The Commerce Department just downgraded America’s GDP growth during the first quarter of this year from the anemic 2.5% initially reported back in April to an alarmingly low 1.8%. For context consider that average quarterly GDP growth during all non-recession periods from 1947 when quarterly GDP reporting began, through 2007 was 4.4%.
The chart below tracks every post-recession economy the same way the Obama administration tracks the current era, from the first positive quarter after the end of the recession. As the chart shows, we’re living through the weakest post-recession economy ever recorded since quarterly GDP reports began 66 years ago.
With the constellation of Washington scandals and the Zimmerman trial dominating headlines this GDP revision was virtually ignored by the national media. But the numbers are the best macro indicator we have of the overall level of misery Americans still endure, in the fifth year of the Obama Administration and four years after the end of the recession in 2009.
Polls show most Americans believe big government polices like ObamaCare and hyper regulation of the energy sector depress economic opportunity and prevent job creation. These statistics demonstrate that most Americans are right.