The data is in for April. Obamanomics is failing terribly. Here's what happened:
1. Household personal income (inflation adjusted) rose, but every penny — and then some — went into savings or paying down debts. Consumer spending, on which Obama is betting to stimulate the economy, actually fell. None of the stimulus money was sent. None.
2. Meanwhile, to pay for this stimulus spending that didn't stimulate, Obama had to borrow so much money that long-term interest rates have almost doubled since he took office, forcing postponement of business expansion and hiring across the board.
What a record!
It looks like the "messiah" has been unable to turn water into wine. The fall has begun.
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