This jobless recovery of ours is now officially just joblessness. According to new data from the Bureau of Economic Analysis, GDP grew by just 1.3% last quarter. Worse, the growth we thought we've been seeing since 2003 has been more anemic than we thought: According to the revised numbers, the economy grew a lousy .4 percent of the first quarter of 2011—or almost a fifth of what we thought it had grown.
The word for this report is ‘shocking,' " said John Ryding, chief economist at RDQ Economics. "With slow growth, higher inflation, and almost no consumer spending growth, it is very tough to find good news."
No worries though. Congress is hard at work as we speak on an economic recovery plan that's remarkably similar to the one I employed when I encountered anemic personal economic growth after college: Stop paying your bills, stay up all night eating pizza, and talk shit about the government.
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