Prepare for the Obama-Recession
posted at 5:04 pm on June 1, 2011 by Michael van der Galien
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.