WASHINGTON (AP) — The White House says Superstorm Sandy is partially to blame for the unexpected contraction of the U.S. economy.
Top White House economist Alan Krueger says the storm, which battered the East Coast, disrupted economic activity and destroyed $44 billion in fixed capital. Krueger also says federal defense spending shrank, in part because of uncertainty over automatic spending cuts that could have kicked in at the start of the year.
President Barack Obama and Congress reached a deal to push off the spending cuts — known as the sequester — for two more months.
The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. It’s the first time the economy shrank since 2009.
I actually agree with the White House in this point! OK, my argument is a little bit different to the one of the White House. Just remember what happened before and after Sandy! Before Sandy, the Romney campaign had momentum, it looked pretty good for Romney to win the election. Then came Sandy. And the liberal-in-the-closet Chris Christie a.k.a. Chris Islamie kissed Obama’s butt and organized a first-class campaign stop for him. Obama told his usual lies, hugged some people who then thought they’ll get any help, the Medias cheered the “Leader” and Obama won the election. Obama’s re-election was poison for the economy. Without Sandy Obama most likely would not have been re-elected, which means without Obama in the White House we would see growth. So, it’s Sandy’s fault – clearly! Finally there is someone/something to blame.