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Obama's Economic Stagnation

Obama's Economic Stagnation

Despite constant assurances that America is "poised for growth," all evidence points to an economy that's going nowhere.

David Harsanyi | February 1, 2013

So, U.S. consumer confidence unexpectedly plunged in January to its lowest level in more than a year. The U.S. economy unexpectedly posted a contraction in the fourth quarter of 2012—for the first time since the recession—"defying" expectations that economic growth is in our future.

If the economy were as vibrant as President Barack Obama has told us it is, a belt tightening in a single sector of government surely wouldn't be enough to bring about "negative growth." But one did. Unexpectedly. No worries, though. Pundits on the left tell us that this contraction was good news—possibly the best contraction in the history of all contractions. The White House blamed Republicans and, I kid you not, corporate jet owners because—well, who else? But mostly, the left is bellyaching about the end of temporary military spending and a brutal austerity that's enveloped a once great nation.

Read more: http://reason.com/archives/2013/02/01/stagnation-the-new-normal