Growth Sputters in the Second Quarter
The marginally growing U.S. economy reduced speed in the second quarter of the year after months of lackluster job creation, threatening the financial well-being of ordinary Americans and deepening the challenge for President Obama’s re-election campaign.
The marginally growing U.S. economy reduced speed in the second quarter of the year after months of lackluster job creation, threatening the financial well-being of ordinary Americans and deepening the challenge for President Obama’s re-election campaign.
Americans simply tightened up the purse strings in the April-June period.
Experts say cuts in government spending also stifled growth, especially at the local level. State and local government spending dropped 2.1 percent during the quarter while federal spending fell 0.4 percent.
— Posted by Alexander Reed Kelly.
AS CHAOS UNFOLDS, FIND SOLID GROUND…The Guardian:
The nation’s gross domestic product (GDP) – the broadest measure of the economy – grew at a sluggish 1.5% between April and June, the US commerce department said. The latest figure compares to 2% growth during the prior three months, and 4.1% in the fourth quarter of 2011.
The slowdown came as consumers cut back, local governments cut spending, factories received fewer orders and exports were hit by a global slowdown and a stronger dollar.
In this time of unprecedented challenges, independent journalism is more vital than ever. At Truthdig, we expose what power wants hidden and give you the clarity to make sense of it all.
Your donation helps ensure that truth telling continues.
Environment
More than half of discretionary spending goes to the military. Only a tiny fraction addresses the most urgent threat to our security.
Editorial Cartoons
Military
A new budget loophole will send Pentagon spending soaring even higher.
Politics
House GOP says Pentagon budget is safe—but social security and Medicare aren't.
The budget proposal offers a terrifying preview of what we can expect from Trump if he wins another four years in office.
Deficits averaging 4.8% of GDP are foreseen over the course of the coming decade; experts say anything above 3% is unsustainable.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.