Details at Hot Air. It’s the first contraction in three years.
This administration is shaping up to be very similar to that of FDR, one of the worst presidents in American history. Obama came into office facing an economy that already was doing poorly, thanks to bubbles inflated by Fed policy, and swung a Louisville slugger at the knees of that economy repeatedly. New regulations on employers, and new goodies for unions? Take that, economy! Misallocation of resources through monstrously huge government spending programs? Take that, economy! ObamaCare? How do you like that, economy?! Wham! Wham! WHAM!!!
And what do you know? The economy is starting to buckle under the repeated blows.
We’ve been through it all before, in the 1930s. This is a milder version, but the principles are exactly the same.
P.S. Admin Guy is working on issues with the site. Please be patient!