Despite what President Obama claims, the economy is failing to progress. Obama boasted at the Democratic National Convention: “After the worst recession in 80 years, we’ve fought our way back. We’ve seen deficits come down, 401(k)s recover, an auto industry set new records, unemployment reach eight-year lows, and our businesses create 15 million new jobs.”
But according to a new Bureau of Economic Analysis advance report, gross domestic product (GDP) only increased at an annualized rate of 1.2% in the second quarter, which was far short the GDP increase of 2.6% that had been predicted. That 1.2% is roughly equivalent to the 1.05% inflation in the second quarter.
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