(H/T: IBTimes) This is not looking good. UPDATE:
The U.S. economy grew at its slowest pace in roughly two years, climbing just 0.5 percent in the first three months of 2016. The U.S. economy reported subpar numbers in the first quarter for the third straight year. Economists surveyed by Bloomberg had predicted 0.7 percent growth. The Commerce Department said the low growth was due to a pullback in spending by both businesses and consumers as the first few months of 2016 were filled with anxiety about the state of the global economy. The economy grew 1.4 percent in the last quarter of 2015.
While the U.S. has consistently reported solid gains in categories like jobs and housing, there has been growing anxiety about the impact of a steep decline in oil prices on oil-producing nations. And growing concern about an economic slowdown in China has exacerbated the situation.
Economic anxiety appeared to be a major culprit for the disappointing new data. Personal income grew at a faster rate to open 2016 than it did to close out 2015, climbing $130.8 billion in the first quarter compared to $117.4 billion in the fourth quarter. However, gross domestic purchases were only up 0.9 percent in the first quarter, compared to a 1.5 percent increase the three months prior.
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
On Thursday the Commerce Department announced that the US economy expanded at the slowest pace in two years. GDP growth rose at an anemic 0.5% rate after a paltry 1.4% fourth quarter advance.
Ronald Reagan brought forth an annual real GDP growth of 3.5%.
Barack Obama will be lucky to average a 1.55% GDP growth rate.This ranks Obama as the fourth worst presidency on record.
Barack Obama will be the only U.S. president in history who did not deliver a single year of 3.0%+ economic growth.
According to Louis Woodhill, if the economy continues to perform below 2.67% GDP growth rate this year, President Barack Obama will leave office with the fourth worst economic record in US history.
Assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of 1.55% growth. This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%)
