Thanks, Obama: GDP plunges to 2.6% in the 4th quarter; Q1 2015 'revised lower'

The Bureau of Economic Analysis released its 4th quarter GDP estimate this morning and it’s not good: 2.6%.

Awful news: GDP plummets to 2.6%. http://t.co/dXzxW3UqzJ

— John Ocasio-Nolte (@NolteNC) January 30, 2015

At 2.6%, 4th qtr GDP about 1/2 of 3rd qtr's 5%. But @CEAChair says Obama policies designed to "build on this growth."

— Mark Knoller (@markknoller) January 30, 2015

Current $ value of GDP is $17.710 trillion. That means National Debt is 102% of GDP.

— Mark Knoller (@markknoller) January 30, 2015

4th QTR GDP underwhelms — just like the Obama administration's "management" of the economy. #clueless #bbmnv

— Sherman Frederick (@shermfrederick) January 30, 2015

Of course, this number was unexpected by the experts:

Q4 US GDP surprises on the downside: Only 2.6%. Macroadvisers tracking estimate was 3.3% http://t.co/V4LdF6tknd

— David Wessel (@davidmwessel) January 30, 2015

Let’s not forget the little happy-dance the administration did after the last two quarterly GDP reports were released:

ICYMI: Our economy is growing at its fastest pace in 11 years. http://t.co/V8PQsi0xTV

— Barack Obama (@BarackObama) December 26, 2014

In the third quarter, the U.S. economy grew at its strongest rate in over a decade. Read more: http://t.co/RvRppypYH2

— Barack Obama (@BarackObama) December 23, 2014

FACT: President Obama's #ImmigrationAction will boost the U.S. GDP by tens of billions of dollars.

— Barack Obama (@BarackObama) November 22, 2014

Great news: Economic growth in the second quarter was even better than reported. http://t.co/88SxXOTLAY

— Barack Obama (@BarackObama) August 28, 2014

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What will President Obama say now that growth has slowed?

White House now says the strong 3rd quarter growth they bragged about was caused by "volatile factors" http://t.co/iPIt1ck9m0

— STEW ??? ⚾️ ? (@StewSays) January 30, 2015

@msnbc Hey Obama…are you going to brag about a 2.6% 4th quarter GDP? Just prove the 5% in the 3rd quarter was inflated.

— John Swinford (@AG2Pearl) January 30, 2015

https://twitter.com/Snitfit/status/561158314680393728

And with the 4th quarter numbers is in, what about Q1 in 2015? Gird your loins:

Goldman on Q1 GDP: "at this point we see a bit of downside risk to our standing forecast of 3.0%."

— zerohedge (@zerohedge) January 30, 2015

US GDP growth rate halves in Q4 to 2.6%.Expect further weakness in Q1 (and no 2015 rate rise). More here http://t.co/MWp58qOIRk

— Chris Williamson (@WilliamsonChris) January 30, 2015

Much of the consumption growth everyone assumed would happen in Q1 happened in Q4. As a result Q1 2015 GDP estimates will be revised lower.

— Andre 习安徳 (@Hedgology) January 30, 2015

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