Blame it on the weather, the pundits are already chiming. But no amount of verbal acrobatics can disguise the fact that the U.S. economy experienced its worst performance in Q1 of 2014 since the dark days of 2009, following in the wake of the global economic and financial crisis. According to the U.S. Commerce Department, revised figures show the American economy contracted at a rate far worse than the originally reported decline of 1 percent; the updated figure is a contraction in the first quarter of 2.9 percent.
The same spin masters claiming this very bad performance for the U.S. economy was due to unusually cold weather are already predicting a very strong rebound in the next quarter. However, if one looks deeply at the data released by the Commerce Department, a big factor in the Q1 contraction was a decline of 8.9 percent in exports. What is left unexplained by the “experts” is how a contraction in exports by nearly nine percent was created by cold weather conditions.
If Hillary Clinton runs for President of the United States in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA: