Double Dip By Election Day?

As Instapundit says, did we exit the first one? (Answer: No, because we're in a depression. The Great Depression featured periods of weak growth, followed by fresh contractions, too.)

The slowdown announced Friday — on top of another slowdown in the first quarter — is further proof that the president’s class-warfare economic rhetoric and policies are pushing the country perilously close to a double-dip recession.

The numbers are pretty stark: Growth of 2 percent for the first quarter was already scary, down from around 4 percent at the end of last year. A few years out of a stiff recession like the one we had, the economy’s normally roaring, not sagging back down.

So the drop to a 1.5 percent growth rate for the second quarter is really quite staggering. At this rate, we could be in double-dip territory even by Election Day, as consumers continue to slash their spending and businesses their investments.

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And make no mistake: A double-dip recession would be pretty bad stuff.

Read on. It could be quite bad. Upside: Easy election win; downside: a horrendously deep contraction with unemployment in the upper teens.

posted by Ace at 03:32 PM

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