The impact of defense cuts, tax increases, and over regulation are now being felt!
It was just nine days ago at his second Inauguration when Obama told Americans that "An economic recovery has begun." You would have thought he should choose his words more carefully as the 4th quarter 2012 dip into negative economic growth is hardly a sign that economic growth "has begun." If the next quarter also shows a dip we will officially be in a recession. Not that the millions who remain unemployed or have given up work have thought otherwise.
Who is to blame for this latest dip? Well, if a Republican was in the White House the news we all know that news reporting of this event would lay the blame solely on the President. But since Obama occupies that office and apparently can do no wrong, it's the Republicans fault anyway! White House Press Secretary Jay Carney said as much on Wednesday when he faulted Republicans for opposing Obama's wasteful big spending programs that have been miserable failures in creating economic growth or job creation. When asked what new ideas Obama had to spur economic growth Carney suggested more of the same failed policies.
Does it never occur to Obama and his team that their policies of wasteful spending on green jobs for firms that go bankrupt won't grow the economy and create jobs? Are they not aware that draconian restrictions on energy production cuts economic activity and job growth while increasing the cost? Have they no clue that the mountain of new business regulation strangles economic activity?
At what point will Obama be held accountable for his corrupt and incompetent management of fiscal and economic policies? Who knows. I suppose that an Administration, whose Secretary of State can dismiss the lies and incompetence so evident in the killing of four Americans in Libya by saying "what difference does it make?" can pretty much get away with anything in the economic sphere too. At least for now.