Remember when in January 2014, Q1 GDP was expected to rise 2.6%? Well, here comes the final Q1 GDP revision and it's a doozy: at -2.9%, far below the -1.8% expected and well below the -1.0% second revision, it is an absolute disaster, and is the worst print since Q1 2009.
And while a bad GDP print was largely expected, the driver wasn't: personal consumption expenditures somehow crashed from 3.1% to just 1.0%, far below the 2.4% expected, meaning that all hope of a consumer recovery is dead. Finally, as a reminder, US GDP has never fallen more than 1.5% except during or just before an NBER-defined recession since quarterly GDP records began in 1947. Good luck department of truth propaganda machine, because even assuming 3% growth every other quarter in 2014 means 2014 GDP will be 1.5% at best!More hope and changey goodness from Instapundit. The only positive thing I can see in this is maybe voters will finally wake up and realize change is necessary. But don't count on the GOP Establishment to do it, it is still business as usual for them.
Remember when ObamaCare saved the economy? (wait that was 2014 Q1)
It is not just Iraq, it's everything they do: Obama Administration, it does just enough to fail...
Twitchy: It is 1937 all over again!