Wow…today the Bureau of Economic Analysis released its final first quarter estimate of U.S. annual GDP growth, and it’s not pretty. Real GDP contracted 2.9%, far greater than the BEA’s original estimate of 0.1% growth. For those who are alarmed, you should be. A comparison of the United States to the G20 countries shows that we are only one of three member countries that experienced negative growth in the first quarter, on par with Italy and South Africa. Even uber-socialist France, which experienced no growth at all, outperformed the United States.
If the United States cannot outgrow the G20 countries, can we try to compete with – oh, I don’t know – Venezuela?