From CNBC: Economy Grows at Sluggish 1.3%; Consumers Pull Back. The key word? 'Unexpected":
The U.S. economy grew less than expected in the second quarter as consumer spending barely rose, and growth braked sharply in the prior quarter, a government report showed on Friday.We're being hoodwinked. Banboozled. Flat out lied to. There is no excuse for that large of a downward revision except that Obama doesn't want us knowing how bad it is out there. That wasn't the only downward revision however:
Growth in gross domestic product—a measure of all goods and services produced within U.S. borders—rose at a 1.3 percent annual rate, the Commerce Department said.
First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent.
I would be remiss if I didn't mention that OBAMA WANTS THOSE HIGH GAS PRICES AND CAUSED THEM! Once elected, Obama went right to war with oil, so vehemently that a federal judge found Obama in contempt for usurping the US Constitution: Shocker: Judge holds Obama regime in contempt over illegal drilling ban. That coupled with Obama's incompetence at any semblance of foreign policy is setting up a nightmare scenario for oil prices that will hurt our economy. Gas is already above $4 a gallon here in Michigan and most expect that the $5 threshold will be breached across the nation this year (From The Detroit Free Press: Is $5-a-gallon coming soon?). High gas prices are exactly what Democrats and Obama want. O said so himself: Flashback 2008: Obama says he wants gas prices to go upIn addition, fourth-quarter growth was revised down to a 2.3 percent pace from 3.1 percent, indicating that the economy had already started slowing before the high gasoline prices and supply chain disruptions from Japan hit.
Hope and change indeed... for the worse.
UPDATE. More at memeorandum. And from Pajamas Media, Gateway Pundit, Hot Air, The Right Scoop, Outside the Beltway, American Thinker, Don Surber and RedState