WASHINGTON (Reuters) - The U.S. economy suffered its sharpest contraction in seven years in the third quarter as consumers cut spending and businesses reduced investment at the onset of what may be a severe and long-lasting recession.
The Commerce Department said on Thursday that U.S. gross domestic product shrank at a 0.3 percent annual rate as the sharpest pullback by consumers since 1980 overwhelmed an increase in government spending.
"This is just the beginning of contraction," said Sung Won Sohn, an economics professor at California State University, who said the fourth quarter will certainly show another decline, which would meet the traditional definition of recession, or back-to-back quarters of falling activity.
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The Commerce Department said on Thursday that U.S. gross domestic product shrank at a 0.3 percent annual rate as the sharpest pullback by consumers since 1980 overwhelmed an increase in government spending.
"This is just the beginning of contraction," said Sung Won Sohn, an economics professor at California State University, who said the fourth quarter will certainly show another decline, which would meet the traditional definition of recession, or back-to-back quarters of falling activity.
More here:
Now we're all going to pay -- dearly.
The thing that really makes me laugh is the government "bailing out" private businesses -- or, what were SUPPOSED to be private businesses. IMHO, this isn't a bailout, it's just (sort of) putting off the inevitable and making it much worse.
Never mind that the government has gotten so far away from the intentions of our founding fathers and our constitution (LIMITED GOVERNMENT.) Never mind that we lost our capitalist system long ago and have gotten worse with each successive year. That probably has nothing to do with this crisis, right libs? It's all Bush's fault, -- oh, and the greedy, big corporations, right libs?
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