If the economy were as vibrant as President Barack Obama has told us it is, a belt tightening in a single sector of government surely wouldn't be enough to bring about "negative growth." But one did. Unexpectedly. No worries, though. Pundits on the left tell us that this contraction was good news -- possibly...
Dear David. You are repeating the same arguments that lost the election. Most of the voters believe they would be worse off if the government stopped injecting $1.4 Trillion of printed and borrowed money into the economy. They are correct. Cut the borrowed money out and lots of workers will lose their jobs before we achieve 4-5% GDP growth. You either need to explain how you would to handle all the displaced workers, or show that the current path will displace far more workers when we go off the Obama cliff.
So, U.S. consumer confidence unexpectedly plunged in January to its lowest level in more than a year. The U.S. economy unexpectedly posted a contraction in the fourth quarter of 2012 -- for the first time since the recession -- "defying" expectations that economic growth is in our future.
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