{"id":18694,"date":"2013-08-27T11:53:47","date_gmt":"2013-08-27T15:53:47","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=18694"},"modified":"2013-08-27T13:17:39","modified_gmt":"2013-08-27T17:17:39","slug":"more-bad-economic-news-for-obama","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/18694\/more-bad-economic-news-for-obama\/","title":{"rendered":"More Bad Economic News for Obama"},"content":{"rendered":"<p>Earlier this month, I noted that our economy <a href=\"http:\/\/cfif.org\/v\/index.php\/commentary\/43-taxes-and-economy\/1920-recovery-summer-episode-v-new-government-report-shows-us-economy-stalling-five-years-into-recovery\" target=\"_blank\">continues to sputter<\/a> at stalling speed, some four long years after the last recession officially ended:<\/p>\n<blockquote>\n<p style=\"margin-left: 40px\">The U.S. Commerce Department announced second-quarter gross domestic product (GDP) growth of just 1.7%.\u00a0 That follows first-quarter 2013 growth of just 1.1%, and fourth-quarter 2012 growth of just 0.1%.\u00a0 Together, that means our economy has grown less than 1% over the past nine months. That obviously provides additional confirmation that Obama\u2019s economic agenda has failed, even as he barnstorms the country demanding more of the same.\u201d \u00a0<em> <\/em><\/p>\n<\/blockquote>\n<p>Yesterday, Macroeconomic Advisers <a href=\"http:\/\/www.macroadvisers.com\/\" target=\"_blank\">lowered<\/a> its third-quarter GDP projection to just 1.8%, which would make four consecutive quarters below 2%.\u00a0 The fourth quarter of 2012 came in at 0.1%, the first quarter of 2013 was 1.1% and growth for the recently-completed second quarter of 2013 was 1.7%.\u00a0 That&#8217;s significant, because growth below 2% on a year-over-year basis has been followed by a recession some 70% of the time according to a Federal Reserve study.\u00a0 Keep in mind that the average quarterly GDP growth since 1929 has been 3.3%.<\/p>\n<p>Meanwhile, American workers&#8217; wages <a href=\"http:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\">continue to stagnate<\/a>, according to the Labor Department.\u00a0 Since the recession ended all the way back in June 2009, average hourly pay for non-supervisory employees outside of the government sector has declined 0.9%.\u00a0 It&#8217;s one thing for wages to decline during a recession, but another thing entirely for them to fall during a supposed &#8220;recovery.&#8221;\u00a0 Obviously, record trillion-dollar deficits aren&#8217;t the only unfortunate novelties of the Obama presidency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this month, I noted that our economy continues to sputter at stalling speed, some four long years after the last recession officially ended: The U.S. Commerce Department announced second-quarter gross domestic product (GDP) growth of just 1.7%.\u00a0 That follows first-quarter 2013 growth of just 1.1%, and fourth-quarter 2012 growth of just 0.1%.\u00a0 Together, that [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[19,24],"class_list":["post-18694","post","type-post","status-publish","format-standard","hentry","category-posts","tag-economy","tag-obama"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/18694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=18694"}],"version-history":[{"count":4,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/18694\/revisions"}],"predecessor-version":[{"id":18698,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/18694\/revisions\/18698"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=18694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=18694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=18694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}