ECONOMY SLUMPING – AT 9:26 A.M. ET:  Did someone say recovery?  Whatever recovery our economy shows is fragile and weak.  From The New York Times:

The economy got off to an even weaker start this year than first thought, the government reported Friday, as economic activity contracted amid a disappointing trade picture and continued caution on spending by businesses and consumers alike.

The 0.7 percent decline in economic output in the first quarter of 2015 was a reversal of the initial 0.2 percent advance for the period reported last month by the Commerce Department.

While statistical quirks and one-time factors like wintry weather in some parts of the country played a role, as did a work slowdown at West Coast ports, the lackluster report for January, February and March underscores the American economy’s seeming inability to generate much momentum.

COMMENT:  It is even possible that we could be slipping into a new recession, without many resources left to aid recovery.  The administration will not consider a tax cut, and keeps imposing new regulations.  In addition, racial turmoil in several cities will have, as it always does have, a profound influence on tourism and local economies. 

The person who should be worried most about this is Hillary Clinton.  She doesn't want to take a poor economy into the 2016 election campaign.  It was her husband's 1992 campaign that produced the slogan, "It's the economy, stupid."  Maybe they were right.

At the same time, Republicans must have an economic program that brings hope.  I'm not seeing much in that area.

May 29,  2015