The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.The Commerce Department reported Thursday that the gross domestic product increased at a scant 0.6 percent pace in the October-to-December quarter. The reading — unchanged from an initial estimate a month ago — underscored just how much momentum the economy has lost. In the prior quarter, the economy clocked in at a brisk 4.9 percent pace.Gross domestic product measures the value of all goods and services produced in the United States and is the best barometer of the country's economic health."The economy just kept its head above water," said Nigel Gault, economist at Global Insight.So, again we see that when the Chimp's lips are moving he is lying. I can't help asking why this criminal is still allowed to speak in public, aside from the assertion that he should be tried for war crimes and sent to his own Texas Death Row!
Economy Skids to Near HaltYet, President Bush said Thursday the country is not recession-bound and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We acted robustly," he said.
"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference, acknowledging that some lawmakers already are talking about a second stimulus package. "Why don't we let stimulus package 1, which seemed like a good idea at the time, have a chance to kick in?" (The Invasion of Iraq "seemed like a good idea" to some at the time and we see how that turned out!)
Bush's view of the economy was decidedly rosier than that of many economists, who say the country is nearing recession territory or may already be there. "I'm concerned about the economy," he said. "I don't think we're headed to recession. But no question, we're in a slowdown."
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