Shocker! Economy Falters Dramatically In First Quarter

by William Teach | July 30, 2011 9:05 am

I know, I know, you’re saying “how could that possibly happen after two years of far left Keynesian economic policies?”

The economic recovery faltered dramatically[1] in the first half of the year, and that means more trouble ahead.

The latest Commerce Department figures show that the nation’s economic output was gasping for breath long before the debilitating debt-ceiling debate took center stage, further dimming prospects for 14 million unemployed Americans.

The nation’s total economic output grew at an anemic annual rate of 1.3% from April through June, below already weak expectations. And the government sharply scaled back its estimate of first-quarter growth to a feeble 0.4%, the lowest figure since the recession technically ended two years ago.

“These are disastrous numbers for the economy,” said Bernard Baumohl, chief global economist at the Economic Outlook Group. “We’re seeing some clear, concrete signs that the economy is teetering on the edge of recession.”

I disagree: thanks to the policies of the Democrats and Obama from 2009 we are teetering on the brink of a depression or, at least, years of economic stagnation and misery. We will mirror Japan’s lost decade or the Europeans over the last 20 years, with low GDP and high unemployment.

  1. The economic recovery faltered dramatically:,0,7937807.story?track=rss

Source URL: