I am not making this up! The US economy has fallen for the third quarter in a row at a rate which would be 6.1% if annualised. If there is any crumb of comfort, the rate for the previous quarter was 6.9%, so the rate of decline is reducing, but not as quickly as analysts thought, having forecast a decline of 4.9%.
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Wednesday 29 April 2009
US economy down annualised 6.1% year on year
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The BBC ignores it, the spinners ignore it, the press ignore it. But out there on Main Street USA and in the big urban suburbs in the sticks it is all going very badly wrong. It it goes bad in these places then there is no way we can avoid the backwash. A lot of the individual states, remember they have more authority over their own affairs than any EU nation state, are in deep financial trouble, and that will have an international impact.
What I find terrifying is that your 'Real Size of the National Debt' video hasn't been updated for 5 mths....
Surely it needs to be updated for the budget projections ? And bring back the multi-colours so we can see the breakdown...
I'm not sure though, it might be too terrifying. Most people have been living in blissful ignorance until the budget.
But at least the Spectator now has a 'National Debt Clock' on its site - but we still need a Debt Clock somewhere visible, like the one in the States.
This is a problem which has been swept under the carpet for far too long...
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