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Obama Wreckovery: Economy shrinks by one percent in first quarter 2014

Government reports the economy declined by one percent in the first quarter of this year.
Government reports the economy declined by one percent in the first quarter of this year.
Photo by Spencer Platt/Getty Images

The pattern of the Obama Regime putting out phony economic statistics that look better than reality then later quietly revising them when they hope no one notices continues. The Regime had previously released an economic report claiming the United States economy had grown at an anemic 0.1 percent rate for the first quarter of 2014. But it was spun that at least it was growth and not economic contraction and it was pointed to by the Regime and its defenders that their policies are working and economy is moving in the right direction. But it was all a lie, just like the numbers on ObamaCare signups they released or the 900,000 fictitious jobs that were made up to report sufficiently low-enough unemployment numbers just before the 2012 election to allow the president to claim he made good on his 2008 promises to get unemployment lower at the end of his term than when he took office as president. But again, these were all lies.

The economy actually declined by a full one percent (100 times the level of growth previously reported), in the first quarter of 2014, Breitbart News reported last night, basing their reporting on the revised figures the Regime quietly reported yesterday in the form of the latest report of the Bureau of Economic Analysis.

Breitbart reported the President's Twitter account as having communicated the following, six weeks before the end of last year, “This is a big deal: Our economy is growing—and we're reducing carbon pollution.” Someone should tell the president that carbon dioxide is not more pollution than oxygen in and how plant life breathes one and exhales the other while animal and insect life on the earth does the opposite. Or perhaps suggest the presdent review his high school biology class.

This is the first time in three years the Regime has reported the ecnonomy contracting, and if the second quarter report (initially or revised) shows more shrinkage of the economy, that will meet the classical definition of recession – two straight quarters of “negative economic growth.” Don't be surprised, if that not only happens, but if also the Regime and the mainstream media will then refuse to acknowledge or admit that the economy is then in recession.

The Bureau of Economics Analysis reported as follows, “Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in the first quarter according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.”

This is further proof that the economy is not growing and it is being sandbagged by the policies of the Obama Regime that prevent job creation and stop investment in new development and products that would create new jobs.

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