Bush’s Economic Plan is Going Great, But Not For Americans
Writing by Marq on Thursday, 31 of May , 2007 at 2:20 pm
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What is been really a passing comment in the Main Stream Media is a big deal. The US Economy is not doing well at all. The US Government todau SLASHED it’s esimate of first quarter gtorth by over half, from 1.3 to a pathetic 0.6%.
From AP via Yahoo
No TagsEconomic growth skidded to a near halt in the first quarter, with the worst showing in more than four years raising concerns about how long the country’s sluggish spell will last.
The Commerce Department reported Thursday that gross domestic product increased by just a 0.6 percent pace in the January-through-March period, much weaker than estimated a month ago. Government statisticians slashed by more than half their first estimate of a 1.3 percent growth rate for the quarter.
The main forces behind the downgrade: the bloated trade deficit and businesses cutting investment in supplies of the goods they hold in inventories.
“We got close, but the economy did not slip under the waves in the first quarter,” said Joel Naroff, president of Naroff Economic Advisors.
What largely prevented the economy from going under: consumers, who showed an even bigger appetite to spend.
For nearly a year, the economy has been enduring a stretch of subpar economic growth due mostly to a sharp housing slump. That in turn has made some businesses act more cautiously in their spending and investing.
The economy’s 0.6 percent growth rate in the opening quarter of this year marked a big loss of momentum from the 2.5 percent pace logged in the final quarter of last year.
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Category: Life in Bushs America, Economic News, Numbers, Republican Corruption
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