Harry Reid Claims We Are In An Economic Recovery – Here Are 11 Reasons Why He’s Wrong

February 1, 2013 8:51 amViews: 1876

Harry Reid We're in Recovery

Now that Barack Hussein Obama has been sworn in to his second term as President of The United States, the world seems to be a happier place, the oceans have stopped rising and the economy is miraculously recovering. Senator Harry Reid is probably the only human being on the face of the planet who believes all three of those things (well Nancy Pelosi may believe it too), but the adoring main stream media loves to confirm such tripe on a daily basis.

Even when there are signs that the economy is in a shambles, and they are all around, the media ignores them or when they are too glaring to ignore, they just get blamed on the Bush economy Comrade Obama inherited. It is never Obama's fault for any economic number that doesn't line up with the party agenda. Even when the economy contracts and we see the GDP contract by 0.1 percent, Obama and his cronies amazingly blame the Republicans for that because of their threats during the fiscal cliff negotiations.

The party line coming out of the Obama administration these days is simply surreal. Right has become wrong and wrong has become an excuse to blame evil conservatives or people that actually work for their money.

But back to the economy and Harry Reid's claim that we are in recovery. It simply isn't true and here are 11 reasons why it isn't true:

  1. The mainstream media was shocked when it was announced that U.S. GDP actually contracted at an annual rate of 0.1 percent during the fourth quarter of 2012.
  2. For the entire year of 2012, official U.S. GDP growth was only about 1.5%.
  3. According to the Conference Board, consumer confidence in the United States has hit its lowest level in more than a year.
  4. During the first full week of January, an astounding $114 billion was pulled out of U.S. banks.  That is the largest amount that we have seen moved out of U.S. banks in one week since 2001.
  5. The U.S. Mint was on pace to sell more silver eagles during the first month of 2013 than it did during the entire year of 2007.  Why is so much silver being sold all of a sudden?
  6. Several important measures of manufacturing activity along the east coast missed expectations by a huge margin in January according to a recent Zero Hedge article.
  7. An astounding 33 percent of all "subprime student loans" are at least 90 days past due.  Back in 2007, that number was only at 24 percent.
  8. Time Inc. has just announced that it will be eliminating hundreds of jobs.
  9. Blockbuster recently announced that they are closing hundreds of stores and eliminating about 3,000 jobs.
  10. Toy maker Hasbro has announced that the size of their workforce will be reduced by about 10 percent.
  11. According to a new Pew Research study that was just released, one out of every seven adults in the United States is financially supporting their kids and their parents at the same time.

And what exactly is Barack Obama doing about this besides blaming Republicans? Well, he is traveling around the country on Air Force One at a cost of $184,000 per hour.

More on bad economic signs at The Economic Collapse Blog.

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