The latest news on the economy today once again shows that despite the president's surreal campaign claims about his economic plans "working," we're stalled as a country. The president's plans are not working and if we don't change course we're in for years more of high unemployment and, most likely, a return to a recession or worse.
The Associated Press reports today:
"WASHINGTON - The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.
"The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.
"Growth at or below 2 percent isn't enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don't expect growth to pick up much in the second half of the year. Europe's financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.
" ''The main take away from today's report, the specifics aside, is that the U.S. economy is barely growing,' said Dan Greenhaus, chief economic strategist at BTIG LLC. 'Along with a reduction in the actual amount of money companies were able to make, it's no wonder the unemployment rate cannot move lower.' "
I'm not the only one saying it. Tune in here to the Investor's Business Daily for a confirming opinion on the matter.
PS -- Take all of the above and times by 10 for the Las Vegas economy. Catch my column Sunday in which I write about the upcoming election and why in this horrible economic environment Mitt Romney can't seem to do better in Las Vegas.