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U.S. Economy Contracts

The American economy contracted during the fourth quarter of 2012 – the first time that’s happened since the first quarter of 2009. And while the mainstream media pinned the blame for this unexpected decline on a modest quarterly decrease in government spending – private inventories and exports were also down….

manufacturing jobs

The American economy contracted during the fourth quarter of 2012 – the first time that’s happened since the first quarter of 2009. And while the mainstream media pinned the blame for this unexpected decline on a modest quarterly decrease in government spending – private inventories and exports were also down.

According to the data – released this week by the U.S. Department of Commerce – the nation’s gross domestic product slipped by 0.1 percent from October to December of last year. That’s obviously well below the 1.1 percent increase economists were projecting.

Despite the shrinkage, the legacy press maintains we’re looking at an aberration – not a trend. And certainly not a recession.

In fact for an overdose of optimism, check out this article from CNN Money.

What do we think will happen moving forward?

It’s hard to say … although the fact this shrinkage caught so many “experts” off guard is disconcerting.

Frankly we don’t see any way the U.S. economy will enjoy substantial growth in 2013 given the global pressures it is facing, the ongoing sluggishness in job growth, lingering income stagnation and the onset of new tax hikes.

We’re rooting for it to overcome all of those things, obviously, we just don’t see it happening …

***

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5 comments

Ken E. January 31, 2013 at 12:00 am

Proofread much?

Reply
shifty henry January 31, 2013 at 7:49 am

…. He hired the Chinese guy away from WLTX who hired him away from the State – he’s not making much progress with the English language but he is persistent!

Reply
Frank Pytel January 31, 2013 at 5:12 am

I’m not rooting for this economy to turn around. I understand what it means if the gubmint manages to rest control of private enterprise. I believe its known as communism.

Have a Great Day!! :) There won’t be many left with the Demlicans and Republicrats in charge.

Frank Pytel

Reply
BigT January 31, 2013 at 7:09 am

Duh….yet, FITS and his idiot minions are probably surprised…

Reply
james the foot soldier January 31, 2013 at 9:14 am

The Po Mo Fo Lo Info voters now get to reap what they have sown:
BUSH tax cuts are now PERMANENT…
HIGHER payroll taxes (LOVE their regressivity)…
LOWER employment(especially in the Po Mo Fo Lo Info demographics)…
Zero interest on savings…
$500,000,000 CUT from Medicare…
$5 Trillion in debt for our grandchildren….
GITMO still open….
Indefinite detention of American citizens…
Warrantless wiretapping of American citizens…
Assasinations of American citizens…

YES WE CAN!!

Reply

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