Obamanomics: GDP Contracts 0.1% in Q4 2012, Double-Dip Recession Looms Closer
The U.S. Bureau of Economic Analysis reported today their advance estimate that the U.S. economy contracted at a compounded annual rate of -0.1% in the fourth quarter of 2012.
A few months ago, The Washington Dispatch began tracking the progress of the current recovery against the 1980s recovery.
Since the second quarter of 2009 (the last quarter of GDP contraction), real GDP growth has averaged 2.0% over the last sixteen quarters. By comparison, in the sixteen quarters following the third quarter of 1982 (the last quarter of GDP contraction resulting from the early 1980s recession), real GDP growth averaged 5.0%, or more than double the current average:
This in spite of the fact that reckless and massive federal deficit spending (government expenditures are included in GDP) has been artificially inflating GDP under the Obama administration to an extreme degree: