Barack Obama’s Incredible Shrinking US Economy, GDP Contracts to 0.1% in 4th Qtr of 2012 … Rick Santelli States, “We are Now Europe”
WAKE UP AMERICA AND EDUCATE YOURSELF BEFORE YOU BECOME EUROPEAN.
President Barack Obama, his minions and the complicit corrupt liberal media complex would have you believe the economy is getting better, even when it is not. Yesterday’s job report showed the stunning revelation that the US economy actually shrunk in the 4th quarter of 2012. As reported at CNBC, the economy shrank to a pathetic 0.1% in the 4th qtr. But Obama and his mouth pieces would have you believe that everything is A-O-K. In fact some Dems are prasing this as the greatest contraction of GDP ever. Of course it is, because Obama is president and anything bad is spun as good. Welcome to Obamaland.
The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That’s a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.
One individual who has been honest and upfront about President Obama’s disastrous economic policies and the dismal state of affairs in the United States is CNBC’s Rick Santelli. Following the terrible economic report, Santelli stated on CNC’s Squawk Box, “We are now Europe.”
Hey Joe,” Santelli said, “when you act like Europe, you get growth rates like Europe, and our discussions with economists sounds like we’re in Europe. They have the same discussions constantly.”
“They’re always doing the right thing,” he continued. “They’re always thinking they know better. And this is the kind of growth. We have become Europe. We are now Europe.”
Steve Liesman pushed back, “We reduced federal spending, government spending by 15 percent. Which part of that’s not Europe don’t you get?”
“And why do we need to reduce government spending?” asked Santelli. “Because we run trillion dollar deficits for crying out loud.”