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I am so happy that the President is talking about gun control, global warming, etc. instead of the economy/unemployment. I am sure glad that I did not vote for him. I have to admit, I am really sorry for those unemployed/underemployed. I also wonder what they think about in the next election.
I TOLD YOU SO! 2013 is going to be a rough year with tax increases, debt skyrocketing, Obamacare starting and EPA policies hitting. How was your "Summer of Recovery"? HOPE AND CHANGE!
Just the beginning. Keep raising taxes and it will really slip into a depression. We need to cut Government Spending.
"Just the beginning. Keep raising taxes and it will really slip into a depression. We need to cut Government Spending."
Umm, a dramatic cut in defense spending was the major cause of this. You should be happy, government spending was cut.
This has to be a vast right wing conspiracy against our "dear leader". He told us his plans are working if we gave him just more time. Well, he's had 4 years and has blamed everyone but his Keynsesian economics which has failed multiple times in the past. It's going to get worse with tax hikes, Obamacare, and more regulation that will stifle the economy. This is just the beginning.
Statement from Obama: "American people, this economic decline is normal and completely expected because of the mess left for me from the policies of the President from the last term. Please be patient."
I sure would have been nice to have had a competent, proven, business manager in the Oval Office instead of a professor who doesn't know what a spreadsheet is. But such is not the case.
kleindropper & Frankie, did you guys miss the fact that it was a cut in government spending that caused the negative GDP growth? It's your so called solution of cutting government spending that caused this. If we keep pursuing the GOP strategy of focusing on spending cuts Vs generating growth then we will continue to see negative GDP growth. Until we lower our unemployment rate to at or below 5% then making dramatic cuts to Government spending will have a negative impact to our economy and not a postive one. For godsakes just look at the UK, they chose austerity over stimulus and they are on the brink of a "Triple" dip recession. Spending cuts at this time will not solve anything.
So, a couple of folks think that this would not have happened under a republican president? We have no choice but to cut government spending and raise taxes in the short-term to protect the future of our country. There are bumps in the road. It took both parties to lead us into this mess and it will take time to get us out. This report is not that bad if you actually read it.
This is a result of lack of aggregate demand, just as Keynes said. If you think cutting government spending and therefore reducing aggregate demand will help, take a look at the United Kingdom, which is entering its third recession since the Tories instituted austerity budgets. What we need is an increase in government spending - a second stimulus-to pump up demand in the short run. Deficit reduction can be done when the economy is growing faster, not now.
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