The U.S. Commerce Department lowered its estimate for January-March growth from an initial estimate of 2.2 percent. The downward revision was largely because consumers and governments spent less than first estimated, businesses restocked more slowly, and the U.S. trade deficit grew sharply.
The White House blames the third slowdown of its four-year term on Republicans for blocking the President's policies. "Cash for clunkers," "quantitative easing" I and II, ObamaCare, multiple housing bailouts, Dodd-Frank, and the list goes on. Bush authorized TARP but Democrats were all in favor. Would "cap and trade" and "union card-check" have made things better?
The policy- and law-makers have failed the American people. To say they do not understand economics and what motivates business risk and consumer confidence would be a leap in the wrong direction. Thy understand it, however they know that their base does not. The Democrat base knows mediocrity and and government assistance. The base does not know where jobs come from. They understand the arrogant rich and feel wealth redistribution is a good thing.
Three plus years of Obama and Reid policies will never do anything to change the tides. The past three "summers of discontent" will turn into a "decade of discontent" if Obama is re-elected. Democrat polices have failed in a big way. If Romney cannot defeat Obama on his record, then America will forever become the land of the average and home of the coddled.
Raised in Ohio; educated in Southern California and Utah; served an LDS Spanish-speaking mission in Northern California; lived and worked in Texas, Missouri, Minnesota, Arizona and Utah; traveled to 49 states and 31 countries; one wife and four children.