Is there any aspect of the USA's troubles that hasn't inhibited economic growth in the past four years?
To realize the sincere tragedy President Obama never bargained for as a candidate in 2007, but, has sustained as a President is remarkable.
We cannot afford anyone else in the Executive Branch. He knows the pulse of this nation too well. He is far more dedicated than anyone wants to give him recognition for and simply has completely entrenched his administration in that same dedication. We don't need anyone else and we certainly don't need someone from Wall Street.
September 10, 2012, 7:02 PM
Macroeconomic Advisers (click title to entry - thank you) lowered its third-quarter forecast of GDP growth 0.5% to 1.5% on Monday, citing expectations for a sharp, drought-induced drop in farm inventories beginning in the third quarter.
The U.S. Drought Monitor estimates that up to 80% of the contiguous 48 states faced moderate to exceptional drought conditions over the summer.
A lack of rain coupled with high temperatures severely damaged corn and soybean crops. The U.S. Department of Agriculture expects the corn harvest to fall 13% from last year’s crop, and expects the soybean crop to fall 12%.
“While the farm sector directly accounts for only about 1% of the U.S. economy, the hit to farm output is likely to be large enough to have a noticeable impact on U.S. GDP,” said Macroeconomic Advisers in a press release. “A rise in the price of food late this year and into next year will lower real income and wealth enough to shave an additional one-tenth from GDP growth in the fourth quarter of this year and the first quarter of next year.”
– Taylor Thomas