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.