Sadly, Obamacare could no longer pretend to be the economy’s savior. Spinmeisters found their villain, though: winter. As everyone knows, winter is a freak, unpredictable event. And if there’s anything that makes a cold winter even colder, it’s global warming.
Fast forward to this morning, when the final GDP numbers showed that the economy actually shrank by 2.9 percent, the biggest drop since the devastating recession of 2008 and 2009. Bad news, right? Nobody could possibly be happy about an economy that shrank, due in large part to a massive, 11.7 percent drop in private investment. That plunge in investment contributed to more than two-thirds of the entire drop in GDP last quarter (the investment shrinkage was responsible for 1.97 percentage points of the 2.9 percent drop in GDP). Residential investment fell by 4.2 percent. Exports of U.S. goods fell by 11.4 percent (apparently other countries stop buying stuff from us when it’s winter, even if it’s summer for them).
Your friendly White House apologists at at TNR and Vox found some pretty awesome news, though. News so good that it completely offsets one of the worst economic performances in years.