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US Economy Slows

Posted by Steve Markowitz on July 27, 2012

US Department of Commerce today released the Gross Domestic Product (GDP) figure and it was not good.  Growth for the second quarter 2012 was a mere 1.5% compared to 2% in the previous quarter.  The trend is clearly down, as indicated by the supplied graph.  To put this figure in perspective, economists indicate that the GDP must grow by 3% to lower the unemployment rate.

The current GDP numbers again indicate that President Obama is out of touch with what is really occurring in the economy.  Just a few weeks ago the President incredibly said that “the private sector is doing fine”.  Obama is obviously over his head when it comes to the economy.

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