"We've been living in a sub 3-percent land, and people have gotten used to that as the new normal," North said. "But it's not.
Yes, a bitter winter took its toll on growth, but it was not the driving force behind a snails-pace economy.
Its precipitous plunge into recession-leaning territory -- defined by two back to back quarters of near minus growth -- was driven by multiple weaknesses across the nation's economic landscape.
U.S. exports plunged 7.6 percent, a victim of Obama's failure to negotiate new trade deals. Business investment fell as many companies cut back on their inventories in the face of a weak economy.
The real estate markets were in decline as higher interest rates and rising prices pushed homeownership beyond the reach homebuyers.
"The housing market has cooled recently as buyers have struggled to afford homes," the Los Angeles Times reported this week.
The Federal Reserve said Wednesday that the "recovery in the housing sector remained slow."
And remember all that inventory businesses bought in the second half of 2013, believing the economy was going to take off? Well, their shelves were still full throughout the first quarter, resulting "in manufacturers receiving fewer orders" in the past three months, Reuters reported.
But the biggest factors behind the economy's decline is the shrinking labor market, high, long-term jobless rates, and stagnant or declining incomes.
"A separate report from the Bureau of Labor Statistics on Wednesday on the employment cost index showed that private sector wages and salaries in the first quarter of 2014 increased at the slowest rate since the bureau began tracking the data in March 1980,"
the Times reported.
Little wonder, then, that the Conference Board reported Wednesday that U.S. consumer confidence fell in April as a result of growing concerns about job cuts and business pullbacks in investment.
There are lots of ways that this economy can be turned around, but Obama and the Democrats are opposed to all of them.
We need revenue neutral, job friendly tax reform that scrubs corporate welfare out of the tax code, broadens the tax base, and lowers income tax rates across the board for businesses and individuals.
The Republicans in the House have a plan ready to go, but Senate Democrats want no part of it. And Obama's too busy trying to raise the minimum wage, even though the nonpartisan Congressional Budget Office says it will kill 500,000 jobs.
We need tax incentives to unlock trillions of dollars in capital investment to expand existing businesses, create new ones and boost employment. In his second term, Bill Clinton signed a GOP-passed capital gains tax cut and his economy took off. Obama and the Harry Reid Democrats flatly oppose this.
We need to enact fast track trade authorization to open up world markets to American goods and services, but the Democrats won't even discuss it for fear of angering their party's union bosses.
Sad to say, but the American economy is on a slippery slope to further decline and it's not going to get any better until we have tough, new leadership in the Senate and the Oval Office.