A recession is defined as two consecutive quarters of negative economic growth. In the fourth quarter of last year, the economy shrank, from Investors Business Daily:
Obamanomics: The economy shrank last quarter, the deficit topped $1 trillion last year, U.S. debt shot up $5 trillion in the past four, and joblessness is at 7.8%. Boy, President Obama sure inherited an economic mess, didn’t he?
Now with Obama’s huge tax hikes kicking in, his regulators once again running amok, ObamaCare’s storm clouds looming ever closer, and deficits expected to top $1 trillion for the fifth year, why should anyone be surprised if the economy underperforms again in 2013?
The economy shrank before the largest tax increase in our history was imposed by the new year’s tax increases.
Dumbo, a/k/a President Fifty Seven States, a/k/a Dim Won, b/k/a President Barack Obama has broken the nation’s economy. He now owns it.