Is Anyone Paying Attention? No, Guess Not
Buried in the Friday July 29 debt ceiling/deficit reduction fiasco was the other fiasco that is the U. S. economy The 2nd quarter GDP numbers were released and not only did they show very low growth in the quarter just ended, the growth for the previous quarter was revised downward by a significant degree.
The weakness in the economy is broadly based. Consumer spending is weak, investment spending is weak, government spending is weak and personal income is not rising.
The revision also showed that the Great Recession was worse than previously reported
The government also revised data going back to 2003. The data show the recession was even worse than previously thought. The economy shrank 5.1% during the recession, which lasted from December 2007 through June 2009, compared to the earlier estimate of 4.1%. Both figures represent the worst downturn since World War II.
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the Debt Ceiling