Krauthammer on GDP: Admin 1st Blamed Bush & Now Blames Climate
Charles Krauthammer tonight weighed in on the news that the GDP dropped 2.9 percent in the first quarter.
Read background from FoxNews.com:
America's economy shrank at a drastic 2.9 percent annual rate in the first quarter, a far more alarming picture than ones painted in two previous government estimates -- including one that actually claimed modest growth.
The new figure released Wednesday by the Commerce Department is nearly three times lower than last month's preliminary estimate of 1 percent shrinkage -- at the time the worst three-month performance since 2009 -- and far greater than the 0.1 percent growth estimate in April. The sluggish economy's woes have been widely attributed to an unusually cold winter, but the latest figure -- the biggest difference between second and third estimates since 1976 -- could indicate far greater problems.
While economists attributed those bad numbers to weather and other factors, the jarring number, dubbed "an absolute disaster" by Wall Street blog ZeroHedge.com - is more difficult to dismiss.
On “Special Report,” Krauthammer said, “This is a historically weak recession. The administration can come up with all the excuses it wants, you know, oh the weather. You know, as if you never have bad weather in winter. In the first term, the administration would blame everything on Bush, and now it’s on climate.” Watch more on this above.
Later, he discussed John Boehner’s plans to file a lawsuit against President Obama over his alleged abuse of executive power.
“Obama has essentially rewritten the laws on immigration, on drugs, and then he rewrites his own Affordable Care Act after it passes. You cannot do this,” Krauthammer said.
Watch more below.