Posted By LambChop
From CBS News and ZeroHedge.com:
The U.S. economy shrank from October through December for the first time since the recession “ended”.
According to the Bureau of Economic Analysis Report “National Income and Product Accounts Gross Domestic Product, 4th quarter and annual 2012 (advance estimate)” the economy contracted at an annual rate of 0.1 % in the fourth quarter.
That's a sharp slowdown from the 3.1 % growth rate in the July-September quarter. Historically, post recession growth in the U.S. has posted growth rates at about 6 %. The Obama growth rates have remained lower than 2.5%.
This contraction is being billed as a “surprise” by the media. Obviously, the concerns initially expressed by conservatives that the economy would not be able to handle Obama’s schizophrenic Keynesian economic policies are being realized.
Just how can a contracting economy handle massive on personal incomes and the looming spending cuts?