The Commerce Department reported that the gross domestic product, the total output of goods and services, grew by just 0.7 percent in the first quarter. This follows a gain of 2.1 percent in the fourth quarter.
The results fall far short of Donald Trump's ambitious growth targets of 5% or 6%.
The slowdown primarily reflected slower consumer spending, which grew at a seasonally adjusted annual rate of 0.3 percent after a growth rate of 3.5 percent in the fourth quarter. It was the poorest quarterly showing in more than seven years.
As this was not the kind of news Trump was looking for to cap his first 100 days in office hence the blame will most likely lay at the feet of President Obama.
Though Donald Trump has taken credit for the last two stellar jobs reports and a third in which he was only in office for 11 days I think he'll take a Mulligan on this economic report.
Wait... Do you hear that... Here it comes... The Obama blame game!
Late Friday Trump's Commerce Secretary Wilbur Ross said that the weak first quarter performance showed the need for the new policies Trump is offering...
"We need the president's tax plan, regulatory relief, trade negotiations and the unleashing of (the) American energy sector to overcome the dismal economy inherited by the Trump administration"
Now that's what I was talking about!
The "tax plan" Ross is talking about is a recently released one page document that outlines Trump's program of tax cuts for individuals and businesses, deregulation and tougher enforcement of trade agreements would double growth or better.
Yep anytime now and boom... 5% or better.
Check back in next month to play: "Whoooooo's taking credit for the economy!"