In the last quarter, the United States’ GDP growth rate actually went negative, at -1.0%, which means the economy shrank by one percent.
The POS blamed the record cold for the negative economic growth rate while, at the same time, pushing the
climate change global warming myth, never mind the cognitive dissonance.
The Wall Street Journal reports:
The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace.
Government economists had previously estimated GDP slowed to a 0.1% growth rate in the first quarter as harsh winter weather disrupted work sites, curtailed foot traffic at retail stores and snarled transportation networks across much of the U.S. The newly revised estimate incorporates additional economic data released in recent weeks. Higher-than-expected imports and slower-than-expected inventory growth dragged the economy into negative territory.
H/t Gateway Pundit
Meanwhile, there’s really no end in sight for an economic recovery because:
- A record 1 in 6 U.S. working-age males (ages 25 to 54) are not working.
- The number of Americans on Social Security Disability is at an all-time record of 11 million. SSD has become a new form of welfare. Last year, a study by the Social Security Administration found that many SSD recipients admit they can work but simply choose not to.