According to a story by the AP:
The economy is still growing, just not by much. And until that changes, don't look for the jobs to come back.
Americans spent less and businesses thought twice about restocking their shelves in the past three months, making for a sluggish spring.
So why are consumers and businesses not spending?
Let me think . . .
Well, Congress passed and President Obama signed huge new regulations on health care and finances. Added uncertainty. Then there's the possibility of cap and trade and/or the EPA controlling CO2 as a "danger" to human health. More uncertainty. There's the expiring tax cut (which will result in a huge tax hike for consumers and small businesses). Even more uncertainty.
So people (and businesses) are not spending money 'cause they think they might need them to pay for taxes and/or regulations. And businesses are not hiring because of the uncertainty so that means less money in consumer's pockets.
All in all, it's not surprising the economy is not growing much. Obamanomics is all about growing the power of government, not the power of the consumer and businesses.



