Financial Advisor: 'We're In A Recession'
PHILADELPHIA (CBS) - Financial advisor Steve Cordasco warned that the economy is already in another recession and blamed President Obama for not doing more to institute stability when he took office.
Cordasco, in an interview with Rich Zeoli on Talk Radio 1210 WPHT, said the current levels of growth are dangerously low.
"I think we're in a recession. Let's take a look at it. Here's how you measure the economy. It's called GDP, our Gross Domestic Product...Right now, the GDP is running somewhere between one and two percent. By the way, that is extremely weak expansion. This President is the only President to not get three percent GDP growth at any point during his eight years in office. It's a shocking statistic. But if you take just two percent GDP, you take out inflation and population growth, we're at a little less than one percent. That's anemic growth."
He criticized the President for focusing too much attention on healthcare, to the detriment of the economy.
"You have this tremendous debt being cranked out and the White House, Congress, Washington, politicians, let's blame both sides of the isle because both deserve blame here, but you have somebody in a leadership role who could have done something when they came into office. But, instead of doing what Ronald Reagan did when he took office and saying we will get this economy healthy for the long-term, not the short-term, this President decided to take on healthcare as his main platform."