The Great Recession? Hell no! It’s the Second Great Depression!

by 1389 on January 30, 2013

in "The Great Recession", 1389 (blog admin), history, Massachusetts, photos, the human condition

The Great Depression, now in living color:

Brockton, Massachusetts, December 1940: Second-hand plumbing store
Brockton, Massachusetts, December 1940: Second-hand plumbing store

US economy shrinks 0.1 pct., 1st time in 3 1/2 years

By CHRISTOPHER S. RUGABER
AP Economics Writer

WASHINGTON (AP) — The U.S. economy unexpectedly shrank from October through December, the first quarterly drop since 2009 and a reminder of the economy’s vulnerability as automatic cuts in government spending loom.

The Commerce Department said the economy shrank at an annual rate of 0.1 percent mainly because companies restocked at a slower rate and the government slashed defense spending. Those trends partly reflected uncertainty late last year about the fiscal cliff, which Congress averted in a deal reached Jan. 1.

Economists say those factors could prove temporary. Still, the sharp slowdown from the 3.1 percent annual growth rate in the July-September quarter, also driven by a drop in U.S. exports, raised concerns about 2013.
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