On April 26 of this year, Blogcritics was kind enough to publish Where is the Economic Recovery Obama Promised? Comment #20, by Frivolous D, cited this Gross Domestic Product (GDP) source. The only problem is that Frivolous D's source ended with 2011. The Commerce Department's Bureau of Economic Analysis (BEA) has released GDP figures for the first two quarters of 2012, so I thought a GDP update might prove interesting, especially in light of the current campaign season.
First, let's examine the GDP growth figures (annualized) for the first two quarters of 2012. The GDP grew at a rate of two percent in the first quarter, and a whopping one point five percent in the second quarter (subsequently downgraded to one point three percent). For perspective, a three percent GDP growth rate (or higher) is needed to create jobs. To say that the GDP growth rate for 2012 is anemic is a gross understatement. Soooooo, we just may have found the reason for Obama's jobs problem.
Economic forecasters are not forecasting GDP growth rate above two percent in the foreseeable future.
Now let's focus upon the April-May-June, 2012, quarter, with its one point three percent GDP growth rate. Did y'all Democrats/liberals/progressives know that the GDP growth rate is lower than that in economic powerhouses Pakistan, Egypt, Mexico, Jamaica, Albania, and Cuba. Hyscience says:
"As incredibly hard to do as it sounds, Barack Obama has actually done to America in less than four years what it took Castro over 50 years to do to Cuba ... and unlike Castro, Obama has done it without complete dictatorial powers (only partial dictatorial powers from his having usurped the power of Congress):"
Refer to this chart about worldwide GDP (as of February 2012). The USA is number 149 of 185, or about 80 percent of the world is ahead of us.