The GDP slid backward for the second quarter of 2012. According to the Bureau of Economic Analysis economic growth was a near stagnant 1.5% which is down from 2.0% for the first quarter of 2012 – which was less than half the 4.1% for the fourth quarter of 2011.
Economists generally believe growth below 2.0% is insufficient to grow jobs.
Three weeks ago, Barack Obama tried to spin a horrible June jobs report as "a step in the right direction." He made that ridiculous claim even though the workforce population increased during the month at twice the rate of new job growth.
Today's terrible GDP report should really prompt a "step in the right direction" – a big step out of the White House for Barack Obama in November.
In times like this, a good day for Barack Obama is anytime the dominant topic of discussion is anything but the economy. But, make no mistake about it; November's election is still going to be a referendum on the President's failed economic policies.
With the economy overwhelmingly the dominant issue in the election, there is growing bad news for the President. By more than 2:1, 63% to 29%, voters now believe Mitt Romney would be better at managing the economy than President Obama, according to a new USA TODAY/Gallup poll.