Saturday, August 3, 2013

Phony Scandals or Phony Economic Improvement?

It appears that Mr. Obama’s strategists thought a spate of speeches focused on the economy would take minds off of the spate of scandals that have plagued his second term so far.  Consider the newest and perhaps most overused talking point – ‘phony scandals.’  The president and his surrogates have been employing that language in hopes of distracting us,

The Commerce Department reported on Wednesday that U.S. GDP grew at a none-too-brilliant 1.7% rate in the second quarter and that in the first quarter the rate was actually an anemic 1.1%, not 1.8% as previously reported.  The numbers are “truly disappointing,” especially when you consider the possibility that, like the first quarter expansion report, the Q2 rate is subject to a downward revision three months from now.

The administration’s strategy is a mistake, at best, and a cover up, at worst.  After all, there is nothing phony about four Americans dying in the Benghazi bloodbath last fall, nor in the IRS targeting political opponents prior to the presidential elections.  But there is indeed something phony about a president who touts his alleged economic accomplishments in the face of an obvious economic muddle.

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