Green Room

Prepare for the Obama-Recession

posted at 5:04 pm on June 1, 2011 by

The British newspaper the Guardian reports that experts are increasingly fearing the U.S. may be sliding back into a recession.

Shares fell heavily on Wall Street on Wednesday after a gloomy report from US factories and signs of a slowdown in employment growth prompted fears that the recovery in the world’s biggest economy is fading.

With weaker than expected data from Europe and China adding to the downbeat mood, the Dow Jones industrial average lost almost 200 points in morning trading in New York.

The left-wing paper adds:

Despite the additional $600bn pumped into the economy over the past eight months, it grew at an annualised rate of only 1.8% in the first three months of this year, a sharp slowdown from its performance last year.

Oh my. If the Obama-friendly the Guardian is now preparing its readers for a new recession,  you can bet on it that it’ll happen.

Mike Riddell, fund manager at M&G, is quoted as saying: “The last month has been a horror show for the world’s biggest economy, and things are getting even worse if data released today is anything to go by. It seems that almost every bit of data about the health of the US economy has disappointed expectations recently.”

Shorter: you’d better prepare for some rough years indeed.

The reason, of course? Obama’s failed economic policies. The man did the exact opposite of what had to be done: he made the government bigger and made life virtually impossible for small and middle sized businesses.

Quite an accomplishment Mr. President, Ché Guevara himself couldn’t have done worse.

This post first appeared at Right Across The Atlantic. Follow me on Twitter.

Recently in the Green Room:

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

I believe the term was Great, Great… Depression!

golfmann on June 1, 2011 at 5:27 PM

Or überdepression.

Michael van der Galien on June 1, 2011 at 5:30 PM

Our economics put us back in 1938. Our attitude toward international arrairs and the world’s growing anti-Semitism puts us back in 1938. Our split between statist and conservative puts us back in 1858/

In a recent interview with Peter Robinson for the Hoover Institute, Thomas Sowell was asked if he saw any hope. He said “Yes. I’m 80 years old. I may not get to see what’s coming.”

The rest of us have to take a different attitude.

njcommuter on June 1, 2011 at 5:56 PM

Heh. That’s rather cynical… but understandable. As it is, though, the younger generations have no choice but to attempt to clean up this mess.

Michael van der Galien on June 1, 2011 at 6:01 PM

Curious that all these stores seem to be coming out just after they refused to raise the debt ceiling………

Chip on June 1, 2011 at 6:51 PM

heckuva job dear leader…

cmsinaz on June 1, 2011 at 7:20 PM

Dow down 2.25%.

hillbillyjim on June 1, 2011 at 9:25 PM

Heh. That’s rather cynical… but understandable. As it is, though, the younger generations have no choice but to attempt to clean up this mess.

Michael van der Galien on June 1, 2011 at 6:01 PM

And something tells me we’re going to fail miserably. How’s that for cynical?

gryphon202 on June 1, 2011 at 9:43 PM

$600bn? Someone is taking the money and running…

Rethuglican on June 2, 2011 at 10:12 AM

Oh my. If the Obama-friendly the Guardian is now preparing its readers for a new recession, you can bet on it that it’ll happen it started several weeks ago.

FIFY.

Blacksmith on June 4, 2011 at 3:27 AM