Friday, July 27, 2012

They All Agree: Obama Economy Is NOT Recovering

The Economist: “The American Economy Slowed Sharply In The Second Quarter, Adding To The Weakest Recovery Of The Post-War Period.” “If recent data left any doubt, America's Bureau of Economic Analysis (BEA) dispatched it this morning: the American economy slowed sharply in the second quarter, adding to the weakest recovery of the post-war period.” (“Low And Slow,” The Economist, 7/27/12)

Los Angeles Times: “U.S. Economic Growth Slowed Further In The Second Quarter…” “U.S. economic growth slowed further in the second quarter as consumers cut back on spending and businesses curbed their investments, the government reported Friday.” (Don Lee, “Economic Growth Slows As Consumers Pull Back,” Los Angeles Times, 7/27/12)

The Washington Post’s Ezra Klein: “The Numbers … Aren’t Very Good. And They’re Coming After A String Of Even Worse Numbers.” “The Bureau of Economic Analysis estimates that real GDP grew at an annualized rate of 1.5 percent in the second quarter of 2012. … The bad news? The numbers, 1.5 percent and 2 percent, aren’t very good. And they’re coming after a string of even worse numbers.” (Ezra Klein, “The Economy: Still Not So Good,” The Washington Post’s Wonk Blog, 7/27/12)

Fox News’ Stuart Varney: “A Sharp Slowdown For The Economy In This Election Year.” VARNEY: “OK, well everybody is asking the same question: does this mean an election year recession? And the answer is, probably not. But does it mean a sharp slowdown for the economy in this election year? And the answer is definitely yes.” (Fox News’ “America’s Newsroom,” 7/27/12)
  • Varney: “A 1.5% Growth Rate Is A Very, Very Slim Growth Rate Indeed.” (Fox News’ “America’s Newsroom,” 7/27/12)
BNP Paribas Chief Economist Julia Coronado: “We Have An Anemic Recovery With Really No Momentum.” (Shobhana Chandra, “Economy In U.S. Grows At 1.5% Rate,” Bloomberg, 7/27/12)
AEI’s James Pethokoukis: “The U.S. Economy Is Not Doing Fine.” (James Pethokoukis, “Sickly Second-Quarter GDP Report Puts U.S. Economic Recovery — And Obama’s Reelection — In Jeopardy,” American Enterprise Institute, 7/27/12)

California State University Channel Islands’ Sung Won Sohn: “Not Enough To Take Care Of New Workers Coming Into The Labor Force, Let Alone Rescue The Unemployed.” “An economy growing at a 1.5% pace is consistent with a monthly growth of less than 100,000 new jobs, said Sung Won Sohn, an economist at Cal State Channel Islands. ‘That's not enough to take care of new workers coming into the labor force, let alone rescue the unemployed,’ he said.” (Don Lee, “Economic Growth Slows As Consumers Pull Back,” Los Angeles Times, 7/27/12)

Zacks Research Director Sheraz Mian: “Internals Point To Worrisome Trends That Do Not Look Very Favorable For Growth Outlook In The Coming Quarters.” “The GDP reading is better than expected, but the report's internals point to worrisome trends that do not look very favorable for growth outlook in the coming quarters.” (Sheraz Mian, “How Good Is The GDP Report?,”, 7/27/12)

First Trust Advisors Chief Economist Brian Wesbury: “This Is Really In My Opinion Disappointing.” WESBURY: “Martha, we have called the economy the plow-horse economy. It ain't going to win the Preakness, obviously, but it ain't going to keel over and die. It's sort of chugging along, and this is really in my opinion disappointing.” (Fox News’ “America’s Newsroom,” 7/27/12)

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