Saturday, November 28, 2009

Economic Growth Revised Down in 3rd Quarter

I wonder when President Obama will be on TV to tell us that the economy actually grew at 2.8% in the third quarter rather than the 3.5% that Obama and Vice President Biden advertised all over TV in October. Turns out the Commerce Department's new reading on gross domestic product wasn't quite what they told us it was at 3.5%. The main factors behind the downgrade were that consumers did not spend as much as previously thought, commercial construction was weaker and the nation's trade deficit is a drag on growth. Of course, what the Obama Administration will not admit is that their $780 Billion SwindleUS Plan has been a complete failure. As a result, we face the worst recession since the 1930's. And, unless we see continuous GDP growth of 3.0% or more an annual basis, we will not see the real 17% unemployment rate come down any time soon.

The Democrat Socialist controlled Congress talks daily of new taxes that will impact all Americans. It is impossible to achieve a solid economic recovery if taxes are raised. That is the reason many economists are now saying that we could see high unemployment for 5 years or more. Obama wants to create the European Socialist model for the United States. Along with that model comes high unemployment and a lower standard of living for all. Temporary fixes like Cash for Clunkers and or the $8,000 incentive to buy a home create momentary blips in the economy; but these give aways will not lead to sustained economic growth. It hasn't happened and it is not going to happen.

As a result of all of Obama's Socialist Schemes; HeathScare, CAP & TAX etc, the Anderson School of Business at UCLA is projecting annual GDP growth of 1.7% in 2010. As such, some economists believe that the unemployment rate will grow above 11% by the middle of 2010. This would not be surprising because at some point all the bail outs and SwindleUS money will have been spent. Obama and the Democrat Socialists that control Congress just do not see the connection between their actions and the loss of jobs. The only way to make them see that connection if for us to throw them out of office so that they personally experience job loss. The election in 2010 and 2012 may be among the two most important elections in American history. Get your check books ready. All elections are national. The National Freedom Forum will endorse candidates across the country committed to ending the fiscal insanity happening in Washington. When you see these Conservative candidates highlighted, you must send them money to take back our country. Get ready for 2010. Our time is coming.

No comments:

Post a Comment