2014 at 3:02 PM

‘FORWARD’!

Maybe that should be changed to ‘DOWN!’

‘Look, daddy – I am finishing what you started!”

easyt65 on May 29, 2014 at 3:08 PM

And wait until Obamacare really hits. He’s done wonders for the economy.

COgirl on May 29, 2014 at 4:10 PM

….and the markets rise as the sound of printing presses warming up drifts in from the Federal Reserve

TBinSTL on May 29, 2014 at 5:16 PM

So, we’re officially in recession…looking forward for the malaise speech…

jimver on May 29, 2014 at 5:30 PM

Obama is focused like a laser on more government spending.

Relax, you rubes, your betters are on top of this.

Phoo. That was Tuesday. Wednesday he was focused like a laser on telling West Pointers that they had no actual function in the world, to mild applause.

Today, he is focused like a laser on the overriding problem of concussions in high school football.

Tomorrow, who knows?

Obama focuses on problems like a lighthouse focuses on seascapes. Intermittently.

wagnert in atlanta on May 29, 2014 at 5:46 PM

Get yourself a smoker and learn to cook meat slowly. Then, the cuts don’t really matter all that much. Just about everything is awesome.

trigon on May 29, 2014 at 12:18 PM

Time and temperature. Started slow-smoking chicken (mesquite) and brisket (hickory) a couple of years ago. Wow, that’s just *good* stuff.

Midas on May 29, 2014 at 6:50 PM

Not a single solitary leftist here to advocate positively for democrat economic policy.

shocking…

Murphy9 on May 29, 2014 at 11:35 PM

But, but, but, but the stock market!

Dr. ZhivBlago on May 30, 2014 at 2:21 PM

That -1% number is up-side and will be revised in parts as the next quarter wears on. The cause is the paralyzing effect of Obamacare ™ on business and hiring and the enviro-communist boot on the throat of the energy sector.

The only winter we are suffering from is the cold desolation of discredited Democrat economic policy. Once the Marxists are out, the economy will return, like a Capitalist Spring.

virgo on May 31, 2014 at 12:16 AM

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