The economy grows again - Champagne time yet?
The Commerce Department said today that the country's gross domestic product grew in the third quarter for the first time this year, which signal the end of the recession. Fireworks! Celebration! Champagne! Not so fast. Largely this is thanks to government programs like cash for clunkers and the first-time homebuyers' tax credit. Once those programs start to wane, the economy is going to have to still keep growing on its own. Our friends at Goldman Sachs explain:
What's your recession story? Your community's? I wonder if anyone sees signs of this change around them or if this number is just a number.
Leave your comment on Current News.
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“The big picture perspective is that things have improved,” said Jan Hatzius, chief United States economist at Goldman Sachs. “The question is, how sustainable is this growth going forward?” Job-seekers, he says, probably will not see the benefits of a recovery for months to come.
What's your recession story? Your community's? I wonder if anyone sees signs of this change around them or if this number is just a number.
Leave your comment on Current News.
Recently on the Current News Blog: - The Tamil Tigers and innovations in IEDs - The UN Cuba vote and Sean Penn's scoop - 86 dead in Pakistan attack; Views from Peshawar - Seattle crackdown: Child prostitution in the United States - Should Oakland legalize the sideshow?
