Commerce Dept. Report Shows Anemic Economy In Wake Of Failed Stimulus

In yet another reminder of the failed economic policies Tim Kaine helped usher in as President Obama’s DNC Chairman, a new report by the U.S. Department of Commerce shows that the United States’ economy is performing even worse than Democrats in Washington initially claimed.

As Investor’s Business Daily notes, “after spending $830 billion on stimulus, $700 billion on TARP, with unknown trillions more to be spent on ObamaCare and welfare, the nation’s not better off.”:

Obamanomics: In case you thought the economy was doing better, Friday’s report on gross domestic product likely disabused you of that notion. It shows the last two years of economic policymaking have been an utter failure. New data show that the economy has been expanding far less robustly over the past two and a half years than initially claimed. According to the Commerce Department, first-quarter GDP growth was 0.4%, not 1.9% as first reported. In the second quarter, it grew at a tepid 1.3% pace. A recent problem? Hardly. Fourth-quarter 2010 growth was also revised down, from 3.1% to 2.3%. In fact, all told, from the end of 2008 to this year, the government estimates U.S. GDP was $314 billion less than first estimated, not including this year’s revisions. Digging down into the data shows an even gloomier picture. Per capita GDP, the ultimate measure of both well-being and productivity for a nation, today remains lower in real terms than it was in 2007.

“Tim Kaine spent the last several years as the number-one cheerleader for the Washington Democrats’ reckless deficit spending binge, which failed to create jobs while driving our national debt past $14.3 trillion,” said National Republican Senatorial Committee (NRSC) spokesman Chris Bond.  “If Virginians wonder what kind of economic policies Tim Kaine would give them in the Senate, they need look no further than the record spending and debt he embraced as President Obama’s DNC Chairman in Washington.”