GDP Slows to 2.4% in 2nd Quarter, Is This Obama’s Economy Moving in the Right Direction?

 

Obamanomics, an Obamination …

Barack Obama had previously stated that the economy was headed in the right direction. Really?

The economy has slowed down as the economic growth in the 2nd quarter of 2010 trickled in at 2.4%.The Obama economic recovery was the poorest showing in nearly a year. Let’s see Obama blame this one George W. Bush. Obama’s economic policies have been a disaster for America. The economic forecast is that employers are unlikely to start hiring any time soon. Why should that come as a shock to any one as no business would dream of hiring in with such an anti-business administration and never knowing what tax Obama will dream up next.

The recovery is losing so much momentum that employers are unlikely to step up hiring anytime this year, and unemployment could return to double digits.

That was the bleak conclusion of analysts Friday after the government said economic growth crawled at a 2.4 percent pace in the spring. It was the economy’s weakest showing in nearly a year. And many economists think growth is even slower now.

Consumers spent less, companies slowed their restocking of shelves and the nation’s trade deficit exerted a stronger drag on the economy in the April-to-June quarter.

It is obvious that the $787 billion stimulus failed and so has the Obama economic recovery. “We the People” know it, so does Obama and the Democrats, they just are not willing to admit it. Only 28% of the American voters think that the country is headed in the right direction, while 67% say it is headed in the wrong direction.

Here is some fanstaic economic news heading into the November midterm elections thanks to Barack Hussein Obama.

“We’re headed into the third quarter with little momentum, and most everything is tracking weaker,” said Mark Zandi, chief economist at Moody’s Analytics. “Because of that, I expect unemployment to rise back to double digits, hitting 10 percent in December and staying there early next year.”

Businesses stepped up their spending last quarter, propelled in part by government stimulus. But those gains aren’t likely to be repeated, economists said.



If you liked this post, you may also like these:

  • GDP Growth Drops to 3.2% Falling Below Analyst Expectations in First Quarter of 2010
  • Obama Gives Himself a Grade of “I” for Incomplete for First 18 Months as President … Obama Says Economy is Half Way Back
  • Economy Grows at Strong 3.8 Percent Rate in Third Quarter
  • Welcome to Obama’s America, 23% of Likely US Voters Say the Country is Heading in the Right Direction
  • Obama Job Recovery, What Recovery … Q2 GDP Growth Revised Down to 1.6%




  • Comments

    4 Responses to “GDP Slows to 2.4% in 2nd Quarter, Is This Obama’s Economy Moving in the Right Direction?”

    1. St. Stephen on July 31st, 2010 1:36 am

      If you find it in your heart to post this, please do so in the appropriate thread, thank you…

      God Bless the 12 Republican American Patriots
      that voted for the 7+ billion dollar health care bill for the First Responders.

      Yes, God bless them for refusing to play a stupid game that the old school Republicans are making genuine patriotic Americans sick of. Cut the politics when it needs to be cut and help the first responders. I am emotional about this as 9/11 is fresh in my memory and but a faded paragraph in the minds of the most of the Republicans that threw these heroes under the proverbial bus. For once, we have to honor our heroes.

      Hey, the Democrats wanted a 2/3rd majority instead of a simple majority? I WANT A 100% UNANIMITY!!! This Republican garbage of “NO” to these HEROES sickens me! I sincerely hope that they remember that date of infamy when our shores were attacked and those brave men and women SELFLESSLY risked all to assist in whatever way they could to save lives at the risk of losing theirs.
      You have to deliniate at some point when PATRIOTISM comes before politics and this is one of them.
      And here is what is a “sticking point” for the Republicans…
      from http://www.foxnews.com/politics/2010/07/30/new-york-lawmakers-spar-failed-aid-sick-responders/
      “To pay the bill’s estimated $7.4 billion cost over 10 years, the legislation would have prevented foreign multinational corporations incorporated in tax haven countries from avoiding tax on income earned in the U.S.
      Bill supporters said that would close a tax loophole; Republicans branded it a corporate tax increase.”
      WTF? FOREIGN multinational companies MORE IMPORTANT than the first responders of 9/11? That’s IT? What America is this? The first responders THROWN under the bus for the profit of FOREIGN multinational companies. PLEASE, I pray that tea party members see through this obscenity and encourage whatever AMERICAN Republicans are left in Congress to actually THINK about what they are doing and the damage that they are inflicting. I don’t give a hoot if the Democrats praise this bill. I PRAISE IT as it helps OUR AMERICAN heroes.
      Thank you for allowing me to vent on this most emotional topic. I am typing through tears now so I will end this comment. Please help our American heroes as they were proud to serve their country.

      Simple majority, indeed! UNANIMITY…
      FOREIGN multinational companies, indeed! WTF?

    2. A Texas Grandfather on July 31st, 2010 5:13 pm

      This is FDR all over again. To follow previously failed economic policies and expect a different outcome is insanity.

      Despite all the money expended in the so called “Stimulus bill”, the results are still dismal and they will likley become worse. Shall I say 1937/38 repeating itself?

      Fascisim or government control of private businesses always creates failure.

    3. Obama Gives Himself a Grade of “I” for Incomplete for First 18 Months as President … Obama Says Economy is Half Way Back | Scared Monkeys on August 1st, 2010 3:38 pm

      [...] those fantastic Obama policies have provided the latest 2.4% GDP for the 2nd quarter of 2010 and no [...]

    4. NGBoston on August 3rd, 2010 8:08 am

      #1- St. Stephen—Right On, Brother!

      Thanks for sharing. Don’t worry about the ranting, it feels good to be able to come to a place where we are freely allowed to express our beliefs and have a place where your sentiments can be shared.

      I feel you, St.! You speak the truth, and it is absolutely enraging when this Country turns their backs on a group as important as the First Responders to 9/11. These Men & Women all deserve to be taken care of by those many gave their lives to rescue. The diseases and respiratory afflictions many were left with (including those who worked for over a year to clean up Ground Zero) are life altering. For ANY member of Congress to turn their backs on them and not support this bill, is like turning your back on American Veterans. Complete absurdity! America has to take care of it’s own, bottom line.

      Looking forward to your future contributions here.

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