Growth in the US is officially dismal, and guess what: We haven’t even reached the age of austerity yet.
Today the BLS said that the economy grew (in current dollar terms) by about $138 billion.
But realise that the debt-fighting plans proposed by both parties amount to somewhere around $4 trillion less in spending over 10 years. That works out to about $100 billion per quarter, so basically, assuming EVERYTHING else were constant, that kind of austerity would eliminated all of this quarter’s growth.
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