Double Dip Recession, Part III…

Double dip recession, part III – 1st quarter growth less than half the prior quarter’s. And last year’s, last quarter growth was primarily “Clash for Clunkers, Christmas holiday and end-of-year inventory reduction. This year’s first quarter was inventory restocking and the final months of the, now-expired, homebuyers tax credit.

Now that new home sales have plunged to a 47-year low, don’t hold your breath for the explosive growth needed to lower unemployment. Remember the seventies – stagflation, high unemployment, Jimmy Carter flailing around and telling us our best days are behind us? Ahh… nostalgia…

http://hotair.com/archives/2010/06/25/first-quarter-gdp-drops-to-2-7/

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