Well, looky what we have here: the Obamaconomy still sucks, and economic "experts" still claim to be shocked, SHOCKED, they tell you:
The U.S. economy grew less than forecast in the second quarter, after almost coming to a halt at the start of the year, as consumers retrenched.
Gross domestic product rose at a 1.3% annual rate following a 0.4% gain in the prior quarter that was less than previously estimated, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.8% increase. Household purchases, about 70% of the economy, climbed 0.1%.
Slower job and income gains raise the risk that a pickup in purchases during the remainder of 2011 will fail to materialize. The faltering economy will probably complicate the debt-ceiling negotiations in Congress and is one reason why Federal Reserve Chairman Ben S. Bernanke has said policy makers need to keep all options open.
“The transition into the second half is on rocky footing,” Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, said before the report. “Consumers are just refusing to increase their spending, which sets the stage for a stagnant economy. We’re in economic doldrums right now.”
Leaving aside the fact that these "official" numbers are themselves risibley rosy exaggerations, the reason for consumer retrenchment is supremely simple to grasp: Barack Obama is still in the White House and Harry Reid still runs the U.S. Senate, which means they have the power to prevent John Boehner's Republican House from doing anything to reverse the depressionary policies that are the prime source of these "economic doldrums" - and they're using it to maximum effect.
Perhaps that explains this other interesting piece of news:
President Barack Obama's job approval rating is at a new low, averaging 40% according to the latest from Gallup.
The data was compiled from the July 26-28 Gallup Daily tracking poll. Obama's previous low rating — 41% — occurred several times, the last of which was in April. As recently as June 7, Obama had 50% job approval.
Obama's approval rating averaged 46% in June and was near that level for most of July. However, it has stumbled in the past few days, coinciding with intensification of the debt ceiling/budget battle in Washington.
Wow. That's almost....Bush territory.
I'm sure the White House would prefer to ascribe this unhappy news to the debt ceiling faux kerfuffle, since it affords them the opportunity - which Tea Partiers are making much more accessible - of shifting the blame for a default, real or contrived, to Republicans. But they can't do that with an economy that was shitty long before last November, and for which Red Barry took full ownership all the way back with the passage of Hogzilla I two and a half years ago. Hence O's need to contrive any crisis he can possibly concoct. He has to have that distraction to change the electoral paradigm that has him doomed to defeat next year.
Ironic indeed that only TPers can serve as that lifeline, and are seemingly, and obliviously, bound and determined to provide it to him.
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