Obamanomics On the March

The economy contracted almost three percent in the first quarter, the worst quarter since the end of the Great Recession. Maybe it’s a blip, but that is a scary number. I’m sure the Obama defenders will blame it on the cold weather but I’m pretty sure we had cold weather in the past. Eventually, this will be Bush’s fault. Or “austerity”.

This is horrible news, whatever your politics. While I oppose Obama, I want the country to do well. But we may be staring down a double dip recession.

Update: Before the liberal spin master get in, keep in mind that we just remade a quarter of our economy with Obamacare. Seven million people changed insurance or bought insurance. The idea that this has nothing to do with the GDP strain credulity.

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  1. Seattle Outcast

    What “end of the Great Recession” are you talking about? The part where it actually became the “2nd Great Depression” but nobody will admit to it?

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  2. Hal_10000 *

    Exactly. Megan McCardle has been pointing out for a while that people thought the Depression was over for years when it was actually just getting started.

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  3. AlexInCT

    But we may be staring down a double dip recession.

    Sorry, but you are wrong, Hal. The truth is that we never left the first recession at all. They masked that fact by pissing away trillions of dollars under that whole Quantative Easing nonsense. Literally our government borrowed and printed over 5 trillion dollars (so far) that it then spend to hide the fact that things were bad and would never get better while the stupid left implemented its policies. It’s an epic bait and switch that has screwed us beyond belief.

    What we have now is the reality of things like the Obamacare and the EPA mandated anti-fossil fuel mandates (not two guys dating) business crippling shit no longer being masqueraded by the existing level of deficit spending. So they will either have to up the number by some quarter to half a trillion more, just to hide the existing gap, or even go up to pissing away something close to $2 trillion a year to pretend there is some positive growth.

    The fact is that government can’t create jobs or prosperity of any kind, despite what anyone pretends. At best government can temporarily mask negative trends and declines, like the Obama spending years did up to this point, and, at worse, it can piss away a whole lot of money while still causing massive damage to the economy, like we are seeing now that even a trillion dollars of deficit spending is not enough to hide the truth. The one thing government is good at is growing itself, and doing so at the expense of growing the economy, a task that is only accomplished with any semblance of permanency through the private sector. The welfare state, the regulatory state, the freedom robbing state, and the crony capitalism state, all have grown drastically in the Obama years, and done so at the expense of the private sector, which has somehow, despite the avalanche of anti-capitalism-business agenda of the left, managed to remain viable.

    Keynesian economics don’t work. The spending at the levels we are at and the return we have gotten over this prolonged period, sure have proved that. We didn’t learn that this lesson after the long lasting depression the FDR tactics that mirror those of the Obama admin, but hopefully the facts now show this is the case (what am I saying, the left will never learn anything that affects the agenda negatively). Queue the resident trolls that will assure you that not only do Keynesian economics work – the problem is that we have not spent enough – but that the idiotic business crippling policies of the insane left actually are economic boons, despite the evidence to the contrary.

    Expect a lot more “suddenly things are bad” news stories like this one. The malaise of the Carter years was not an aberration, but what occurs when the left gets its way. It’s now repeating in the second coming of Carter: the Obama years.

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  4. hist_ed

    But but we just didn’t do enough! If only we had borrowed MORE money and spent it on infrastructure and schools and and and unicorn ranches. If only we’d printed up 200 billion a month. Then things would be just great.

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  5. Miguelito

    I shudder to think how things will turn out if (when?) Iraq completely collapses and the price of oil skyrockets.

    We could keep it from going too high by drilling here, but we know that won’t be allowed anytime the fed had a say.

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  6. AlexInCT

    I shudder to think how things will turn out if (when?) Iraq completely collapses and the price of oil skyrockets.

    Since contrary to the narrative, we in the US get very little oil from the ME (less than 5% since our oil comes from somewhere other than Canada, Mexico, the US, and Venezuela, in that order), and the US these days has become an oil exporter due to the shale oil boom so heavily opposed by the Obama administration, someone will be making a lot of money from higher oil prices. And all we would need to do to cover any gaps is up our recovery efforts. The ones looking to get hammered are the Europeans and Asians, whom are heavily dependent on ME oil.

    Then again, we the little people here in the US will have to pay the higher prices, but according to the Obama administration, such a thing would actually be a fucking boon. And you are right that the Obama administration would not allow the drilling even if that would help their bottom line and ease the economic malaise we are in, because of unicorns or some other such fictitious nonsense.

    Our current economic condition isn’t an accident. It’s what happens when the left practices what it wants. Look at Europe. Insane unemployment numbers, anemic growth, and deficit spending to hide the real impact of the welfare state, and the thing keeps going south. That’s our future too with the left calling the shots.

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  7. Rick Macherat

    The Great Recession technically began while President Bush was still at least in office, but it really began that summer day in 2008 when the American people realized that Barack Obama was going to be President of the United States and what that would mean. Thus ensued the greatest economic asshole pucker in the history of the Republic.

    So, what’s with Q1 2014? We know deep down but are expressing it with our wallets only that there isn’t anyone who can beat Hillary. Good God, can that be? Pucker up again, boys.

    Rick – Member No. 1

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