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America's economy shrank at a drastic 2.9 percent annual rate in the first quarter, a far more alarming picture than ones painted in two previous government estimates -- including one that actually claimed modest growth.
The new figure released Wednesday by the Commerce Department is nearly three times lower than last month's preliminary estimate of 1 percent shrinkage -- at the time the worst three-month performance since 2009 -- and far greater than the 0.1 percent growth estimate in April. The sluggish economy's woes have been widely attributed to an unusually cold winter, but the latest figure -- the biggest difference between second and third estimates since 1976 -- could indicate far greater problems.
While economists attributed those bad numbers to weather and other factors, the jarring number, dubbed "an absolute disaster" by Wall Street blog ZeroHedge.com - is more difficult to dismiss....
Try this,go out somewhere mid day on a week day and you will see as many people out and about as you would on a weekend day,not old retirees either,people of all ages able bodied and healthy and ask yourself does anybody work anymore,and how many of these people are living off the taxes you pay out of your ever dwindling paycheck.
It doesn't surprise me. When a massive import duty was placed upon American goods coming here, their price rocketed, making them unaffordable. It's bound to have an effect on exports from the USA, which are greatly needed for a good economy there.