Economy in Worst Fall Since '82
Output Sank 6.2% Last Quarter; Plunging Trade, Investment Signal Trouble Ahead
The U.S. economy deteriorated far more than previously thought in the fourth quarter, according to new revisions of government data, casting fresh doubt about the chances of a recovery this year.
With falloffs in consumer spending and exports, gross domestic product declined at a 6.2% annual rate in the fourth quarter of 2008, according to a Commerce Department report Friday. The agency's first estimate for GDP, reported in January, was for a 3.8% ...
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Why pick on 1982? Is it a technique to assuage what everyone is scared about: that instead of 1982, this has become 1932? And rather than recession, it has turned into--here's the dreaded word: DEPRESSION? Which it has already become in parts of America. So if a solution even exists, is it Obama's or Republicans' Limbaugh logic?