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Obamanomics: US GDP Plunges 2.9% Print E-mail
by Tom McGregor    Wed, Jun 25, 2014, 08:19 PM

While many countries have begun to enter a recovery phrase from the global recession, the U.S. economy continues to freefall.

According to Fox News, "America's economy shrank at a drastic 2.9 percent annual rate in the first quarter, a far more alarming picture than ones painted in two previous government estimates -- including one that actually claimed modest growth."

Peter Morici is quoted as saying that, "Businesses scaled back their investment, and that is a bit foreboding. They just don't believe the president's ballyhoo about this being a breakout year."

As reported by Fox News, "The new figure released Wednesday by the Commerce Department is nearly three times lower than last month's preliminary estimate of 1 percent shrinkage -- at the time the worst three-month performance since 2009 -- and far greater than the 0.1 percent growth estimate in April. The sluggish economy's woes have been widely attributed to an unusually cold winter, but the latest figure -- the biggest difference between second and third estimates since 1976 -- could indicate far greater problems."

Apparently, higher taxes, regulations and federal deficit spending have not proven to be a proper economic solution.

To read the entire article from Fox News, link here:

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written by K. D. , June 26, 2014

The U. S. will never pull out of the recession w/the kind of leadership it is having to deal with now!....Obama has not a clue on business, defense, nor world politics! We are in GREAT DANGER @ this point!

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