Sunday, August 29, 2010

WSJ Editorial: The 1.6% Recovery

The results of the Obama economic experiment are coming in.

Summer of Continued Economic Collapse?

Here is an excerpt from the Weekend Wall Street Journal editorial on page A12:

“To no one’s surprise except perhaps Vice President Joe Biden’s, second quarter economic growth was revised down from the prior estimate of 2.4%, which was down from first quarter growth of 3.7% which was down from the 2009 fourth quarter’s 5%. Economic recoveries are supposed to go in the other direction …

“If prosperity were a function of government stimulus, our economy should be booming. The Fed has kept interest rates at near-zero for nearly two years, while Congress has flooded the economy with trillions of dollars in

· spending

· loan guarantees,

· $8,000 tax credits for housing

· “cash for clunkers,”

and so much more. Never before has government tried to do so much and achieved so little

“To borrow a phrase, maybe it’s time for a change.”

Yes it is WSJ, it is time to REMEMBER IN NOVEMBER. Remember TARP, Cap and Trade, Funding for Abortion, Healthcare, Financial ‘reform’ and Comprehensive Immigration ‘Reform.’ Remember that it was the controversial and increasingly unpopular President Barry Soetoro alias Barack Obama and his cohorts in Congress who feed the economic collapse.

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