Like a monstrous tornado, the Obama Economy continues to cut a disastrous path across the country.
Fourth quarter Gross Domestic Product (GDP) was expected to show growth of about 1.1%. That's excruciatingly slow and not even close to being a powerful enough engine to generate significant job creation. But under Obama, we've sadly come to expect growth of between 1% and about 2.5% as "the new normal."
Today the Commerce Department reported that ACTUAL 4th quarter GDP data showed that the economy SHRANK by -.1%. This is the first economic contraction in about three and a half years. Distressing and appalling, but not surprising.
This is the Obama Economy, after all. Higher taxes, class warfare, radical wealth redistribution, socialized medicine, unprecedented spending, record-breaking deficits and debt....it all adds up to economic catastrophe. And with the hike in the payroll tax hitting everyone of all incomes and higher income tax rates hitting job creators and higher capital gains and dividends tax rates hitting investors and ObamaCare taxes kicking in and widespread government regulations everywhere, expect the economy to slow even more. Another recession? Maybe. Probably likely.
Of course, to Obama, all of this destruction is a wild success. The greater the economic weakness, the greater the spur for growing government and getting ever-more people dependent on it. A weak economy means an expanding welfare state, which in turn means locking people into dependency, which in turn means a permanent Democrat voting majority.
To Obama, this disastrous economy isn't a failure. It's mission being accomplished