Shrinkage, Again
Channeling George Costanza after a dip in the pool, the U.S. Economy fell victim to “shrinkage” again in the first quarter of 2009.
In fact, the contraction of the past three months was roughly identical to the contraction of the fourth quarter of 2008, when the bottom officially dropped out of the American economy.
GDP decreased by a seasonally-adjusted rate of 6.1% – which was much bigger than Wall Street forecasts of a 4.6% drop – but slightly below the 6.4% contraction from the fourth quarter of last year.
The economy has now contracted in three consecutive quarters, the first time that’s happened
For more on this story, check out the Wall Street Journal – a.k.a. the only national newspaper currently enjoying an increase in circulation (which we hear helps ward off shrinkage).
Comments
By roofus on April 29th, 2009 at 1:36 pm
I guess all those “stimulus” monies stolen from our kids by crooked politicians are reaping their inevitable fruits.
By James the Foot Soldier on April 29th, 2009 at 3:41 pm
TRILLIONS in bailouts and more shrinkage – WTF – and all those auto plants and car dealerships closing in the coming months – this does not bode well for President Change.