Aug. 1, 2011
The economic news released by the Commerce Department last Friday was not good at all. The Washington Times has a good editorial summarizing it in Mondays edition (see Obamaa Economic Collapse). The preliminary estimate for second quarter 2011 Gross Domestic Product (GDP) was an anemic 1.3%. More alarming was the revision of first quarter GDP downward from 1.9 percent to 0.4% -- essentially flat, no growth at all. In Politico, House Budget Committee chairman Paul Ryan has a noteworthy commentary piece making the point that the current debt/deficit debate has a huge health care component. It is that component that is exploding government deficits and slowing economic growth and job creation all being disastrous for family well-being. Ryan makes one interesting point in passing: currently, about one quarter of all federal government spending goes to health care.