Today’s first quarter GDP report came in at 1.8. As Rick Santelli said, “under 2% is a big deal.” In Biden’s terms, a big – well, you get the idea. As Santelli notes, it’s on the heels of a 3.1 last quarter. Consumption was 2.7, which is down from 4% and the pricing index was 1.9, “lighter than analysts looked for.”
The jobless rate has gone up 25,000 from 404,000 to 429,000. Anything over 400,000 is considered high and a bad indicator.
All in all, it’s a pretty weak recovery as economists say. And, when you think of all the money the government has poured into stimulus, this hardly seems successful. Add to it the ever weakening dollar, an under reported unemployment rate some have pegged at 17%, increasing cost of oil, inflation hitting us at the grocery store, people seeking a safe haven in gold and a deficit soaring beyond what most of us can understand, it seems we would have been better to have done nothing than what the Obama administration has done.