US economy sees quicker decline - Democratic Underground

dipsydoodle

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Thu Mar-26-09 09:03 AM
Original message

US economy sees quicker decline

Source: BBC News

The US economy shrank at a faster pace than previously estimated in the final three months of 2008.

US GDP contracted at an annualised rate of 6.3%, worse than a previous estimate of 6.2%. The rate of decline was the steepest since early 1982.

For 2008 as a whole, the economy expanded 1.1% in 2008, the weakest rate of growth since 2001.

Read more: http://news.bbc.co.uk/1/hi/business/7965791.stm

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xchrom

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Thu Mar-26-09 09:20 AM
Response to Original message

1. recommend

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LynnTheDem

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Thu Mar-26-09 09:22 AM
Response to Original message

2. Let's just highlight that little bit...

"in the final three months of 2008."

Yep, definitely Pres. Obama's fault!!1!

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dipsydoodle

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Thu Mar-26-09 09:37 AM
Response to Reply #2

4. I'm not clever enough

to do bold and enlarge. Thanks for highlighting what should obviously be the salient feature.

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sarcasmo

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Thu Mar-26-09 10:58 AM
Response to Reply #2

6. We all must keep saying that " in the final three months of 2008"

In the next election the Wingers will call it Obamas Depression.

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closeupready

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Thu Mar-26-09 11:59 AM
Response to Reply #2

8. Yes, it was, because he was saying bad things about the economy.

:sarcasm:

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MarjorieG

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Thu Mar-26-09 09:27 AM
Response to Original message

3. All that war spending, trickle down and deregulation did wonderfully.

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TreasonousBastard

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Thu Mar-26-09 09:42 AM
Response to Original message

5. So, that was last year. How's it doing now, with...

durable goods up?

(I swear, some people just love to pass out bad news...)

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steven johnson

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Thu Mar-26-09 11:51 AM
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7. Obama sees more U.S. job losses, "difficult" year

It looks like Obama is trying to manage expectations. I always thought his predictions of a fast turn around were overly optimistic. Better get ready for a long slog.

WASHINGTON (Reuters) - President Barack Obama on Thursday said the United States was likely to lose more jobs in the recession and that the economy was in for a "difficult time" for much of this year.

"We're going to have to be patient and persistent about job creation because I don't think that we've lost all the jobs that we're going to lose in this recession," Obama said at an event to respond to questions posed on the White House Website. "We're still going to be in a difficult time for much of this year."

http://www.reuters.com/article/topNews/idUSTRE52P4VZ20090326

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LynnTheDem

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Thu Mar-26-09 01:07 PM
Response to Reply #7

9. Pres. Obama has always said this wasn't going to be a quick fix.

Over and over and over again he's said so.

The rightwingnuts think Dems are GODS, and thus should be able to fix republican messes instantly.

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