Saturday, April 23, 2011
The gross domestic product estimate for the first quarter of 2011 is due Thursday. For the first six quarters after the recovery under Obama, GDP growth has averaged about 2.95 percent. Under Reagan, given what was probably at least as bad of a recession, GDP growth averaged 6.63 percent, more than twice as much. Already the poor growth numbers expected to be released on Thursday are being explained away by high oil prices. With prices reaching $3.896 per gallon on April 20th, they are indeed quite high. But this is akin to leaving out oil and food price increases in measuring inflation. Obama blames speculators for the high prices, while Obama should look at government for responsibility.