US Economy Remains Even More Sluggish Than We Thought

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Some bad economic news today:

The U.S. economy grew at a 2.4 percent annual rate last quarter, sharply less than first thought, in part because consumers didn’t spend as much as initially estimated….The Commerce Department on Friday reduced its estimate of economic growth in the October-December quarter from an initial 3.2 percent annual rate.

….A key reason for the downgrade was that consumer spending is now estimated to have expanded at a 2.6 percent annual rate, below the initial estimate of 3.3 percent though still the strongest quarterly spending by consumers in nearly two years.

Analysts are trying to blame this on the weather, but I’d take that with a bit of skepticism. Bad weather is the last refuge of economic scoundrels, so to speak. The starker truth is that the American economy just remains sluggish, full stop. Why? Because that’s the path we’ve chosen. This is a political decision, not the inevitable hydraulic workings of either the economy or Mother Nature.

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In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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