It turns out that the harsh winter and a growing trade deficit made a bigger dent in the U.S. economy in the first three months of the year than previously thought — with revised first-quarter GDP actually shrinking by 0.7 percent, according to the Commerce Department.
Commerce had earlier estimated output growing by 0.2 percent. The contraction announced Friday is the first since the first quarter of 2014.
That’s right, this booming Obama recovery is such a house of cards that it can be undone by a white Christmas.
Of course, this “shocker” is part of a Friday news dump so it can get as little attention as possible. That’s been the m.o. for six years: a big happy dance if there is the slightest uptick in any economic indicator, then some subdued whispers about bad news being “unexpected”, if it is noticed at all.
The upside is that the next president is being set up even better than this one to keep saying, “…the failed policies of the previous administration.”
Sleep well tonight knowing that each little change for the worse in the weather gets us one step closer to our Chinese debt overlords foreclosing.