Unexpectedly!

Get ready for the “It’s not Obama’s fault really it was the weather” excuses to fly fast and furious

The U.S. economy contracted in the first quarter by the most since the depths of the last recession as consumer spending cooled.

Gross domestic product fell at a 2.9 percent annualized rate, more than forecast and the worst reading since the same three months in 2009, after a previously reported 1 percent drop, the Commerce Department said today in Washington. It marked the biggest downward revision from the agency’s second GDP estimate since records began in 1976, owed primarily to a slowdown in health care spending.

Total suckage on everything he touches.

More better:

The revision reflected a drop in spending tied to health care services. The Bureau of Economic Analysis had estimated that major provisions of President Obama’s signature health care law would boost outlays. A quarterly services survey released this month showed the assumptions were too optimistic. Outlays for health spending actually dropped in the first quarter, subtracting 0.16 percentage point from GDP. The Commerce Department previously estimated those outlays added 1 percentage point to GDP.

I would suggest to the editors that when you predict a policy will increase spending and it actually causes it to drop you are not “too optimistic” but in fact what we in the real world call “dead wrong.”

2 Responses to “Unexpectedly!”

1. aelfheld says:

   June 25, 2014 at 4:32 pm

   But, but, didn’t everyone’s insurance premiums go down?

2. Michael Lonie says:

   June 28, 2014 at 12:33 am

   The Canadian economy grew at a rate of 1.2 percent. Everybody knows that Canada has much milder winters than the USA. Right?