The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.
The economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
Oh, goody -- more Fed stimulus! Oh, and damn that George W. Bush. If he would only stop causing sluggish growth in company stockpiles, all would be better.
People aren't feeling very good about things at all right now. Everyone has noticed that the payroll tax holiday is over and they have less money in their paychecks. Meanwhile, the price for a gallon of gas has gone up over $0.60 here in the Twin Cities in the last three weeks.
|It's a gas|