So Much for All That Economic Optimism
Obama administration officials have been pushing cautious optimism lately, while touting any glimmers of hope for the economy. But some new numbers out today
Jul 31, 202051K Shares2.2M Views
Obama administration officials have been pushingcautious optimism lately, while touting any glimmers of hope for the economy. But some new numbers out today unfortunately do little to justify any optimism. The economy shrank much more rapidly than expected during the first quarter — by 6.1 percent — turning in its worst performance in five decades, Bloomberg reports.
The decline in the gross domestic product reflected dwindling inventories and further problems in the housing sector, according to Bloomberg. And if all this isn’t scary enough, here’s more:
“„Should the economy shrink again in the second quarter as projected by economists surveyed this month by Bloomberg, the recession that began in December 2007 would be the longest since the Great Depression.
With fresh evidence of a contracting economy, that Great Depression reference seems a little too close for comfort these days.
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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