In its final estimate on the first quarter on Friday, the Commerce Department said gross domestic product expanded at a 2.7 percent annual rate instead of the 3 percent pace it reported last month.
(H/T: Big Government)
So much for the cheery pronouncements of "things are getting better! Happy faces all around!"
With all of the discal uproar, and all of the uncertainty that the Democrats are creating with new taxes, new fees, new regulations, restrictions on energy, the invasion into all aspects of commerce with the threats of punishments, the utter willingness to soak up capital that otherwise be used in the private sector, and the effective restrictions based lending (even as the spoken word is 180 degrees from that written word) and what seems to be a growing disdain for the Rule of Law in preference to growing social engineering, what do the head of businesses think?
They’d be fools to expand, to create jobs (which, in the case of Obamacare, could cost them HUGE bucks for hiring the wrong person). Business and capital are sitting on the sidewalks as Obama and crew are ripping up the street. Unfortunately, the folks on the sidewalks are NOT buying into the spin that the road will be better than EVAH!
And neither is the general public buying it. Why? They know better – they are living it:
(H/T: Veronique at The Corner)
And it is nothing but spin. Jobs, Jobs, Jobs – only jobs being created are those in the Government. Sorry, those jobs do not create wealth – only the private sector does. In fact, Govt jobs are unsustainable without the tax receipts created by the private sector – and we are seeing that it should still be in ICU.
Govt jobs leach money from the private sector – but the Political Class has decided to protect its own, hoping that the economy changes fast enough so that it wouldn’t matter to the masses. Problem is, the jig is up – and the fury is building against those that can’t keep us safe physically, spin us, and can’t seem to set up the floor on which the rest of us can be winners.
It’s almost as if they WANT America to fail.
Determined Weakness.
