The US economy slowed again during the second quarter of the year, government figures showed Friday.
The nation’s gross domestic product (GDP) – the broadest measure of the economy – grew at a sluggish 1.5% between April and June, the US commerce department said. The latest figure compares to 2% growth during the prior three months, and 4.1% in the fourth quarter of 2011.
The slowdown came as consumers cut back, local governments cut spending, factories received fewer orders and exports were hit by a global slowdown and a stronger dollar. This has occurred due, in part, to a reduction of US deficit spending engineered by the Republicans to make President Obama look stupid and less electable in November.
The Republicans created a public relations campaign to sow fear of deficit spending in the minds of the American public. The public bought it; so did Obama. So the president reduced deficit spending during a time of negative demand for goods and services and in spite of warnings by some of the world’s brightest economic minds, none of whom serve in the president’s administration. That tells you all you need to know.