(WSJ) If one really believes the Obama Administration’s Commerce Dept, we’ve been told (to believe) that the U.S. economy expanded at a stronger pace in 2012 than previously measured and the great economic
recession depression (to many Americans) was less severe because of Obamanomics.
The nation’s Gross Domestic Product (GDP) the broadest measure of goods and services produced across the country expanded at a 2.8% rate last year versus a previous estimate of 2.2% all of this interestingly may be explained (which much of the dinosaur media is silent about) because of big new change in the Commerce Dept measures what it calls the “knowledge economy” which includes money spent creating enduring artistic products and books that will now count as an investment according to Business Insider/Reuters together with intangible investments including brand-building, employee training and spending by companies to make their operations more efficient, research and development will all be added to the way the Commerce Dept is using ‘New, New Math’ to calculate the size of economic growth and inflate the numbers to show, Americans are now suddenly more prosperous than we first thought and the nations economy is chugging along thanks to Obamanomics Magic.
Well, that is if one is willing to just believe what they’re told by a government that is willing to manipulate numbers, attempting to fool Americans gullible enough to believe what they otherwise know is true.
Obama’s economic recovery compared to its WW II predecessors is exceptionally weak according to Real Clear Politics that reports we’ve become a nation of part-timer workers. If our economy was so robust, one would be expecting the number of part-time jobs to be on the decline as companies would be expanding and hiring more full-time workers but this is not the case.
Personal income has dropped 5.3% during the first quarter of this year the Epoch Times reports food and gasoline prices have also risen. This loss of disposable income also affects personal savings which has declined a whopping 44.6% in the first quarter 2013 according to a May article by the Savings and Retirement Foundation.
Likewise, if the ‘Obamanomics Magic’ was creating all this new found wealth and prosperity that we know doesn’t exist, given the fact that just this week the Associated Press reported 4 out of 5 Americans are struggling with joblessness, poverty and/or relying on food stamps for a least part of their lives–a sign of a deteriorating economy and an elusive American dream.
All of this, despite the Obamanomics Magic–Knowledge Economy, which we’re to believe, makes all of us much more prosperous than we ever knew we wasn’t.