Hope and Change Obama Style.
The bad economic news of Barack Obama’s presidency just got worse. Everyone thought that the 1.3% GDP initially announced was bad, guess what sports fans, the Department of Commerce just revised it down to 1%. Add this to this weeks increase in first time unemployment benefits, the 9.1% unemployment rate and the an 18.2% underemployment rate. America cannot stand 4 more years of this nonsense.
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2011 (SECOND ESTIMATE)
CORPORATE PROFITS: SECOND QUARTER 2011 (PRELIMINARY)
Real gross domestic product — the output of goods and services produced by labor and property
located in the United States — increased at an annual rate of 1.0 percent in the second quarter of 2011,
(that is, from the first quarter to the second quarter), according to the “second” estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.
The GDP estimates released today are based on more complete source data than were available
for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 1.3
Barack Obama has earned his 26% approval and 71% disapproval rating on the economy. It was Obama who said that he would be judged on his handling of the economy in the 2012 election, wasn’t it? It sure was.
Stock Markets Drop Another 500+ Points … Thanks for the Hope & Change Barack Obama .. Does Not Deter Another Obama Vacation
THANK YOU BARACK OBAMA …
Good grief, DOW falls another 519 points today. A fantastic follow up to Monday’s fall of 634 points as President Barack Obama went on TV to calm the people and the markets and made matters worse. Lets face it, he has lost all credibility and no one has any confidence in Obama. For the second time in three days the stock markets collapse.
The Dow Jones industrial average is down 519, or 4.6 percent, to 10,720. It’s the third time in the last five trading days that the Dow lost more than 500 points. The S&P 500 is down 51 points, or 4.4 percent, to 1,121. The Nasdaq is down 101, or 4.1 percent, to 2,381.
Yet another Thank you Barack, T-notes are being sold at record lows. Now we hear that Moody’s is warning state and local governments could see credit downgrades. Add that to a 9%+ unemployment rate, an 18.0% underemployment rate, a GDP of 1.8% and an economic situation getting worse not better under Obama. So what does Barack Obama do with the utter mess he has created … why go on another vacation of course.
White House press secretary Jay Carney defends President Obama’s upcoming 10 day trip to Martha’s Vineyard. Carney is asked why the President is taking such a vacation when he constantly says he “will not rest” until the jobs issue is resolved. Here is the exchange:
Nero Obama plays golf while the American economy burns … What is wrong with this President? Seriously, I am beginning to think Obama has serious mental issues, or he just does not give a flying rats butt about America. The United States has never had a more out of touch president. Former President Bill Clinton used to say “he felt our pain”, Obama could care less.
President Barack Obama, a Democrat, enjoys spending time on the golf course on Andrews Air Force Base, which is nearby Camp David. Regardless of circumstances, Obama loves to play golf. The U.S. stock exchanges are plunging and the S&P has just downgraded the credit rating of United States federal government debt. So, how does the President respond to recent developments of the Obama Depression? He plays golf.
For the first time ever under any US President, America’s triple A credit rating was downgraded by S&P. Prior to that the US markets suffered a 500+ point implosion. The unemployment rate continues to by greater than 9% and the GDP is beyond anemic. Now S&P warns that there might be a second downgrade.
Yet another round of golf while the American economy implodes. What’s the matter, was there no fund raiser to attend? Soon to be announced will be another vacation for Obama. After all, he has done so much hard work destroying the US economy, I guess he feels he has earned it.
It is obvious that that America will never turn around until Obama is out of office.
Best line of the Obama golf obsession comes from Doug Ross, “Neither rain, nor snow, nor market declines, nor debt rating downgrades, nor chopper crashes shall keep President Obama from his tee time”.
SAY GOODBYE TO THE US NANNY STATE ONCE AND FOR ALL …
Good grief, the United States and US markets have yet to feel the effects of the first credit rating downgrade by the S&P and now the credit rating agency is already warning of a second downgrade. I guess this can be considered a second shot across the bow just in case that politicians in Washington, DC did not take notice of the first one.
One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement.
The ratings agency on Friday downgraded the nation to AA+ for the first time in history, saying partisanship in Washington is preventing dramatic deficit reduction.
S&P managing director John Chambers told reporters on a Saturday conference call that the toxic mix of a listless economy and political infighting will cause government debt to grow.
At some point politicians are going to have to care about the fiscal future of the United States rather than their next election and who has power in the House, Senate and Presidency. The days of out of control spending are over. The US Nanny state government can no longer be all things to all people. It is not only waste and fraud that has to be corrected withing government spending, its whether certain departments and services are even required any longer.
Calls for Treasury Secretary Geithner to resign, but who should replace him?
As the US economy flounders, continues to be an abysmal failure and the US credit rating for the first time ever was downgraded by S&P, there are calls by many for the Treasury Secretary Tim Geithner to resign. GOP Presidential candidate and House Rep. Michele Bachmann has demanded that Barack Obama ask for Geithner’s resignation. Bachmann had voted against the debt limit bill that virtually did nothing to control spending and deal with the paying down the debt. Add US Senator Jim DeMint (R-SC) to the list as well.
VIDEO Hat Tip: Gateway Pundit
“This president has destroyed the credit rating of the United States through failed economic policies and his inability to control government spending… President Obama is destroying the foundation’s of our economy one beam at a time. I call on the president to seek the immediate resignation of Treasury Secretary Tim Geithner and to submit a plan with his list of cuts to balance the budget this year, turn the economy around and put our people back to work.”
It is obvious that Barack Obama, Tim Geithner and the rest of “The One’s” economic teams policies, philosophies and agendas have failed in a major way. So much that most all of Obama’s economic team has left office. Even Obama’s former economic adviser Christine Roemer has stated that we are “pretty darn F*CKED”. Geithner is one of the few original economic advisers that remain from Obama’s original clan, it is time for his misguided ways to go. Remember back in April 2011 when Geithner said, as reported at The Hill, “there is no chance that the U.S. will lose its top credit rating.” He could never have been more wrong.
According to a recent Rasmussen poll, 67% of American say that the poor US economy is adding stress to their families. The stress and strain of a continued job unemployment over 9%, an anemic 1.3% GDP, increased gas prices, continued out of control deficit spending, and wasteful $787 billion stimulus spending and an out of control debt that has caused S&P to downgrade US credit to AA+ from AAA has done nothing but cause aggravation to US families.
With the Rasmussen Consumer and Investor Indexes hovering near two-year lows and unemployment rates still in the nine percent (9%) range, it’s perhaps no surprise to find that a majority of Americans say the economy is adding stress to their family.
The latest Rasmussen Reports national telephone survey finds that 67% of American Adults say the state of the economy is causing more stress on their family. That finding is up 10 points from this time last year . Twenty-seven percent (27%) say the economy isn’t causing their family more stress.
More Obamanomics … welcome to
More bleak economic news as a result of Democrat and Obama policies. The GDP for the second quarter of 2011 for the US is, drum roll … 1.3%!!! Wow, thank you Barack Obama. Does that even count as growth? Needless to say the markets are reacting prior to opening and are down. Oh wait, it gets worse, if that is possible. First quarter GDP was sharply revised down to a 0.4% from 1.9%. But wait there’s more, fourth quarter growth from 2010 was revised down to a 2.3% from 3.1%.
Growth in gross domestic product — a measure of all goods and services produced within U.S. borders – rose at a 1.3 percent annual rate, the Commerce Department said. First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent.
Economists had expected the economy to expand at a 1.8 percent rate in the second quarter.
In addition, fourth-quarter growth was revised down to a 2.3 percent pace from 3.1 percent, indicating that the economy had already started slowing before the high gasoline prices and supply chain disruptions from Japan hit.
Obama and the Democrats have done everything possible to put Americans into Hoovervilles. This President truly is an OBAMANATION and an EPIC FAILURE!!! Unemployment, debt and GDP, OH MY!!! This president has done nothing but harm the economy, they best thing Obama could do to help the United States is resign. Obama has truly become Jimmy Carter. Just like in 1980, the only way that America was to return around from its “malaise” was for Carter to be voted out of office. Does it really surprise anyone that Obama has a 41% approval to be reelected? Look for that number to go down even further. Which begs the question … Has Obama become “landslidable” in 2012? Look for that future post in the near future.
Brian in a Blue State