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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Comment pages: 1 2

Let’s face it, the economy can be anything Obama says it is until the “facts” come out and then the press soft sells it. I’m still enjoying the lack of inflation as it costs me more to eat and fill up my tank.

Cindy Munford on May 29, 2014 at 9:12 AM

Recovery Summer!

Bishop on May 29, 2014 at 9:13 AM

Nobody will be madder than Obama……

can_con on May 29, 2014 at 9:14 AM

Keep voting democrat!

This trend started with the democrat takeover of congress 2006.

Murphy9 on May 29, 2014 at 9:14 AM

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

But…global war….but…hey…I thought they all said it was getting hott….but….wait…

Bishop on May 29, 2014 at 9:14 AM

I think we need a bigger screw….

Just sayin’

Electrongod on May 29, 2014 at 9:15 AM

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

I would expect nothing else from state-run media.

changer1701 on May 29, 2014 at 9:15 AM

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

So, now they need some global warming to make the economy better?

Bitter Clinger on May 29, 2014 at 9:16 AM

No worries, after his pivot to fix the VA system obama will pivot back to the economy and will be focused like a laser.

HumpBot Salvation on May 29, 2014 at 9:16 AM

What a coinky-dink it paralleled the ObamaCare rollout. Oh right, cold weather.

Marcus on May 29, 2014 at 9:17 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

Not all of the news was bad, though. Real personal consumption expenditures (consumer spending) rose

Says who, Robert Reich? Everything is going into the crapper but people are spending money, so the economy’s great!

I never realized how deeply ingrained the idea that spending=good was in GOP-leaning circles.

bcm4134 on May 29, 2014 at 9:18 AM

Don’t blame federal budget cuts for this contraction, or the weather either.

That only leaves the government “shutdown” or GWB as culprits.

Happy Nomad on May 29, 2014 at 9:18 AM

Cold weather? March wasn’t particularly cold, and most of the revision is from March.

As for expectations, the range as collated by Tom Blumer was between -0.5% (Bloomberg/Business Insider/unmentioned Briefing.com-Yahoo) and -0.7% (AP).

Steve Eggleston on May 29, 2014 at 9:19 AM

Even if the second quarter hits the consensus, and rises 4%, the direction of the economy is so uncertain (and any positives feel weakly so), that the voters might well not believe any good news until it’s strongly rooted and obvious on Main Street. I know I won’t, much as I’d like to see improvement.

MTF on May 29, 2014 at 9:19 AM

Obamacare!
Its only gonna get worse. He’s single handidly killed the Pharma and Med Device Industry. He is in the process of figuring out a way to kill the Energy Industry through EPA regulations. He has the record for 4 of the top 5 most regulations added to the Fed Registry.
President Job Killer?
or
President Downgrade?
Can’t decide which one is more fitting.
Hang on everybody……..Dow 9000 on the way!

Privatize It on May 29, 2014 at 9:20 AM

No worries, after his pivot to fix the VA system obama will pivot back to the economy and will be focused like a laser.

HumpBot Salvation on May 29, 2014 at 9:16 AM

This administration pivots more than a squirrel in a hailstorm.

Happy Nomad on May 29, 2014 at 9:20 AM

One part of me really laughs when this stuff hits. The best part is the idiots who voted for him suffer just as much as the rest of us. The rest of me feels incredibly angry/sad at what is happening to my Country.

USNCVN on May 29, 2014 at 9:21 AM

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

Since when is negative GDP “expected” as if it’s a normal, healthy occurrence? This is bad news no matter how you try to spin it. Remember, 2 straight quarters of this and we’re officially in a recession.

On a related note, Obama has announced that the economy is going to conduct a thorough investigation of itself. In the meantime, he can’t comment on it until it’s been concluded.

Doughboy on May 29, 2014 at 9:21 AM

Keep voting democrat!

This trend started with the democrat takeover of congress 2006.

Murphy9 on May 29, 2014 at 9:14 AM

The conclusion of George Will’s most recent column:

The Pew Research Center reports that Americans 25 to 32 – “millennials” – constitute the first age cohort since World War II with higher unemployment or a greater portion living in poverty than their parents at this age. But today’s millennials have the consolation of having the president they wanted.

BuckeyeSam on May 29, 2014 at 9:22 AM

Terrible numbers for the next quarter will be blamed on excessively hot weather, and the following quarter will be blamed on mild but pleasant with crisp mornings fall weather.

What a goddam bunch of clowns throughout. When will you lefties admit the Great Racial Experiment has been a stone-cold disaster?

Bishop on May 29, 2014 at 9:22 AM

It’s by design.

Bigbullets on May 29, 2014 at 9:22 AM

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%).

Consumer spending rose significantly because food and gasoline prices rose significantly. These things go hand in hand. To me the consumer that is not good news, especially when everything I buy continues to go up in price and my income stays stagnate.

Johnnyreb on May 29, 2014 at 9:23 AM

Well, I just bought a house, so my spending for this quarter is going to be through the roof.

astonerii on May 29, 2014 at 9:23 AM

I had no idea the economy was doing this badly until I read about in the paper like everyone else.

- President Present

DRayRaven on May 29, 2014 at 9:24 AM

President Obama will be “madder than hell” when he reads about this in the paper tomorrow… He may even call for a committee to perform a study and report back to him in September.

HornHiAceDeuce on May 29, 2014 at 9:24 AM

If you recall, the Alarmists said the Icey winter was caused by global warming, so we can extrapolate global warming is causing the recession we are entering.

Privatize It on May 29, 2014 at 9:24 AM

Hey let’s have an all day summit on concussions in the NFL

Nothing to see here…..squirrel please
-lsm

cmsinaz on May 29, 2014 at 9:25 AM

Negative GDP is racist!!

Bitter Clinger on May 29, 2014 at 9:26 AM

This jackhole and his people are gonna manipulate the numbers so flagrantly, it will end up making Obamanomics look like a success.
Somebody somehow needs to hold the administration accountable and make them dispense the same data collected the same way…..using the same criteria every other administration used since 1776!

Privatize It on May 29, 2014 at 9:28 AM

And yet the lefties will still vote to continue this thru Hillary

cmsinaz on May 29, 2014 at 9:28 AM

Recovery Summer!

Bishop on May 29, 2014 at 9:13 AM

Again??

Cindy Munford on May 29, 2014 at 9:28 AM

Consumer spending rose significantly because food and gasoline prices rose significantly. These things go hand in hand. To me the consumer that is not good news, especially when everything I buy continues to go up in price and my income stays stagnate.

Johnnyreb on May 29, 2014 at 9:23 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

“We thought we had it bad, you merde-heads make us look good in comparison.”

-Frenchies

Bishop on May 29, 2014 at 9:29 AM

David Burge ‏@iowahawkblog 13m

Obviously, the economy is suffering from lack of government monetary stimulus. Also, crack whores are suffering from a lack of crack.

Bmore on May 29, 2014 at 9:30 AM

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

They seem to have misspelled “unexpected.”

KingGold on May 29, 2014 at 9:30 AM

Maybe if our fearless leader kills some more straw men we can get the economy moving.

NotCoach on May 29, 2014 at 9:31 AM

Recovery Summer!

Bishop on May 29, 2014 at 9:13 AM

Can’t wait for Biden to announce this.

kerrhome on May 29, 2014 at 9:32 AM

Funny how we never hear anything about gas prices these days. It’s been firmly entrenched at $3.39-3.45

Doughboy on May 29, 2014 at 9:29 AM

I’m seeing $3.50+ here.

Mark Boabaca on May 29, 2014 at 9:33 AM

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.

I wonder if Obama will get a chance to see this in the papers before he goes into the “summit” on head-related injuries in youth sports. If so, nobody is gonna be madder than Obama.

It’s been a tough week for the White House. The conference on school nutrition to defend the Yeti’s absurd requirements for school nutrition. The science fair where anything beyond asking how the lightbulb is powered by a potato is off limits (ironic since potatoes are also off limits for school lunches). And of course today’s lecture on the need to reform Pop Warner football into touch only.

It’s great living in a nation whose major problems have been solved so we can concentrate on such pressing matters like whole grain rolls only for lunch.

Happy Nomad on May 29, 2014 at 9:35 AM

By now, a healthy recovery with good fiscal policies and reasonable regulations should be around 4.5% to 5.5%. This means that the economy is underperforming at a rate 5.5% to 6.5% below normal.

We can’t keep voting Democrat. There isn’t enough tax base available from those paying federal income taxes, production-related fees and other business related taxes to provide for the ever-growing pool of dependents.

The largest pools are the Federal, State and Local employees.

zdpl0a on May 29, 2014 at 9:35 AM

Boom: Q1 GDP revised downward unexpectedly to -1.0%

FIFY

I guess Obozo’s pivot was too strong and we kept going in the wrong direction. Or maybe he forgot which way to pivot after doing it so much.

Somehow the Libtards will find some silver lining in this revision. Up is down, bad is good, etc. etc.

Patriot Vet on May 29, 2014 at 9:36 AM

Let’s face it, the economy can be anything Obama says it is until the “facts” come out and then the press soft sells it. I’m still enjoying the lack of inflation as it costs me more to eat and fill up my tank.

Cindy Munford on May 29, 2014 at 9:12 AM

Official inflation can stay low as long as we keep crushing wages by importing massive amounts of cheap labor. If labor was getting a fair break, the games being played with the numbers wouldn’t be enough to hide the reality.

That’s why the elites are desperate for amnesty. They can’t have money from honest wages driving up the prices on consumer goods. Much better to have the money going into the pockets of the already filthy rich so they can buy more stocks and yachts.

fadetogray on May 29, 2014 at 9:37 AM

Welcome to Recovery Summer part V. More sequels than Scary Movie at this point.

Joe Biden’s seeing green shoots but their in his boxer shorts because he forgot to change them since 2009.

bobnox on May 29, 2014 at 9:37 AM

I’m seeing $3.50+ here.

Mark Boabaca on May 29, 2014 at 9:33 AM

H-Town stations are usually just below the national average(unless you stop along the freeway). But regardless, gas prices are obscene. I actually just turned down a better-paying gig recently because the longer commute and additional miles driven would’ve eaten up way too much money. That wouldn’t have been an issue if prices were at the level they were when Obama took office.

Doughboy on May 29, 2014 at 9:37 AM

That only leaves the government “shutdown” or GWB as culprits.

Happy Nomad on May 29, 2014 at 9:18 AM

I think it’s pretty obvious to everyone that if Bush hadn’t stolen the 2000 election, this number would be much, much worse. Clearly, the inspired leadership of Obama saved us from a depression. If you disagree, then you’re a reichwing nutcase teapartier, and you probably touch yourself at night too.

All hail Obama, the wise and magnificent.

PetecminMd on May 29, 2014 at 9:37 AM

“With this second estimate for the first quarter, the decline in private inventory investment was larger than previously estimated…”

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

When will you lefties admit the Great Racial Experiment has been a stone-cold disaster?

Bishop on May 29, 2014 at 9:22 AM

They’re on to pushing the Great Gender Experiment now. But I gotta say that if I were Killary I’d be throwing myself down stairs and claiming medical incapacity to run in 2016. Think about what the next President is going to inherit. And without GWB to blame it all on. If I were the designated birth canal that is pre-ordained to be the next Dem nominee, I’d probably find a way to bail out of consideration.

Happy Nomad on May 29, 2014 at 9:39 AM

Funny how we never hear anything about gas prices these days. It’s been firmly entrenched at $3.39-3.45

Doughboy on May 29, 2014 at 9:29 AM

I’m seeing $3.50+ here.

Mark Boabaca on May 29, 2014 at 9:33 AM

$3.69 here. Although if I drive too far out of my way I can get $3.61. Once I finally move into my new house it will no longer be out of the way… They also have a gas card that will knock an extra 10 cents off I might actually go with. The $3.69 is the price at the groceries, which is where the lowest priced gas usually is around here.

Bread, beef, milk, butter, cereal, … have all increased in the last two months.

astonerii on May 29, 2014 at 9:39 AM

I dropped this on the Shinseki Probation thread but it applies here as well.

http://www.youtube.com/watch?v=zOXtWxhlsUg

HumpBot Salvation on May 29, 2014 at 9:39 AM

Polar vortex, frozen ATMs, frozen squirrels,the Ukraine issue, disappearing airlines, subterfuge-benghazi..benghazi..benghazi, lack of immigration reform, failure to abolish the 2nd amendment, Donald Sterling, Boko Haram, tsunamis, climate change, school lunch program push-back, 18th century voter ID laws, pant creases, loss of tingly sensations, shrinking smelt and tortoise populations, failure to abolish the 1st amendment, Phil Robertson, waning interest in hashtags and dudes, declining mom jean sales, lack of equal pay for the womynzz’s, and those damn extremist, bomb-throwing, hostage taking, congressional republicans failing to cooperate with everything our super awesome preezy wants to do.

On the bright side, if it wasn’t for Piketty’s book sales we’d be unexpectedly below these unexpected numbers.

-AP

StubbornGreenBurros on May 29, 2014 at 9:40 AM

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.

Then, if this is true, global warming is actually a benefit to the economy, and should pay for itself.

BobMbx on May 29, 2014 at 9:40 AM

So we are now back in recession. Not that we ever really have been out of one since this rock with lips was elected.

ConstantineXI on May 29, 2014 at 9:40 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

We hit $3.85 over the Holiday Weekend here in Central Kentucky and we have a massive Gasoline Refinery within 1 1/2 hours of us.

80% Hamburger is stuck at about $3.85 a pound here unless you want to buy 5+ pounds in bulk.

Everything we buy has went up and stayed up in the last year or so, so I am not surprised they say consumer spending has gone up. It really couldn’t have done anything else.

Johnnyreb on May 29, 2014 at 9:40 AM

No worry, Obama will focus on this like a lazer…24/7…

right2bright on May 29, 2014 at 9:40 AM

If I were the designated birth canal that is pre-ordained to be the next Dem nominee, I’d probably find a way to bail out of consideration.

Happy Nomad on May 29, 2014 at 9:39 AM

Wait….Clay Aiken is now planning to run for preznit?

Bishop on May 29, 2014 at 9:41 AM

Every new increase of parasitic spending, be it for gov’t agency growth, gov’t-preferred voter group entitlements or corporate welfare expansion weakens the host economy.

The economy stumbles with the increased drag, the host recovers a bit, then equalibrium is achieved at a new, lower level than before. We’ve had our recovery.

This is the new normal.

ROCnPhilly on May 29, 2014 at 9:41 AM

obama must be pivoting in the wrong direction.

HumpBot Salvation on May 29, 2014 at 9:41 AM

Four years of Obama was bad enough. Eight years will be a disaster.

Thanks, voters.

BuckeyeSam on May 29, 2014 at 9:41 AM

H-Town stations are usually just below the national average(unless you stop along the freeway). But regardless, gas prices are obscene. I actually just turned down a better-paying gig recently because the longer commute and additional miles driven would’ve eaten up way too much money. That wouldn’t have been an issue if prices were at the level they were when Obama took office.

Doughboy on May 29, 2014 at 9:37 AM

With the way things are going, I just simply use $5 a gallon to determine if commuting is a good idea. I started using that number back in 2009. Too many people I saw losing their houses because they bought a home 60 miles away from work because houses were too expensive near work. The reason is that you do not know the future, and you are far better off having more money left over than less money left over.

astonerii on May 29, 2014 at 9:42 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

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

Did anyone say the QE’s are going to dry up?

visions on May 29, 2014 at 9:43 AM

Terrible numbers for the next quarter will be blamed on excessively hot weather, and the following quarter will be blamed on mild but pleasant with crisp mornings fall weather. Bishop on May 29, 2014 at 9:22 AM

“May was warmer than April. Then June was warmer than May. And July was warmer than June…” -Manbearpig

Akzed on May 29, 2014 at 9:44 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

We hit $3.85 over the Holiday Weekend here in Central Kentucky and we have a massive Gasoline Refinery within 1 1/2 hours of us.

Johnnyreb on May 29, 2014 at 9:40 AM

I live in Ashland where that refinery is and it’s $3.90 here. Every time gas gets to around $4 the economy starts nosediving. That’s the crisis point the market won’t bear.

ConstantineXI on May 29, 2014 at 9:45 AM

Bread, beef, milk, butter, cereal, … have all increased in the last two months.

astonerii on May 29, 2014 at 9:39 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

Funny how we never hear anything about gas prices these days. It’s been firmly entrenched at $3.39-3.45

Doughboy on May 29, 2014 at 9:29 AM

You have to search. In this instance I had to tiny url it. HA does not except links to this source.

Bmore on May 29, 2014 at 9:45 AM

Terrible numbers for the next quarter will be blamed on excessively hot weather, and the following quarter will be blamed on mild but pleasant with crisp mornings fall weather.

What a goddam bunch of clowns throughout. When will you lefties admit the Great Racial Experiment has been a stone-cold disaster?

Bishop on May 29, 2014 at 9:22 AM

Point of order – they welcome the disaster.

Since when have you been commenting over at AoSHQ?

Steve Eggleston on May 29, 2014 at 9:45 AM

We hit $3.85 over the Holiday Weekend here in Central Kentucky and we have a massive Gasoline Refinery within 1 1/2 hours of us.

Johnnyreb on May 29, 2014 at 9:40 AM

That’s about what I’m seeing here, north of DC. But we’re usually higher than average. I’m guessing because of Maryland taxes.

I’m lucky I only have a 9 mile commute. And in the summer, I can ride my Harley for about 10 bucks a week gas money…

PetecminMd on May 29, 2014 at 9:46 AM

Did anyone say the QE’s are going to dry up?

visions on May 29, 2014 at 9:43 AM

It has to. Unless you want the value of the dollar to be zero. They’ve already flooded the world with trillions of phoney dollars already.

ConstantineXI on May 29, 2014 at 9:46 AM

Wall Street should be celebrating the news… The worse is the economy the better it is for Wall Street…

mnjg on May 29, 2014 at 9:47 AM

The obama economy – Limp and impotent.

Pork-Chop on May 29, 2014 at 9:47 AM

Remember when all of the cost projections for Obamacare spouting by Democrats were based on a 4% growth in GDP…every year?

Resist We Much on May 29, 2014 at 9:47 AM

Wait….Clay Aiken is now planning to run for preznit?

Bishop on May 29, 2014 at 9:41 AM

Don’t be messin’ with Clay. He’s already taken out one competitor this election cycle.

Happy Nomad on May 29, 2014 at 9:47 AM

Recovery Summer!

Bishop on May 29, 2014 at 9:13 AM

Recovery Summer, version 7.0 (No, really, next year . . . we promise!)

AZCoyote on May 29, 2014 at 9:48 AM

Diesel

Bmore on May 29, 2014 at 9:48 AM

Kenya GDP for Q-1 2014……..1.6%
This is where President Job Killer is taking us

Privatize It on May 29, 2014 at 9:48 AM

Did anyone say the QE’s are going to dry up?

visions on May 29, 2014 at 9:43 AM

QE-Forever is down to a “mere” $45 billion/month.

Wall Street should be celebrating the news… The worse is the economy the better it is for Wall Street…

mnjg on May 29, 2014 at 9:47 AM

They are – the markets are up.

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

Remember when all of the cost projections for Obamacare spouting by Democrats were based on a 4% growth in GDP…every year?

Resist We Much on May 29, 2014 at 9:47 AM

Yeah, turns out the unicorn manure wasn’t as fertile as expected.

Happy Nomad on May 29, 2014 at 9:49 AM

In honor of Hillary 2016:

What difference, at this point, does it make?

socalcon on May 29, 2014 at 9:49 AM

Remember when all of the cost projections for Obamacare spouting by Democrats were based on a 4% growth in GDP…every year?

Resist We Much on May 29, 2014 at 9:47 AM

A fantasy considering SocSecurity’s long-term assumption is +2.7% annual GDP growth.

That’s also starting to prove to be a fantasy.

Steve Eggleston on May 29, 2014 at 9:50 AM

Just three more years to go, folks….

/heavy sigh

Key West Reader on May 29, 2014 at 9:50 AM

Resist We Much on May 29, 2014 at 9:47 AM

Yep. Rose colored glasses and what. You were missed. bluefox linked you to make up for your absence. ; )

Bmore on May 29, 2014 at 9:50 AM

Point of order – they welcome the disaster.

Since when have you been commenting over at AoSHQ?

Steve Eggleston on May 29, 2014 at 9:45 AM

Listen here you, I have never commented at AoS, not my cup of tea loaded with a few shots of whiskey.

Bishop on May 29, 2014 at 9:50 AM

Key West Reader on May 29, 2014 at 9:50 AM

An eternity it would seem. We’ll make it. ; )

Bmore on May 29, 2014 at 9:51 AM

You have to search. In this instance I had to tiny url it. HA does not except links to this source.

Bmore on May 29, 2014 at 9:45 AM

Yeah, I saw that story last week. You can find this stuff on the internet, but what used to be a lead story on the nightly newscasts and cable networks is treated like a non-issue under the Obama regime.

Doughboy on May 29, 2014 at 9:51 AM

No worries, after his pivot to fix the VA system obama will pivot back to the economy and will be focused like a laser.

HumpBot Salvation on May 29, 2014 at 9:16 AM

Someone oughta buy him a pair of ballerina slippers – all that pivoting deserves special shoes.

Key West Reader on May 29, 2014 at 9:52 AM

Just three more years to go, folks….

/heavy sigh

Key West Reader on May 29, 2014 at 9:50 AM

It’s easier to grow those GDP numbers when you have access to the negative symbol..

Electrongod on May 29, 2014 at 9:52 AM

Did anyone say the QE’s are going to dry up?

visions on May 29, 2014 at 9:43 AM

Yep. Yellen has said it more than once and I think last month saw an actual decrease in the reported QE the FED was giving out.

Johnnyreb on May 29, 2014 at 9:52 AM

Remember when all of the cost projections for Obamacare spouting by Democrats were based on a 4% growth in GDP…every year?

Resist We Much on May 29, 2014 at 9:47 AM

I wonder what a projection would look like now?

Like that would really matter.

Patriot Vet on May 29, 2014 at 9:52 AM

This would be the perfect time to reduce electric power generation by 40%. If the economy is contracting, we don’t need all that electricity, nor would we need all those coal mining jobs.

Joseph OHenry on May 29, 2014 at 9:52 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

Don’t be messin’ with Clay. He’s already taken out one competitor this election cycle.

Happy Nomad on May 29, 2014 at 9:47 AM

Hildabeast got rolled by an inexperienced relative unknown in the 2008 primaries. So, yes, Aiken could well roll her in 2016.

ConstantineXI on May 29, 2014 at 9:52 AM

Listen here you, I have never commented at AoS, not my cup of tea loaded with a few shots of whiskey.

Bishop on May 29, 2014 at 9:50 AM

Somebody must have socked you in the Headline Comments thread then.

And since the drink of choice there is Val-U-Rite vodka, it’s time to start drinking heavily.

Steve Eggleston on May 29, 2014 at 9:53 AM

An eternity it would seem. We’ll make it. ; )

Bmore on May 29, 2014 at 9:51 AM

I sure hope so – I think if America had a choice he would be impeached. But, alas! Our elitist betters in the GOP act for their own self interests so three more years it is.

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

It’s easier to grow those GDP numbers when you have access to the negative symbol..

Electrongod on May 29, 2014 at 9:52 AM

Red lines, baby!

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

This is your country on socialism.

MisterElephant on May 29, 2014 at 9:55 AM

Doughboy on May 29, 2014 at 9:51 AM

Yep. American style Pravda, no doubt. I will never trust nor forgive the media for this.

Bmore on May 29, 2014 at 9:55 AM

Hildabeast got rolled by an inexperienced relative unknown in the 2008 primaries. So, yes, Aiken could well roll her in 2016.

ConstantineXI on May 29, 2014 at 9:52 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

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

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

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