More horrifying economic news:
The U.S. economy shrank in the fourth quarter at an even faster pace than previously estimated as consumer spending plunged, companies cut inventories and exports sank.
Gross domestic product contracted at a 6.2 percent annual pace from October through December, more than economists anticipated and the most since 1982, according to revised figures from the Commerce Department today in Washington. Consumer spending, which comprises about 70 percent of the economy, declined at the fastest pace in almost three decades.
The recession is forecast to persist at least through the first half of this year as job losses mount and purchases plummet. The Obama administration’s attempts to break the grip of the worst financial crisis in 70 years are unlikely to bring immediate relief as companies from General Motors Corp. to JPMorgan Chase & Co. cut payrolls.
If only we had cut capital gains taxes like the Republicans wanted, this would never have happened.
You know, I keep wondering- was the opposition party this petty and stupid during the great depression? When FDR proposed his budget, did some rich prick with a fake tan get up in front of microphones an hour after it was proposed (mind you, this is the same guy who whinged he did not have enough time to read the stimulus bill after a month, but an hour was sufficient time to read the budget), and say “OH MY GOD THE ERA OF BIG GOVERNMENT IS BACK!” Was there a John Boehner of that time period? And this is a serious question- was our politics always this stupid, and were we always suffering from morons like this?
During the depression, were there organizations of idiots running around having little tea parties and chanting porkulus? Or are we as a nation intent on proving Darwin wrong?