The Obama economy worsens
Very few people will hear the news today that the Commerce Department has revised the growth of the nation's Gross Domestic Product downward. The original estimate of first quarter 2012 growth of a lethargic 2.2% has been revised to an anemic 1.9%. The forecast per many economists is for that level to remain or worsen slightly for the remainder of the year.
The Obama economy over the past four quarters has grown just 1.95% despite the fact that trillions have been spent on so-called government stimulus since February 2009.
By comparison at this point in the Reagan presidency after inheriting a far worse economic situation than Obama, the 1st quarter (1984) GDP growth was 8.0% and the average GDP growth for the previous four quarters (March 1983-March 1984) was 8.5%.
Further the unemployment rate during this same period for Ronald Reagan fell from 10.1% (May 1983) to 7.4% (May 1984) a phenomenal drop of over 27% in just 12 months.
On the other hand, for Barack Obama the unemployment situation has been abysmal. Using what the Bureau of Labor Statistics refers to as the U-5 rate (total unemployed plus discouraged workers and other marginally attached to the labor force) in order to make a valid comparison to the Reagan years the unemployment rate in May of 2011 was 10.7% and has declined only to 9.6% in April of 2012. (a drop of just 10%)
The Federal Reserve and various economists expect very little improvement, if a not a worsening in the unemployment rate over the next three quarters.
Regardless of many lies are told or obfuscations offered the economy is in dismal shape and is destined to get worse.