Economic Growth Slows to 1.8 Percent

by Mike on April 28, 2011

in Economy,Media Bias,Politics

Economic growth slowed to an anemic 1.8 percent for the first quarter of 2011  After two rounds of quantitative easing, dramatic increases in government spending, soaring federal deficits, and uncertainty over future tax rates, the news comes as no surprise.

Of course, those hellbent on pushing the left wing agenda they bitterly cling to can’t seem to connect the dots between this Administration’s policies and the sluggish growth.  According to them, the slowdown is not the result of any of the above-mentioned reasons; it’s happening because of inflation (Didn’t someone  warn us that QE2 would lead to inflation?) and reductions in government spending.

The problem with that analysis is that there have not been any reductions in government spending.  Even when the $38 billion grand bargain between Obama and John Boehner is factored in, total spending in FY 2011 is much higher than it was in FY 2010.  Just because the government is spending a little bit less right now than Obama hoped it would in his wildest dreams does not mean the government has tightened its belt.  Any correlation between spending and poor economic performance is the result of spending increases, not an Obama-led age of austerity.

The left will try to move heaven and earth to rewrite the history of the Obama Administration, but it isn’t going to work.  For two years, the left got their way in every area of public policy.  They own the results now, even if we all suffer from them.

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