This morning it was like waking to a nightmare come true, as I read the “Breaking News” headline on MSNBC that economic growth was the weakest in 5 years. My vision was blurry from not enough sleep so I decided to crawl back into bed, rather than read the bad news that I already knew was true.
I’ve been saying here for some time now, as a small business owner that the economy sucks. And, I don’t really need any economic reports to tell me this, because I have my own economic indicator with my business that tells me that consumers simply aren’t buying like they used too.
The government cut in half its estimate of economic growth in the first quarter, reporting the slowest rate of expansion since the end of 2002.
Before today’s numbers were released by the Commerce Department, it was clear the economy was downshifting from the rapid 5.6 percent expansion of the first quarter last year. But the new data reinforced how significant the slowdown has been.
Just take a look at the graph below and you can see the figures for the first quarter this year are bleak compared to previous years, yet, economists who “agree that the first quarter was probably a low point for the last several years,” say they “expect the economy has regained some strength in the second quarter.”
What the heck are they smoking? Gas prices rose to all new highs this month, the first month of the second quarter, is that what they are basing higher spending on, because with people putting more money into their gas tanks, many folks are sure as hell not out spending on extravagances and some can barely afford the necessities.
I’m not holding my breath that the economy will get better in the next few months. And I know plenty of small business owners who feel the same way. Times are tough for many in America despite the rosy picture BushCo likes to paint. And the reason times are tough is BushCo. The end of his reign can’t come fast enough for me.
Fester weighs in on Newshoggers about the economy saying: “Nice Economy, really it is.”