Economy shrinks as GDP declines -0.1%

Looking rather European...and not in a good way.

Breitbart: Yesterday, Breitbart News reported that consumer confidence had dropped to its lowest level in almost two years. Much of the media spun the number as the result of a payroll tax increase that hit millions who were repeatedly told by Obama that only the rich would see their taxes increase. Surprise! But the spin didn't explain why consumer confidence had steadily dropped during the months prior. Well, now we know: The American economy has taken a nosedive.

For the first time in over three years, the U.S. Gross Domestic Product shrank. Between October and December of 2012, the GDP had a negative growth of 0.1. And let's remember that this is the same quarter where we saw the media go into hyper-drive to spin Obama's anemic job and GDP growth into a repeat of the Roaring Twenties.

The problem with the American economy is that Obama and his media can't fool it. Happy talk and spin and distractions about contraception don’t create jobs or growth. You might be able to fool legions of people into voting a certain way, but you can't fool them into spending and hiring and investing.

But believe you me...they're trying!

TheWeeklyStandard: In response to the news today that the economy contracted -.1 percent in the final quarter of last year, Democrats are touting the claim that this is "the best-looking contraction in U.S. GDP you'll ever see." The claim was originally made by chief U.S. economist for Capital Economics Paul Ashworth.

"The drag from defense spending and inventories is a one-off. The rest of the report is all encouraging," Ashworth also claimed.

The claim was quickly seized upon by Democrats, looking to share good news about a contracting economy.

And the Associated dePress talks about more stimulus as if it's a good thing...

AP: The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.

The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.

The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.

The surprise contraction could raise fears about the economy's ability to handle tax increases that took effect in January and looming spending cuts.

'Raise fears'? Ya think? Santelli's right..."We have become Europe."



So, wasn't Obama's reelection supposed to send us soaring? Oh wait, we're not supposed to pay attention to the economic demise. Here, look at this.

Abandon ship.