July 31 (Bloomberg) -- The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.
The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington.
“The current downturn beginning in 2008 is more pronounced,” Steven Landefeld, director of the Commerce Department’s Bureau of Economic Analysis, said in a press briefing this week. The revisions were in line with past experience in which initial figures tended to underestimate the severity of contractions during their early stages, he said.
The updated statistics also showed that Americans earned more over the last 10 years and socked away a larger share of that cash in savings. The report signals the process of repairing tattered balance sheets following the biggest drop in household wealth on record may be further along than anticipated.
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you havent seen nothen yet
ReplyDeleteba ba ba baby yooooou aint seen nothing yet , dun dun , , heheh anon 1 , just had to complete the refrain
ReplyDeleteBut, but...I just heard on the news Mr. Obama talking about how the GDP is much better than expected! And he says it's irrifutable prrof that the stimulous planned! And, and...he swears that he won't stop until every single person who wants a job has one!
ReplyDelete(uh huh! and I believe he's not a socialist too! lol)
Putting B.O. into the presidency is one of the most cunning moves the Oligarchs have ever made. Pitting him against an old warmonger like McCain when the people were getting tired of the occupations/invasions and lies - sheer genius.
ReplyDeleteGoldman Sachs holds up their new puppet as the peoples' savior then bends us all over.
Sometimes you have to see past your hatred of our owners and appreciate their cunning. Masters of chess.
I'm glad I found this site. I'm sick of the state run media and I fear Fox is joining them!
ReplyDeleteJoining them? lol
ReplyDeleteThe Pentagon was directly feeding Faux news their stories on the pending Iraqi invasion and occupation in 2003. The TV news in nothing but propaganda. How else could dumbed down Americas possibly believe that we are fighting a war on terror, fighting for our freedoms, and other such nonsense? No, we are a clandestine, ever expanding war Empire.
Watch the video {Outfoxed} and kill your TV.
Frankly, I'm worried about present levels of worldwide food production. I've seen conflicting reports about this. I've seen reports stating that American grain production is fine, but then I've seen a report stating that one of the reasons American oil importation has fallen dramatically is because much less oil is being converted to fertilizer for the crops because much less crops are being planted.
ReplyDeleteI wonder precisely how many hectares of wheat ,soybeans, corn, and so on , have been planted this season versus last.
Glen Beck on Fox news is the only comentator on tv that is revealing the truth about oboma's marxist/communist obsession/adgenda. He even called the u.s president a racist. Freedom of speech still lives in america.
ReplyDelete