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Are we seeing signs of a recovery?

August 3, 2009 by  

Are we seeing signs of a recovery?After a better-than-expected housing report, new economic data suggest the pace of the general economic decline has slowed substantially in the second quarter of 2009.

The U.S. economy shrank at an annual rate of 1 percent – far less than the 6.4 percent drop registered in the first quarter – according to a government report released Friday.

It was also less than the 1.5 percent predicted by economists surveyed by Briefing.com.

Politicians have been split on their assessment of whether the economic stimulus package passed in February has contributed to the improvement.

While Democrats believe the government spending, made possible by the nearly $1 trillion stimulus, has stopped the economy’s free fall, many on the Republican side point to the dangers of a massive debt that is being accumulated and pushed onto the shoulders of future generations.

In an interview with CNN, Arizona Republican Senator and former presidential candidate John McCain admitted the spending may be helping the economy, but expressed concern that its levels are "unsustainable" and constitute only a short-term solution.

Many commentators expect the GDP to enter positive territory in the third or fourth quarter of the year, although it is hard to predict by how much. However, they are also suggesting that a sustained recovery will be difficult without an increase in consumer spending, which has thus far been hampered by high unemployment, currently at 9.5 percent.
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  • http://ordy@fedtel./net Eric g

    If we are goiing to have european morals, eurpoean healthcare , are we going to try having a european work schedual . Europe uses only about half as much fuel as the united States . and still seems to be able to get evreything done on time . Europe has about twice as many medical doctors per patient , but still gets public health care for about half what we are spending . United States is said to be the land of oppertunity . Where else in the world could Bernie madoph sell billions of dollars worth of hot air ? Where else could a man get the top job of president of the nation without showing his school records or even proving he has only one name ? Yes truley anything can happend here .

    • icetrout

      Eric prove it.Thought not ,just more Neo-Lib communist rant:X

  • http://ordy@fedtel./net Eric g

    I thought socialism or even communism wasnt so bad . I believe Soveit and chinese communists suffered more from their destruction of religion than communism . A person dosent have to be a athiest to be a socialist . But the communists declared war on religion , the athiests wanted the peoiple to worship the goverment . This is the reason for all the deaths under communism . We are in a little trouble here in the United States right now too , The liberal democratic party wants to try a little more sociaism or communism . Of course the republicans think this could be the end of the world for them , the republican party more resembles NAZIs than communists .
    And NAZIs and communists dont seem to have ever gotten along very good . As a matter of fact I believe they literally hate each other . Here in the United States these people are not all NATZIs and Communists they are republicans and democrats . But it has gotten a little out of hand lately , maybe I’am just noticing it more .

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