January 30, 2013
On the reason for the contraction of the U.S. economy …
I have a question, ladies and gentlemen. The economic growth rate – reported, anyway – by our government, at the end of September, was 3.1%, at the end of the calendar third quarter. So after September, of course, comes October, November, December. That's the calendar fourth quarter. So from September to the end of the year the economy went from growing at 3.1% to contracting by 0.1%. So the economy fell 3.2%. Now, what happened between October, November, and December that might have had something to do with this? Let me think. October, November, even December you got Christmas and holiday season, that's supposed to be big for the economy. They told us, ladies and gentlemen, we were told that after Obama won reelection, the economy was gonna take off because uncertainty would be removed. In fact, they said that one of the reasons the economy was sorta chugging, not really speeding along, was all the uncertainty over who was gonna win the election and what policies would then flow; but then after Obama won, that's the end of uncertainty. Everybody would know what's ahead and the economy would take off. Well, obviously Obama won the election, and the economy tanked. Hmm. I wonder why.