The Gross Domestic Product increases at its lowest rate in four years.
Economic growth slowed to a near crawl of 1.3 percent in the first three months of 2007, the worst performance in four years. The main culprit: the housing slump.
The fresh reading on gross domestic product, released by the Commerce Department on Friday, was even weaker than the 2.5 percent growth rate logged in the final three months of last year. The new figures underscored just how much momentum the economy has been losing as it copes with the strain of the troubled housing market, which has made some businesses more cautious in their spending.
The first-quarter GDP figure was the weakest since a 1.2 percent pace registered in the opening quarter of 2003.
[snip]
The performance was even weaker what economists expected; they had forecast a growth rate of 1.8 percent.
“But, but the stock market!!! 13,000! Best. Market. EVER. The bonuses that us guys down here at Morgan Stanley are making are astounding.
I’ve made 30,000 just while typing this message. Why do you have to focus on all the losers who aren’t doing well? You can be rich too, just like us. What ever you do, don’t vote with the democrats because they want to punish people like you who will be rich eventually. Then when you are making 45,000 a minute like me you won’t be punished with stupid taxes. You know who is getting away with millions? Those illegal aliens. Not THAT is a problem, they are getting free health care. How dare they! That is where you should focus, oops gotta run I just made 100,000 and we always do a shot of Jack when we crack 100K. Go Bush Republicans, they are doing a great job for me!”
-Joe Jack Daniels formerly Joe Six Pack
Yer Bush Boom is in Bangalore!
spocko stole my comment. or i had the same thought i suppose.
and the rich are also doing just fine. they are feeling the boom big time. it’s just everybody else that is paying for georgie’s unfunded mandates and tax ‘cuts’.
Yesterday, Larry Kudlow had a post at The Corner that said, for serious, pretty much what spocko said satirically.
Except of course Kudlow doesn’t bother saying anything about those who aren’t lifted by the stock market’s success. The rest of us don’t even exist, as far as he’s concerned.
This is why many conservatives are genuinely perplexed about how anyone could be unhappy with the Bush economy. They are in a whole different world. You can find Edwards’ “Two Americas” in Kudlow’s post – the America Kudlow lives in, and the America he and his friends don’t even see.