The big macroeconomic news today is that the United States’ GDP grew at a 3.2 percent per year pace in the first quarter — the third straight quarter of strong growth, weaker than the 5.6 percent pace in the fourth quarter of 2009 and right in line with economists’ More…
It ain’t over yet — at least officially.
This morning, the Business Cycle Dating Committee at the National Bureau of Economic Research — a nonprofit organization that, among other things, officially determines when recessions start and end — announced that “[a]lthough most indicators have turned up,” it has not More…
While Greece’s public debt — which the Goldman currency swaps were designed to help hide — amounts to 113 percent of its GDP currently, it turns out that Greece and its EU partners aren’t the only one keeping debts off the books and using complex accounting techniques to More…
When President Obama traveled to Denmark to try to seal the deal to host the 2016 Olympics in Chicago, his trip was decried by conservatives and his failure to win the Games bemoaned by Democrats. But the Greek financial crisis might give everyone a reason to celebrate his failure.
Victor More…
The New York Times reports that the U.S. economy grew last quarter for the first time in the past year:
Gross domestic product expanded at an annual rate of 3.5 percent in the three months ending in September, a significant spike from a relatively shrunken base. The
From The Los Angeles Times:
The Commerce Department said today that the nation’s gross domestic product, or total goods and services produced, contracted in the second quarter at an annual pace of 1%. This marked a dramatic improvement from a decline of 6.4% and 5.4% recorded in
The U.S. economy may never return to the days of rapid expansion, Bloomberg reports, and an unemployment rate greater than eight percent and a long period of slower growth may become the “new normal,”
The U.S. financial crisis and recession have produced lasting shifts in consumer spending and savings
Well, I guess we knew this was coming…
The 2009 federal budget deficit is projected to be $1.2 trillion, the Congressional Budget Office announced today — NOT INCLUDING THE ECONOMIC STIMULUS PACKAGE EXPECTED TO ARRIVE EARLY NEXT MONTH.
From USA Today:
In the first official reckoning of the damage
Think the $700-billion bailout package was expensive? Well, you ain’t seen nothin’ yet.
Over the next few decades, promised federal spending threatens to drown the economy to a degree that would make the recently enacted financial bailout plan seem cheap, David M. Walker, the former comptroller general, said Wednesday. Including More…
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