Economy Shrinks 1% in First Quarter
The Bureau of Economic Analysis released its revised assessment of the first quarter of 2014's Gross Domestic Product and revised it down to -1%. The initial assessment said the economy had at least grown, but only by .01%.
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in the first quarter according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
If the economy shrinks again in the second quarter, America is officially in a recession.
Here is the President's Twitter account just six weeks before the economy began to shrink:
This is the first time the economy has contracted in over three years. Some in the media, the very same Thought Leaders who had been talking last year about an economic recovery possibly saving Obama and the Democrats in 2014, have attempted to blame the contraction on the weather. No one in the mainstream media seems at all ready to consider ObamaCare, which hit Americans and American business owners just before the the economy began its decline of more than three full points.
UPDATE: CNN calls the shrinking economy, "No Big Deal."
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