As debt-limit talks stall - the economy hit a wall. Economic growth in the second quarter of this year was less than expected - only 1.3%. Not only that - first quarter economic growth was revised downward showing that our economy grew by less than a half-point at the beginning of the year - just .4%. The reason why our economy stalled is consumer spending which only grew by .1% - the slowest growth rate in two years.
That means are economy is tanking because people don't have enough money in their pockets to buy stuff, and it's made even worse by a half-million government employees - workers with paychecks - being laid off in the government sector over the past year-and-a-half, mostly in those states with Republican governors. Yet - Republican in the House have not passed ONE jobs bill or stimulus measure to get money back in the hands of Americans to spend it. Instead - we're all stuck relying on the millionaire and billionaire so-called "job creators" who, like Jeff Emmelt at GE, who just this week announced he's moving his X-ray machine division to China, are busily creating jobs in other countries.
Trickle down economics isn't working - it's only turning us into a nation of peons.
-Thom
(How does the economy look like to you? Tell us here.)
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