Happy Talk, Sad Results - Obama Economy Contracts

Despite News Of A Shrinking Economy, The Democrat Leader Continues To Repeat Party Talking Points

Four Years Of Dem Rhetoric: ‘An Economic Recovery Has Begun’

TODAY: Sen. Harry Reid (D-NV): “We are in a recovery.” (Sen. Harry Reid, Floor Remarks, 1/31/13)

2013: President Obama: “An economic recovery has begun.” (President Obama, 2nd Inaugural Address, 1/21/13)

2012: Vice President Biden: “America has turned the corner.” (Vice President Biden, Remarks At Democratic National Convention, 9/16/12)

2011: President Obama: ‘We are now turning the corner.’ “We didn’t just rescue the economy we put it on the strongest footing for the future. … Here’s the good news, because of these historic efforts, we are now turning the corner.” (“Obama: 'We're Turning The Corner,'” Politico, 3/8/11)

2010: “Vice President Joe Biden Thursday helps kick off what the White House calls ‘Recovery Summer,’ A Six Week Long Push To Highlight What The Administration Says Will Be Jobs Created This Summer And Fall By A Surge In Federal Stimulus Spending Across The Country.” (“White House Begins New Stimulus Push,” CNN, 6/17/10)

• Sec. Geithner: “Welcome to the Recovery.” (Sec. Geithner, “Welcome To The Recovery,” The New York Times, 8/3/10)
• Sec. LaHood: “Welcome, everyone, to the Summer of Recovery!” (Sec. LaHood, White House Blog Post, 6/18/10)

2009: Vice President Biden: The stimulus will “literally drop-kicks us out of this recession.” “This is a monumental project, but I think it's doable. But I just think we got to stay on top (inaudible) and we got to stay on top of that on a weekly basis. Because this is about getting this out and spent in 18 months to create 3.5 million jobs and do -- to set -- tee this up so the rest of the good work that's being done here literally drop-kicks us out of this recession and we begin to grow again and begin to employ people again.” (Vice President Biden, Remarks At Recovery Plan Implementation Meeting, The White House, 2/25/09)

Reality: ‘Real Gross Domestic Product … Decreased’

AP: “US economy shifted into reverse in late 2012” (“US Economy Shifted Into Reverse In Late 2012,” AP, 1/30/13)

NPR: “In 4th Quarter, economy shrank for first time since '09” (“In 4th Quarter, Economy Shrank For First Time Since '09,” NPR, 1/30/13)

CBS: “Economy shrinks 0.1% in Q4” (“Economy Shrinks 0.1% In Q4,” CBS, 1/30/13)

“Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 0.1 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the ‘advance’ estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.” (“National Income And Product Accounts, Gross Domestic Product, 4th Quarter And Annual 2012,” Bureau Of Economic Analysis, 1/30/13)

Unemployment Rate: 7.8% (“The Unemployment Situation – December 2012,” Bureau Of Labor Statistics, 1/4/13)

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Sen. Mitch McConnell (R-KY): “Yesterday, we learned that our economy contracted for the first time in more than three years. This news comes, of course, after President Obama spent an entire election promising Americans that a return to robust economic growth was right around the corner, and little more than a week after the President said in his inaugural address that ‘economic recovery has begun.’” (Sen. McConnell, Floor Remarks, 1/31/13)

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