The Commerce Department reported today a second estimate of real GDP for the first quarter of 2014, finding that the economy "decreased at an annual rate of 1.0 percent." In other words, we were running at a growth rate of negative one percent. That is somewhere between pathetic and lame.
The left will probably find a way to blame this on income inequality, "austerity" by House Republicans, and George W. Bush. But surely the onset of ObamaCare and the Obama tax increases have had something to do with it? It'd be a mistake to read too much into one estimate of one quarter, but it may be starting to look like we're seeing part of the effect of a Congress and a president that have delegated growth to the Federal Reserve instead of pursuing and enacting their own policies to promote growth.
