Daily Archives: February 2, 2013

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This is Obama’s worst week ever? Really?

Eric Bolling is either stupid or a shameless liar. There’s no getting around it. And his guest last night, Hugh Hewitt, is just as bad.

These two spent last night arguing that President Obama just had his worst week ever from a big round of bad economic news. This of course would be news to the nation’s economists.

Per Mediate:

Bolling presented a list of factors, including that the economy shrank for the first time in three years, jobless benefit applications are up, and the unemployment rate is back up to 7.9%. He added that on top of all that, Obama is “disbanding its jobs council.”

First, GDP contracted by a grand total 0.1%, so far within the margin of error that it could be revise to anything from -0.5% to +0.5% or more by the spring, so we don’t even know for a fact that the economy really did contract. What we do know is that it was a quick and steep cut in government spending by the Pentagon in anticipation of sequestration (the “fiscal cliff”) last month, a policy that Fox News (being biased, which is fine) has advocated with near fanaticism for over a decade.

In other words, the economy contracted in 2012Q4 because the government finally did what Fox News and the Republican Party has been demanding it do for four years: it cut spending quickly and somewhat harshly, and the result was a rather interesting dip in economic output.

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