Posted on: Jan 30, 2013, Source: Center for Economic and Policy Research
A sharp drop in government spending, heavily concentrated in defense, coupled with a decline in inventories caused GDP to shrink at a 0.1 percent rate.
The bottom line is that President Obama and many leading Democrats are prepared to give seniors a larger hit to their income than they gave to the over $250,000 crowd.
After throwing the economy into the worst downturn since the Great Depression, the financial industry has used its political power to become stronger than ever.