US Sluggish Growth - The New Normal

The US Commerce Department reported that GDP growth shrunk in the last quarter of 2012 for the first time since 2009.   It was the result of  cuts in Defense Spending and sluggish growth of company inventory stockpiles.   But, is should be no surprise and it will likely get worse in 2013.   The Fiscal Cliff Deal and ObamaCare contain huge tax increases in them that are hitting right now.   And, the Payroll Tax Holiday ended as of January 1st, which raised taxes on all working Americans.   Raising taxes on anyone in a weak economy is fiscal insanity. 

It is probably the reason the UCLA Anderson School of Business has projected unemployment back up at 8% in 2013 with dismal GDP Growth averaging just 1.7% for the year.   We need GDP Growth of 3% or more to see any real dent in unemployment.   23 million Americans are either unemployed, under employed working part time, or they have just given up looking for work altogether.   This is Obama's Socialist economy.   Obama's New Normal will result in sluggish growth, if any, for years to come, falling incomes and a lower standard of living for all Americans.   This is the New Normal in the United States.

None of this is necessary.   The Reagan tax cuts created 20 million new jobs and even more into the Clinton Presidency before Clinton raised taxes.   There was GDP growth of 6 or 7% during the Reagan years.   We need Reaganomics again, not Obamanomics that is a job killer.   Higher taxes on the "rich", taxes in ObamaCare and EPA Gestapo tactics that are destroying our economy are causing dismal economic performance.   Get used to it because as long as Obama is President, we will have more of the same.