Bads news for Bush: US economy grew at a rate of only 3% in Spring

[flpoljunkie]

http://abcnews.go.com/sections/politics/TheNote/TheNote.html

WASHINGTON (AP) — The U.S. economy grew at an annual rate of just 3 percent in the spring, a dramatic slowdown from the rapid pace of the past year, as consumer spending fell to the weakest rate since the last recession, the government reported Friday.

___________________

Gosh, Bush is not mentioning this in his speech, being carried LIVE by the cable news channels right now. Looks as if the Bush plan for economy prosperity (trickle down) is not working. Surprise, surprise! It didn't work before, and it won't work now.

[Jack Rabbit]

1. Pay no attention to that statistician behind the curtain!!

From the BBC report:

John Lonski, an economist at Moody's Investors Service, said that what really stood out for him was the "shockingly small increase" in shopping activity.
Consumer spending rose by 1% in the three month period, down from the surge of 4.1% in the previous quarter.
"This report shows that the second-quarter was a soft patch for the US economy," said Alex Beuzelin, a strategist at Reusch International.
Inflation, meanwhile, rose to 3.3% in the period, underlining the fact that energy prices had jumped.