Friday, July 27, 2012

2nd Quarter GDP Report: U.S. Economy Slowing to a Crawl

Obama can't blame this on Bush!

If you want to know how well Obama's economic program is working, here's a hint. The economy slowed to 1.5% in the second quarter after already anemic growth of 2% in the first quarter.

Want to know the reason why? The Obama Administration, which has demonstrated their antipathy to small business with Obama's comment "You didn't build that" is drowning business in a sea of read tape. Here's a graphic to illustrate the point:
Full size image here.

Thousands of pages of new regulations put into effect by the Obama Administration cost businesses billions and limit hiring. A new study shows that even a modest 5% reduction in the regulatory burden could create over a million new jobs.

Want a good example of the kind of regulatory overreach that is typical of the Obama Administration? Rep. Mike Kelly (R-PA) was in his district in Erie Pennsylvania when he got the call that a local ballpark on opening day was being prevented from opening by a bureaucrat who said the mirrors in the men's room were 1/4" too low. Cue the player to the 2:07 mark:

Rep Kelly: "Take the heavy boot off the throat of jobs creators!"
 
Republicans in the House got it. They gave him a standing ovation and chanted "USA, USA" when he was finished. The House GOP is set to pass new legislation to cut red tape. But you can bet that Democrats in the Senate will block the measure along with the 30 other bills the House has passed to foster job creation.

You would almost think that it was Obama's "plan" to constrict economic growth and job creation. Everything he does has had that effect!

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