Well it's official. The numbers are in and 2016 showed the worst US economic growth since 2011. How pathetic. Thanks Obama!
According to a report by the Department of Commerce, the growth rate in 2016 was only 1.6%. This was a huge drop from the 2.5% in 2015. Let's make something clear. 2.5% is far from a great year. That said, it's much better than the pathetic 1.6%. For some perspective on how bad the economy has been under Obama, check this out.
So US real GDP up 1.6% in 2016. US has not had a 3% GDP year since 2005. And not a 4% year since 2000.
— James Pethokoukis (@JimPethokoukis) January 27, 2017
This is the first 11 year period in this country's history where not a single year reached 3%.
Despite this, the Obama apologists will argue that the country is on the upswing. They will distort the facts and claim unemployment was down. GDP and the number of people working are both down. Those are two extremely important statistics.
Check out this report from Tyler Durden of ZeroHedge:
Personal Consumption Expenditures, while not distressing, slowed down again, and contributed just 1.7% of the final number, the lowest since Q1. In addition to household spending, the economy got help from business spending on equipment, which rose 3.1% for the first gain in five quarters. Inventory accumulation added the most to growth since early 2015, housing made the strongest contribution in a year and government spending picked up.
Nonresidential fixed investment increased at a 2.4% annualized pace, adding 0.3% point to growth, the most in five quarters. Investment in nonresidential structures, including office buildings and factories, fell at a 5 percent rate after a 12 percent jump. Residential construction increased at a 10.2 percent annualized rate, adding 0.37 percentage point to growth. That followed a 4.1 percent decline in the previous three months.
Government spending grew at a 1.2 percent rate as state and local outlays picked up. Spending by federal agencies fell for the third time in a year, dropping at a 1.2 percent pace.
The country is a disaster. Donald Trump has his work cut out for him. Luckily President Trump is getting right to work.