The summer of recovery is going to be the “Mission Accomplished” banner of this administration. Another dollop of rotten economic news:

The U.S. economy grew more sluggish than initially estimated in the second quarter, and corporate profits nearly dried up, further evidence that the recovery is losing steam.

Gross domestic product, the value of all goods and services produced, rose at an annualized seasonally adjusted rate of 1.6% from April to June, the Commerce Department said Friday. …

Friday’s report also showed that companies barely managed to post profit gains, following several very profitable quarters. After-tax earnings edged up 0.1%, well off the previous quarter’s gain of 11.4%. First-quarter profits were revised down from the initial estimate of a 12.1% increase.

Yet the administration claims its stimulus plan has worked and that the recovery is in full swing. No problem with a massive tax increase — the economy can handle it. No problem with the massive mandates and fees imposed by ObamaCare — it’s going to be good for employers. John Boehner is right about firing the Obama economic team. (Christine Roemer didn’t quit for nothing.) The voters will have to take care of the rest, and I fully expect they will, beginning in November.