Economic growth skids to a near halt with worst showing in four years

[draft_mario_cuomo]

WASHINGTON - Economic growth skidded to a near halt in the first quarter, with the worst showing in more than four years raising concerns about how long the country's sluggish spell will last.

The
Commerce Department reported Thursday that gross domestic product increased by just a 0.6 percent pace in the January-through-March period, much weaker than estimated a month ago. Government statisticians slashed by more than half their first estimate of a 1.3 percent growth rate for the quarter.==

==For nearly a year, the economy has been enduring a stretch of subpar economic growth due mostly to a sharp housing slump. That in turn has made some businesses act more cautiously in their spending and investing.==

==Federal Reserve Chairman Ben Bernanke says he doesn't believe the economy will slide into recession this year, nor do Bush administration officials and many economists. But ex-Fed chief
Alan Greenspan has put the odds at one in three.

In fact, many economists believe the first quarter will probably turn out to be the weakest point for the economy this year.==

Read full article at http://news.yahoo.com/s/ap/20070531/ap_on_bi_go_ec_fi/economy

[AX10]

1. Recession is part of the economic cycle.

Yes, Ben, it will happen. Just as recovery and expansion occurs too.

[DBoon]

7. A cycle is supposed to go up then down

a constant downward movement is called "free fall".

[predfan]

2. if we'd had any leadership..........

after 9-11-01 that leader would have proposed a two-pronged attack on our enemies..........go after Ben laden, and then announce a 10 year plan to wean ourselves off foreign oil. A 5 cent per gallon gas tax generates $100 million a WEEK nationwide, and there's your research money. We'd been 6 years in, and creating jobs like crazy as we changed over to solar and wind technology....as it is, we're just screwed until somebody else can clean up this economic and environmental mess left by these guys.

[NMDemDist2]

3. welcome to DU predfan!

:hi:

you're idea on R&D gas tax is a good one too!

[predfan]

4. Americans use 300 million gallons of gas a DAY

and the price fluctuates 10 or 15 cents overnight.....that nickle a gallon wouldn't be noticed at all...........$5 billion a year dedicated to solar and wind would be hugh!

[predfan]

5. Hugh?

huge and hugh as well. Sorry, Tennessee typing.

[NMDemDist2]

6. you may find our handy DU glossary entertaining and informative

It's HUGH!!!111!!!!!!!! I'm SERIES!!!11!!!!!!

:rofl: it's an inside joke, check it out

http://www.democraticunderground.com/discuss/duboard.php?az=view_oet&address=358x190