Well, we have some more economic “good news”, courtesy of those feckless fools and naive tools calling the shots in DC these days savants managing the US government and economy. We have a revision to last quarter’s GDP growth figures.
Federal economists now estimate that the US economy grew at an annual growth rate of 2% during the period July through September 2015. Since the current quarter is looking about the same, we’re looking at an average growth for the US economy of around 2.2% for the year.
Moreover, this will be the 10th straight year that US economic growth has been below 3% for the year. That means it will be the longest period of sustained slow growth since World War II.
I don’t think I really need to tell anyone who’s been running the show in DC for the last 7 of those years – or which party had the majority in both houses of Congress in 2007 and 2008.
But wait, there’s more!
The US labor participation rate last month was 62.5% . That’s lower than all but two months since October 1977 – which was back during Jimmy “Clueless” Carter’s “wonderful stewardship” of the US economy. And those two months that had a lower US labor participation rate? Those would be September and October of this year, where the labor participation rate clocked in at 62.4%.
We’ve now seen the US labor participation rate at below 63% for 20 consecutive months. You have to go back to the Ford Administration and the post-Vietnam/post-Watergate economic slowdown to see that.
But we must be on the verge of something. The current Administration has raised taxes, and is raising interest rates – things known to retard economic growth. That should certainly keep things from overheating, economically-speaking. Gotta make sure that growth doesn’t spiral out of control!
Yeah, as a nation we’re just doing “oh so well” economically. Thanks for “letting the good times roll”, Mr. President.