Thursday, April 28, 2011
Q1 GDP slows sharply, Gov't spending falls at fastest pace in 28 years!
Government consumption expenditures and investment fell at the fastest pace in 28 years in the first quarter of this year. That largely contributed to the sharp slowdown in growth. If that 1.8% growth rate is not bad enough, consider this...more spending cuts are on the way...big ones!
Where are the Republicans showing us how spending cuts lead to growth? They're silent. What's worse, where is Obama? He is silent when he should be all over the Republicans now, pointing to these results and saying that the worst is yet to come.
This is just another glaring example that spending cuts and austerity will kill growth. The Eurozone, Britain and now us. But the dogma rages on.