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White House blames ‘fiscal cliff’ fight, Sandy for GDP decline
The Washington Times ^ | 30 January 2013 | Dave Boyer

Posted on 01/30/2013 8:05:45 AM PST by COBOL2Java

The White House on Wednesday blamed a surprising economic decline in the fourth quarter of 2012 on the uncertainty of the ‘fiscal cliff’ feud with Congress and the effects of Superstorm Sandy.

Alan Krueger, chairman of the president’s Council of Economic Advisers, said the first contraction of the GDP in 3½ years was partly because “federal defense spending declined precipitously, likely due to uncertainty stemming from the sequester” — deep automatic defense and non-defense spending cuts that were narrowly avoided at the end of last year. He also said Sandy, which struck the East Coast in late October, “disrupted economic activity.”

The poor economic report was a blow to start President Obama’s second term, after he waged a re-election campaign grounded in his promise of better days ahead for the middle class. The fourth-quarter slowdown was a sharp drop from the 3.1 percent growth rate in the July-to-September quarter.

Mr. Krueger said federal defense purchases dropped by an annual rate of 22.2 percent in the fourth quarter of 2012, the largest decline in 40 years. The so-called fiscal cliff would have imposed steep cuts in defense spending in an effort to reduce deficits; Mr. Obama and congressional Republicans agreed on Jan. 1 to delay the cuts for two months while they negotiate on a longer-range budget deal. They also agreed to extend tax cuts for families earning less than $450,000 per year.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: obama; obamasfault

1 posted on 01/30/2013 8:05:50 AM PST by COBOL2Java
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To: COBOL2Java

2 posted on 01/30/2013 8:08:35 AM PST by COBOL2Java (Fighting Obama without Boehner & McConnell is like going deer hunting without your accordion)
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To: COBOL2Java
The poor economic report was a blow to start President Obama’s second term

That poor Owebama has the worst luck with the economy.

3 posted on 01/30/2013 8:08:48 AM PST by oldbrowser (They are marxists, don't call them democrats)
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To: COBOL2Java

Bunk.

I blame sending American jobs to China, and to every other country except America.

Bring back American jobs now.


4 posted on 01/30/2013 8:09:29 AM PST by Cringing Negativism Network
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To: COBOL2Java

I’m sure they’ll get around to blaming W again for this dismal economic news. Doesn’t it feel like we’re all trapped on an out of control plane that’s about to hit the side of a mountain?


5 posted on 01/30/2013 8:10:59 AM PST by dowcaet
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To: oldbrowser
It's all those pesky human beings, they're so...uncontrollable! Why won't they ignore the law of unintended consequences like they're supposed to and follow the Marxist plan like the book says?


6 posted on 01/30/2013 8:13:21 AM PST by COBOL2Java (Fighting Obama without Boehner & McConnell is like going deer hunting without your accordion)
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To: COBOL2Java
Ever notice that Robert Mugabe and Barack Obama have NEVER been photographed together?

Coincidence? I think not.

7 posted on 01/30/2013 8:15:21 AM PST by Obadiah (We must commit to remove every Senate Blue-dog Democrat from office in 2014!)
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To: dowcaet
Doesn’t it feel like we’re all trapped on an out of control plane that’s about to hit the side of a mountain?

And the Captain's blaming YOU for letting him get his affirmative action license from a diploma mill.

8 posted on 01/30/2013 8:15:56 AM PST by COBOL2Java (Fighting Obama without Boehner & McConnell is like going deer hunting without your accordion)
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To: COBOL2Java
And these will be the “Good Ol’ Days” very soon.
9 posted on 01/30/2013 8:17:55 AM PST by Aevery_Freeman (Proud Thought Criminal since 1984)
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To: COBOL2Java; potlatch; PhilDragoo

Didn’t they attribute uptick in jobs to Sandy-related construction?
Looking for Keeping Story Straight Department.


10 posted on 01/30/2013 8:18:43 AM PST by ntnychik
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To: ntnychik
Didn’t they attribute uptick in jobs to Sandy-related construction?

Don't expect that question to come from the steno pool - er, the press pool.

11 posted on 01/30/2013 8:22:34 AM PST by COBOL2Java (Fighting Obama without Boehner & McConnell is like going deer hunting without your accordion)
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To: COBOL2Java

What Obama’s not blaming Bush for the GDP drop??


12 posted on 01/30/2013 8:22:47 AM PST by The Great RJ
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To: COBOL2Java
The White House on Wednesday blamed a surprising economic decline in the fourth quarter of 2012 on the uncertainty of the ‘fiscal cliff’ feud with Congress and the effects of Superstorm Sandy.

This is just a temporary short term loss of long term memory. They'll get back to blaming Bush any day now.

13 posted on 01/30/2013 8:24:25 AM PST by concerned about politics ("Get thee behind me, Liberal")
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To: COBOL2Java
The Gods of the Copybook Headings will not be denied.
14 posted on 01/30/2013 8:27:42 AM PST by oldbrowser (They are marxists, don't call them democrats)
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To: dowcaet
Doesn’t it feel like we’re all trapped on an out of control plane that’s about to hit the side of a mountain?

NASA Administrator Recommends Being Prepared to Employees

15 posted on 01/30/2013 8:32:00 AM PST by concerned about politics ("Get thee behind me, Liberal")
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To: COBOL2Java

I had nothing to do with it.


16 posted on 01/30/2013 8:34:23 AM PST by SandyInSeattle (2 Corinthians 4:8)
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To: COBOL2Java; All
blames ‘fiscal cliff’ fight, Sandy for GDP decline
BarbaraStreisand!..IF we had a real leader (Not Boemher..0'Butthurts' ally);
then we might have been (better) able to resist his actions since 2011.
right now, they're (RINOs) runnin' like scared rabbits...

17 posted on 01/30/2013 8:36:37 AM PST by skinkinthegrass (who'll take tomorrow,spend it all today;who can take your income,tax it all away..0'Bozo man can :-)
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To: SandyInSeattle
I had nothing to do with it.

Nor Sandy Cheeks...


18 posted on 01/30/2013 8:39:46 AM PST by COBOL2Java (Fighting Obama without Boehner & McConnell is like going deer hunting without your accordion)
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To: oldbrowser

I blame the tsunami.


19 posted on 01/30/2013 8:47:13 AM PST by St_Thomas_Aquinas
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To: oldbrowser
In that vein, Steve Croft's interview of Barry & Hillary:

That the Dog returns to his Vomit and the Sow returns to her Mire

20 posted on 01/30/2013 9:01:14 AM PST by PghBaldy (12/14 - 930am -rampage begins... 12/15 - 1030am - Obama's advance team scouts photo-op locations.)
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To: COBOL2Java

Sandy, its the new George W.

no doubt some other person or event, will come along to derail poor obammies wonderful economic recovery., gosh darn it, dear reader just cant get a break!


21 posted on 01/30/2013 9:01:51 AM PST by tm61 (Election 2012: we find it IS possible, to polish a turd.)
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To: COBOL2Java

I’ve gotta believe a lot of lib “experts” are starting to wonder. I can’t believe they all think it’s just bad luck for King Barack. They can’t seriously still be blaming Bush. Or can they? Even I don’t think these collective nitwits yet believe Dubya is still pulling the levers. At some point their fingers surely must begin to point at the White House as their noses sniff the rotten stench of Obamanomics.


22 posted on 01/30/2013 9:42:19 AM PST by driftless2
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To: driftless2
At some point their fingers surely must begin to point at the White House as their noses sniff the rotten stench of Obamanomics.

I dunno. The USSR got away with blaming poor crop yields on 70 years of bad weather.

23 posted on 01/30/2013 10:07:34 AM PST by COBOL2Java (Fighting Obama without Boehner & McConnell is like going deer hunting without your accordion)
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To: COBOL2Java

Gee, what else happened in the 4th quarter of last year that might have DEPRESSED a lot of people and businesses? Uh ..... maybe the election results? Obummer being re-elected perhaps?


24 posted on 01/30/2013 10:55:07 AM PST by MissMagnolia (You see, truth always resides wherever brave men still have ammunition. I pick truth. (John Ransom))
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To: COBOL2Java

Obama says that the economy shrank because Bush spent $142 billion in federal funds on Katrina.

60B on Sandy.

And the libs wanted Bush to spend more in N.O.


25 posted on 01/30/2013 1:34:15 PM PST by NoLibZone (It's time folks. It's time. Posting aint gonna cut it.)
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