Thursday, May 1, 2014

WH tries to put a positive spin on how Obamacare drove first quarter's pathetic 0.1% GDP growth

After blaming 'winter weather' for abysmal GDP growth didn't work yesterday, looks like Carney's changed bait...

And here to explain that bait, El Rushbo...
"Now, yesterday the economic growth rate the country reported at one-tenth of 1%, and I made the point that if it weren’t for Obamacare, our growth rate would have been negative. I got some e-mails last night, “Rush, there’s nothing good about Obamacare. Why were you praising Obamacare’s rate of economic growth?” I wasn’t.

I’m glad, actually, I got the questions because I made the assumption that people would know what I was talking about. It’s not good. When government spending becomes more and more of the total economy, that isn’t good, and that’s what this means. The real economy — the actual real economy that does not involve government spending — is shrinking.

The gross domestic product is simply a total of economic activity. The government has always had a percentage of that, usually around 18%. With Obama and then Bush before him, we’re up over 20%, and I think approaching higher. Off the top of my head, it may be getting to 21% of the economy is government. That’s horrible. That’s bad, because government doesn’t have any money until they take it from somebody first, or print it out of whole cloth. So my point was that the real economy is in the toilet."

Related links: WH: Obamacare Drove Weak First Quarter GDP
Health care spending spikes at fastest rate since 1980 in first quarter of Obamacare

ADDENDUM: Rush commented more about the unemployment rate's plunge on Friday's program...

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