recessionQuarterly report shows economy is collapsing under Obama

Barack Obama may be sending America back into a recession.

“The government is expected to report on Friday that gross domestic product shrank at a 0.8 percent annual rate instead of growing at the 0.2 percent pace it estimated last month, according to a Reuters survey of economists,” Reuters reports.

Economists surveyed by the Wall Street Journal estimate the loss of GDP at one percent.

A recession is defined as two consecutive fiscal quarters with negative economic growth.

This would be the third quarter of negative economic growth since the recession officially ended in 2009 and the fifth total under Obama. George W. Bush only had two, the final two quarters of his presidency.

The Journal reports the job numbers suggest “the latest economic expansion is fundamentally weaker than its predecessors.”

The economy grew only 0.2 percent in the first quarter of 2015, pointing to a slowdown as Obama gears up to enact his full economic agenda.

Obama blamed that bad quarter on the weather.

One thing, however, has economists optimistic the economy will grow again this spring.

Fracking.

Low oil prices and booming exports, fueled by fracking, are boosting Obama’s economic fortunes.

The oil and gas sector, led by states like Texas and North Dakota, could lift the entire economy and power the U.S. out of overall negative job growth.

“Without fracking of oil and gas deposits, there would have been no economic growth in the U.S. over the past five years,” writes economist Richard Rahn, a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth.

“According to the well-regarded economic-analysis firm IHS, the contribution to GDP from the development of unconventional oil and gas is now running at more than 2.5 percent of GDP per year and rapidly growing,” writes Rahn. “This addition to GDP is expected to peak in 2016 at about 3.2 of GDP, and thereafter reach a permanently higher, steady state, which would not have occurred without unconventional oil and gas production.”

So keep drilling, Texas. America is depending on you.