How Can So Many Smart People Really Blame a 3% GDP Drop on the Weather?
Liberals excuses don’t make up for poor liberal policies.
Check it out:
This is historic. There hasn’t ever been a 3% contraction. The truth of the matter is, ladies and gentlemen, we never got out of the recession. They might be able to have a formulaic way of measuring recession versus growth and depression, the number of quarters in a row where the economy doesn’t grow.
The fact of the matter is, we’re not producing the kind of jobs that lead people into the job market with vigor. They’re not the kind of jobs that lead to careers. Entrepreneurism is taking a hit. There really isn’t any significant, quality job creation going on. And it’s getting even worse because of the influx of illegals crossing the border now. There hasn’t been any serious reaction from serious economists, so this is a one-off. “The economy, I mean, you look at recent numbers, the economy is actually doing quite well right now.” The economy hasn’t been doing well in six years.
We would all be wise to remember that Obama changed the way the GDP is measured last year so that it would not reflect as poorly on him as it really is. They changed the definition for calculating the gross domestic product as a means of lessening the political impact on him. And, in fact, the new way of calculating the GDP, a bunch of economists said the end result of that new calculation would add up to 3% to the GDP. Now, I can’t spell out the calculation, the formula is complicated, but I can tell you that no other Western country defines economic growth the new way that we do.
All I can tell you is that when George W. Bush was president and the economy was growing at 3.3, the Drive-By Media was screaming and yelling and shouting, “Recession, depression, doom, gloom” with every newscast. Here we have the first news we had in the first quarter was down one-tenth of 1%. Then the next revision we got it was worse than that. Now it was actually minus 3%, a contraction, but it doesn’t mean anything because no serious economists think so, it was a one-off.