Recently revised GDP numbers were released showing a 0.7 percent decline in our economy for the first quarter of 2015.
That being said, the Bureau Of Economic Analysis was blamed for this by not taking into account “a seasonal adjustment” (winter weather). This is not the problem.
For the last few years, first quarter growth has been lower than normal. The problem is that growth under President Obama is and continues to be dismal. In June 2009, Obama began touting our economy as recovering.
In Obama’s recovery, the last 23 quarters, we averaged 13.3 percent growth for 23 quarters. In the previous 10 recoveries, since WWII, the average was 100 percent more at 26.7 percent. If Obama’s average would have been 26.7 percent, our GDP would stand at an additional $1.9 trillion in our coffers.
Obama has blamed everything but his terrible policies. In 2011, he blamed Japan’s tsunami, the Arab Spring, along with problems in Italy, Spain and Greece. In 2012, gas prices and Europe were to blame. Then it was House Republicans’ budget cuts, the government shutdown and the sequester, which by the way, he ordered. Obama’s cover-all excuse was, financial recoveries are always slow to turn around. There are numerous studies contrary to Obama’s excuse.
Ron Piretti, West Palm Beach