Trumps Economy Stumbles Immediately, GDP Lowest In Three Years

[skews13]

This is what happens when people start worrying that the Republicans are going to do the same thing they always do and we’re heading for a drop in the economy. The first quarter GDP numbers have come out and they’re not looking good.

• The economy barely grew, expanding at an annual rate of only 0.7 percent.

• The growth was a sharp decline from the 2.1 percent annual rate recorded in the final quarter of last year. It was the weakest quarterly showing in three years.

• Consumption, the component reflecting individual spending, rose by only 0.3 percent, well below the 3.5 percent rate in the previous quarter.

“The retail retreat, especially in autos, was greater than many people anticipated,” he said.

Anyone who knows how the GOP cult operates, knows they’re going to massively cut taxes for their Oligarch masters, which will massively drive up the deficits, which will then be followed by massive austerity measures. As Krugman says, your spending is someone else’s income.

Put on top of that, the deregulation frenzy that will allow the Oligarchs to pillage the economy at everyone else’s expense and you’ve got the perfect recipe for another financial collapse. But let’s frost this shit cake with an insane psychopath who not only has his hands on the nuclear trigger, he’s got his hands on the economic levers also.

Americans may have a short memory, but some of them haven’t forgotten what they did to us less than a decade ago and we’re pulling back and getting ready for another shock.

And all those suckers who bought into the Trump/GOP BS about all the great jobs they were going to bring back, are about to fall off the delusion train and are going to get a very rough ride on the reality train.

RESIST!


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Dave Weigel

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BREAKING: Trump administration to replace GDP number with quarterly reminder of how many electoral votes Trump won https://twitter.com/ap/status/857935222524039168 …

8:45 AM - 28 Apr 2017

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[Blackrook]

I remember well how Obama kept blaming Bush for the bad economy and that whining kept going on for at least four years after he was President, maybe longer.

 

[Godboy]

Obama's economy. Clearly he was not a very good president.