The U.S. economy shrank at an annual pace of 6.1% in the first quarter — almost as much as it did in the fourth quarter of 2008, according to a government report Wednesday.
Ed at Hot Air provides the most spot on analysis of what this actually means-
Without that growth, the revenues will fall short of even CBO estimates, and we could be looking at a $2 trillion deficit this year and deepened deficits throughout the next several years.
I'm going to cut and paste a good bit here because it needs to be read in full-
Thus far, we have spent almost $3 trillion on bailouts and another $800 billion on stimulus packages. Clearly, these have not led to recovery. The bailouts were sold as ways to prevent a catastrophic collapse of the economic system, but thus far lending has not increased (for good reasons) and we’re still seeing bankruptcies ahead for GM, Chrysler, AIG, and others. Six banks failed their stress tests this week, as Stephen Spruiell notes, which may prompt even more government intervention.
Some will say that the stimulus package has not had enough time to work. It passed in mid-February, though, and six weeks of government spending didn’t move the needle. That highlights its greatest weakness: it doesn’t actually provide short-term stimulus. Republicans kept pointing out that most of the spending came after 2009, and half of it after 2010, when by the Obama budget projections the economy would already be in recovery.
After almost $4 trillion in spending and commitments, we’re still where we were in the 2008Q4.The stimulus has failed.
The economic policies of Obama and the Democrat majority in Congress has failed.
America has been plunged into catastrophic debt and the economy has not improved in any way.
And there, dear reader, is the result of Obama's first 100 days- monstrous debt and failure.