While you’re taking a lunch break today, be sure to check out this informative commentary by Daniel Horowitz on Conservative Review. Horowitz uses facts and data to explain why socialist economic policies will never work, and why the years following this economic recession are unlike any other in American history.
On Friday, the Bureau of Economic Analysis released its revised estimate of Gross Domestic Product (GDP) growth for the first quarter of 2015. GDP is complicated and controversial, but as a general economic indicator, positive growth is almost always a good sign.
Sadly, despite what the Left is arguing, there was no growth. The economy actually contracted by 0.7%. Welcome to Obamanomics.
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When was the last time the American economy shrunk six years after the end of a recession?
Based on the historical data, it appears that, prior to the 2008 Recession, the last time GDP shrunk during a single quarter far outside of an official recession (as defined by the National Bureau of Economic Research) was in the third quarter of 1959 – nestled between the recessions of 1958 and late 1960 – when the economy contracted by 0.7%. And that was for just one quarter.
Typically the years after a recession are periods of growth and boom. At present, the economy has contracted on three separate occasions since the end of the Great Recession in 2009: Q1 of 2011, Q1 of 2014, and Q1 of 2015. This is completely unprecedented for the American economy in modern history.