The Economy Is Worse

That feels like a headline I've written before, and something tells me I'll be writing it again. Growth estimates were revised from 2.4% this quarter to 1.4%, which is attributed to an increase in imports. The U.S. needs an increase of 3% to keep up with population growth.

Some economists expected the growth rate to be revised downward even further, and were actually somewhat relieved that it was this low. Others estimated the chances for a double-dip recession somewhere between one in three to one in two.

Al eyes are on Federal Reserve Chairman Ben Bernanke's speech in Jackson Hole, Wyoming, where he will address long-term economic policy. Hopefully he can explain how he's going to pull a miracle out of the United States treasury.