President Obama can’t stop talking about the 1 percent of people who he says don’t pay their fair share of the nation’s taxes. But he should be obsessing about a 1.5 percent — the rotten growth rate produced by the once-mighty US economy in the second quarter.
The slowdown announced Friday — on top of another slowdown in the first quarter — is further proof that the president’s class-warfare economic rhetoric and policies are pushing the country perilously close to a double-dip recession.
The numbers are pretty stark: Growth of 2 percent for the first quarter was already scary, down from around 4 percent at the end of last year. A few years out of a stiff recession like the one we had, the economy’s normally roaring, not sagging back down.
So the drop to a 1.5 percent growth rate for the second quarter is really quite staggering. At this rate, we could be in double-dip territory even by Election Day, as consumers continue to slash their spending and businesses their investments.
Yet the president either doesn’t know or doesn’t care that the country is headed right back into recession territory. He’s too busy bashing Mitt Romney’s record at Bain Capital to address what increasingly looks to be unfolding economic calamity.
Of course, Obama promised us hope, change and a robust recovery if we just followed his economic wisdom of massive stimulus spending and “green energy” investments.
And yes, the president will blame Republicans, who won the House in 2010, for thwarting his more recent efforts to spur the economy. Which they have — but who could blame them? It’s more of the same stuff that gave us Friday’s dismal growth number.