Posted on 07/07/2014 4:16:38 PM PDT by richardb72
The economy took a bad hit during the first quarter this year. It shrunk at an annual rate of 2.96 percent. Since the beginning of 1947, there are only 16 of the 268 quarters experienced worse growth.
The Obama administration blames the slow growth on the “historically severe winter weather, which temporarily lowered growth.” Jason Furman, the chair of Obama’s Council of Economic Advisors, made this assertion again on July 3rd and President Obama has made this claim several times.
But that doesn’t square with the historic data. The five worst winter storms or winters with the coldest temperatures do not match economic downturns.
In a list of the worst United States winter storms since 1888, Epic Disasters, using National Weather Service data, lists five of the ten worst occurring since 1947. Four of the five saw economic growth. Only during the fifth worst storm did the economy shrink. The average annualized GDP growth during the quarters when those storms struck was 1.8 percent.
The Obama administration suggests measuring the severity of weather in terms of the U.S. temperature for the first quarter of the year. But, again the data doesn’t support their claim. . . .
(Excerpt) Read more at foxnews.com ...
If you do not allow the use to use climate change as an excuse they will simply switch over to the old stand by Bush.......
Because NOTHING bad is ever Obama’s fault..........
Hey. He was only following the lead of his idols in the Soviet Union.
One had to wonder how many years of bad weather could responsible for them missing their harvest yields projected by any given five-year plan.
Canada experienced the same winter (maybe worse) as we did and their economy grew by 1.2% last quarter while we shrank almost 3%.
Weather has nothing to do with our serious contraction.
Baloney! You can blame everything on weather now days ... even the decline of redheads.
O.o
Ah, but if you will recall, they always met and exceeded
their five year plans.....just saying.
2.96 percent shrinkage is NOT slow growth. It is SHRINKAGE and not slow shrinkage. The use of the phrase “slow growth” tries to pl;ant the notion that there was actually growth even as the numbers show something more akin to collapse.
“One had to wonder how many years of bad weather could responsible for them missing their harvest yields projected by any given five-year plan.”
We just had Hurricane Arthur pass NJ (never hitting, but causing some waves on Saturday). We’ll be hearing how that ruined the summer down the shore economically.
LOL...true...
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