|Obamanomics: US GDP Plunges 2.9%|
|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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