Tuesday, July 23, 2013

Economic Uptick? Well, No . . . Not At All, Really

You say there's been an economic uptick?
Ya think so?
Then how do you explain this headline from yesterday's Wall Street Journal: "Growth Outlook Stuck In Neutral; Forecasts Trimmed As Spending Slows."
And here's the first few lines of the story:
The long-anticipated acceleration in the U.S. economy has been put on hold once again.
Disappointing economic and corporate-earnings reports in recent weeks have dashed hopes that the U.S. was at last entering a phase of solid, self-sustaining growth. Instead, while economists expect a modest second-half pickup in growth, few are predicting the kind of substantial rebound to quickly bring down unemployment, raise wages and insulate the U.S. from economic threats abroad.
And this, too:
Retail sales grew at a paltry 0.4% in June, Commerce Department figures showed, and would have been even worse if higher gasoline prices hadn't forced drivers to spend more at the pump.
No real growth. No real pickup. No actual rebound.
We are now in the fifth conservative year of Obamanomics (aka economic stagnation).
Guess what, folks?
It ain't workin!

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