Conservatives are slamming President Barack Obama for a shock drop in GDP last quarter. But we’ve pointed out that the big reason for a surprise shrink was due to a fall in government spending — particularly a big plunge in military spending associated with war drawdown.
That’s not a good thing for GDP growth, but it also means that the shrink isn’t a reflection of weakness in the economy or current economic policy. It’s a reflection of reduced government spending, with more to come in the form of sequestration next month.
The Republican argument, as noted by RNC communications director Tim Miller, is that the economy is not in a good spot when government spending cuts combined with running large deficits creates GDP shrinkage.
Here are some conservative and Republican reactions to the GDP new. First, the Drudge Report’s take:
RNC Chair Reince Priebus:
The Wall Street Journal’s Mary Kissel:
And Breitbart’s Joel Pollak:
Business Insider Emails & Alerts
Site highlights each day to your inbox.