The revised estimate for first quarter GDP growth was released this morning. The new estimate is annualized growth of 0.8% or growth during the quarter of 0.2%. The media is busy celebrating this number because it is slightly higher than the previous estimate released a month ago. Are they kidding? Our economy is standing on the brink of recession and looks likely to fall over that cliff; the media is celebrating because we are two inches from the edge instead of 1 and three quarters inches.
In the 71 years since World War II, the average annual growth of the US economy has been around 3.5%. That average includes recessions, so during the years when the economy grew, the growth rate was actually higher on average. President Obama is the first America president during that time who never once was able to preside over an economy that met the average. Every one of the Obama years has seen growth below 3.5%, and it was usually much below that rate. While some may scoff at this statistic as unimportant (mostly people in the media or the Democrat party), consider this. If Obama had been able to just meet the average growth rate for the economy, the GDP would be about 20% higher than it is now. That would mean an additional three and a half trillion dollars of goods and services produced in America each year. It would mean millions upon millions of additional jobs. It would mean that the federal government would have roughly an extra three quarters of a trillion dollars of additional revenues each year, and that would be enough to change our never-ending deficits into a surplus that would reduce the national debt. Social Security and Medicare would be much better funded. Most important, the average income of the America family would be much higher. Because Obama and his policies have run the economy into the ground, every middle income American family has been severely hurt, every poor American has seen his or her chances of getting out of poverty greatly diminished and the country as a whole has been damaged.
Keep in mind that the Obama policies that have so hurt our economy are the same ones that Hillary Clinton says she wants to keep in place. We have eight years of proof that these policies just don't work, but Hillary is still out there promoting them. We would have to be insane to choose her as our next president.
In the 71 years since World War II, the average annual growth of the US economy has been around 3.5%. That average includes recessions, so during the years when the economy grew, the growth rate was actually higher on average. President Obama is the first America president during that time who never once was able to preside over an economy that met the average. Every one of the Obama years has seen growth below 3.5%, and it was usually much below that rate. While some may scoff at this statistic as unimportant (mostly people in the media or the Democrat party), consider this. If Obama had been able to just meet the average growth rate for the economy, the GDP would be about 20% higher than it is now. That would mean an additional three and a half trillion dollars of goods and services produced in America each year. It would mean millions upon millions of additional jobs. It would mean that the federal government would have roughly an extra three quarters of a trillion dollars of additional revenues each year, and that would be enough to change our never-ending deficits into a surplus that would reduce the national debt. Social Security and Medicare would be much better funded. Most important, the average income of the America family would be much higher. Because Obama and his policies have run the economy into the ground, every middle income American family has been severely hurt, every poor American has seen his or her chances of getting out of poverty greatly diminished and the country as a whole has been damaged.
Keep in mind that the Obama policies that have so hurt our economy are the same ones that Hillary Clinton says she wants to keep in place. We have eight years of proof that these policies just don't work, but Hillary is still out there promoting them. We would have to be insane to choose her as our next president.
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