Economic growth was only 1.5%.
A. It is growth, not a negative set back. If you look at this chart that is bad number on the global scale only if you look at China….. most of the world consistently works fine beneath the growth level of 1.5%. Almost all nations are in negative territory, meaning they went backwards. We did not go backwards. we went forwards… Woo hoo!
B. In todays current economic reality, a 1.5 growth rate is higher than last August when Eric Cantor caused the crash after they refused to raise the debt ceiling and Standard and Poors devalued America’s rating. In 2011, growth was 0.4, 1.3, 1.8, and finally a whooping fourth quarter of 3.0. Todays released figures are above two of last years quarters and just shy of a third. Woo Hoo!
C. Ronald Reagan had growth less than 1.5% for 7 quarters during his first term. Standing out are Reagan’s GDP’s of -10.10. -5.7, -5.6, -2.2, -1.9. not to mention the remainder 2 quarters that had positive growth under 1.5%… George W Bush had 12 quarters under these levels including 6 that were in negative territory. Comparatively, a growth level of 1.5 is still healthy. Woo Hoo!
D. Growth by its very own nature, levels out. Look at your kids. When they are small, they grow leaps and bounds. When they are 21, it is less than an eighth of an inch. It is when they grow smaller on you that you have to watch out. Our economy did not get smaller. Woo Hoo!
E. Why did we not grow? Here is why. Growth was curbed as consumers limited new spending and as business investment slowed … The reason consumer spending was down, is because consumer savings… is up. You can’t spend what you save, right? OOOOHHHH.. State and local governments also cut spending…… You can’t spend when you don’t assess the wealthy for their fair share now, can you?
See the problem? Mitch McConnell. Eric Cantor… John Boehner…. It is truly a Republican problem… All of it. Vote every Republican out of office… Then, you will see growth.