Sunday, March 28, 2010
Not so fast: Slower economic growth ahead
The article discusses about the GDP growth of the US economy. Many economists forcasted that the GDP growth will slow down in the next few years. And according to the report released on friday by the commerce department provide the evidence of the slow growth. The GDP grew at 5.6% in the last quarter slower than the previous quarter in which it grew at 5.9%. So the assumption of slow economic growth is proving to be right. At this moment time is probably the best healer and we should wait until the time when the economy starts growing again.
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I think this recession is very different from the others in the fact that there is not anything to boost consumer confidence. After the Great Depression, World War II helped to create jobs and confidence. We just do not have that kind of situation this time.
ReplyDeleteI agree with Jenna. Congress recognized this in their extension of unemployment benefits, however, those benefits will soon run out (they were not renewed and congress is not in session until after the benefits expire). As it is, one of every 50 people stand to lose their benefits the first week that the extension expires. And because the federal government is responsible for the extension state governments need not continue payments.
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