The GDP growth rate is out for Q1 2013, and at 2.5%, it is a nice improvement over Q4 2012’s 0.4% rate, which was revised up from the original estimate of -0.1%. \u00a0It’s also lower than the 3% growth the\u00a0Keynesian\u00a0economists the Obama regime is strangely still paying attention to, predicted.<\/p>\n
It’s not all good news for the worst recovery since the Great Depression<\/a>, as this CNBC article points out<\/a>.<\/p>\n A full percentage point of that 2.5% growth was a one time effect of the farming industry recovering from a drought. \u00a0So the real growth rate was an anemic 1.5%<\/p>\n Household incomes also\u00a0dropped at a 5.3 percent rate in the first quarter of 2013, and the\u00a0saving rate – the percentage of disposable income households are socking away – fell to 2.6 percent, the lowest since the fourth quarter of 2007.<\/p>\n Neither of those last two items are a good sign for increases in consumer spending, which is going to get worse, as federal taxes go up, as well as local taxes. \u00a0The tax burden will be worse in the so-called<\/em> “Blue” states as their expensive social programs continue to\u00a0overwhelm\u00a0their budgets, and their revenue generating working classes flee for states with less\u00a0oppressive\u00a0taxes on anyone moderately successful.<\/p>\n The only bright point was that the official government inflation rate was only 0.9%. \u00a0That is good for tax paying consumers, but is another missed milestone of the Obama Economic Team. \u00a0They want at least<\/em> 2%.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The GDP growth rate is out for Q1 2013, and at 2.5%, it is a nice improvement over Q4 2012’s 0.4% rate, which was revised up from the original estimate of -0.1%. \u00a0It’s also lower than the 3% growth the\u00a0Keynesian\u00a0economists the Obama regime is strangely still paying attention to, predicted. It’s not all good news […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6,50,52,19],"tags":[140,294,414,574,621,839],"class_list":["post-4161","post","type-post","status-publish","format-standard","hentry","category-economy","category-obama-economy-politics","category-bho-politics","category-politics","tag-barack-obama","tag-economy","tag-incompetent","tag-obama-economy","tag-politics","tag-worst-president-ever"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pab4zg-157","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/posts\/4161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/comments?post=4161"}],"version-history":[{"count":0,"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/posts\/4161\/revisions"}],"wp:attachment":[{"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/media?parent=4161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/categories?post=4161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/urbin.net\/blog\/wp-json\/wp\/v2\/tags?post=4161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}