The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Obamanomics Fails — Unexpectedly!

Posted on | January 30, 2013 | 23 Comments

Remember how, right before the election, we had about three weeks of media hype about declining unemployment and hopeful signs of economic recovery? Yeah. They lied through their teeth:

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 0.1 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau of Economic Analysis.

Ed Morrissey at Hot Air:

Most economists predicted that the economy slowed in Q4, but I don’t know that anyone expected a negative number. Business Insider notes that the expectations were around 1.1% for Q4, which would have been a big drop in itself from Q3?s 3.1%.

It’s the old “hide the decline” trick. Only a fool could trust federal government economic reports during a Democrat president’s re-election campaign. The predictable headline:

U.S. Economy Unexpectedly Contracts in Fourth Quarter

Next question: How will the media blame this on Republicans?

 UPDATE: Well, that didn’t take long. Dan at Gay Patriot points out that Team Obama is already “looking for someone else to blame“:

The White House on Wednesday blamed the devastation from Superstorm Sandy and disruptions from deep scheduled spending cuts for the surprise 0.1 percent drop in gross domestic product (GDP) in the fourth quarter of 2012. It was the first such contraction since early 2009 when the country was in the grips of the Great Recession.

I’d say this is the equivalent of “the dog ate my homework” excuse, but let’s not talk about Obama and dogs and eating, eh?

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Comments

  • http://erielookingproductions.info Stephen Michael Kellat

    So…how’s the economy of Vanuatu doing in contrast?

  • http://www.facebook.com/people/Christopher-Blake-Carlton/100000022510491 Christopher Blake Carlton

    Get ready for more stimulus (sugar). The 10 year t note is up today.

  • ThomasD

    Over the last four years we’ve had a consistent, if not unbroken, string of downward revisions to quarterly economic data. Revisions that have largely (if not entirely) gone ignored by the Manchurian media/DNC complex.

    Anyone want to bet that next quarter there will be an upward revision of this horrendous number, and that the media/DNC will go to extensive lengths to trumpet the news?

  • Finrod Felagund

    Prosperity is just around the corner! http://www.madmusic.com/song_details.aspx?SongID=8433

  • ThomasD

    Why did Discus eat my comment?

  • http://twitter.com/wjjhoge WJJ Hoge

    Hello, Dip Two of the Double Dip Recession.

  • ThomasD

    Never mind, it’s back.

  • http://twitter.com/wjjhoge WJJ Hoge

    How will the media shift the blame? They will claim that they were drinking heavily in celebration of the election and blame Busch.

  • jsn2

    The media has no respect for the average citizen or they wouldn’t flagrantly lie. All journalistic ethics are out the window and no one is saying a word about it. If there are any “journalists” worried about the state of their chosen “profession” they need to speak up loud and clear NOW.

  • jsn2

    What should be the media Hatfields vs the politician McCoys has instead become an inbred, united force against the best interests of the voter/consumer. They see us as sheep to be sheared for their benefit. Does anyone under 40 understand what’s happening?

  • http://twitter.com/wjjhoge WJJ Hoge

    Yeah, I remember seeing it back there.

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  • http://wizbangblog.com/ Adjoran

    This has been obvious for at least a year, and any economist who predicted anything else should be suspect for future pronouncements.

    Recoveries is the post-WWII era have been led by two sectors. Exports and home construction. Exports can’t lead growth when the rest of the world is sketchy, too – the countries who have done fairly well are all export economies, too, and can’t buy from us until we and Europe are buying more from them. Europe’s failure to address their own fiscal crises in a meaningful way means they are leading the world into the double dip.

    Home construction is blunted not only by the glut of houses in various stages of foreclosure and resale, slowed by court actions and stupid Obama rules, but also by the idiotic Dodd-Frank regulations which so threaten lenders that even near-zero interest rates have witnessed the mortgage lending market tighten.

    Yes, home sales have showed some signs of recovery, but a deeper look shows much of it is Chinese money which no longer trusts our federal paper. It’s foreign investment driven, not domestic recovery driven.

    Germany is already contracting, too, and they are the bulwark of Europe. The rest is a house of cards whose fall will shortly be followed by our own.

    At this point the best economic news we could get is that the Mother Ship has returned for the Obama Cult and Democrats have committed mass suicide for the voyage home.

  • http://evilbloggerlady.blogspot.com/ Evi L. Bloggerlady

    They don’t drink Busch Hoge, especially when someone else is buying, but they will blame Bush!

  • http://twitter.com/sdo1 Steve in TN ™

    Expect more CRISIS. Anything to keep the public off of Obama’s economy…

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  • higgins

    I’m pretty sure that Obama doesn’t consider his policies as a failure. In fact, I imagine that the decline in GDP brought a smile to his face.

  • http://alanye.com/ Dai Alanye

    Let’s start with the fact that the GDP is a useless index, hoked-up as it is. Then let’s agree that the genuine economy, as measured by numbers employed/unemployed, has been nosing down since January of 2008.

    Strangely, this was precisely when Obama took office. Co-inkydink? I think not.

  • Dana

    One of my favorite lines is “they lied through their scummy teeth.” I think you should have used that one above.

  • Dana

    Could it still be all George Bush’s fault?

  • Wombat_socho

    Well, they’re certainly going to pretend that’s the case.

  • http://thecampofthesaints.org Bob Belvedere

    Bingo!

  • superbob

    And why did God in his infinite wisdom choose to speak of sheep in the Bible? They are the most stupid and helpless creatures on the face of this earth. It’s time to wake up America.