SHOT: From President Obama’s weekly address
Hi everybody. Over the past seven years, we haven’t just been recovering from crisis, we’ve been rebuilding our economy on a new foundation for growth – growth that benefits everybody, not just folks at the top.
“More economists are forecasting that the US economy nearly shrank in the first quarter. On Friday, the Commerce Department released data on February wholesale inventories, which showed that they fell by a more-than-expected 0.5%. This was the biggest month-on-month drop in nearly three years…After Friday’s report, several economists lowered their expectations for first-quarter Gross Domestic Product (GDP).
“…Notably, the Atlanta Fed’s GDPNow tracker, which nailed the print for Q1 GDP a year ago, cut its estimate to 0.1% from 0.4%. “After this morning’s wholesale trade report from the U.S. Bureau of the Census, the forecast for the contribution of inventory investment to first-quarter real GDP growth fell from –0.4 percentage points to –0.7 percentage points,” the Atlanta Fed explained in its update.”
I forecast that with the Democrats’ actions to move the US more and more to a Government controlled economy (even if they praise a Free Marketplace), we’ll see more and more of this dismal results. Current and historical examples show exactly this.
(H/T: Business Insider)
