GDP fell .3% in the 3rd quarter of 2008, compared to 2.8% gain in the second quarter. While a recession is technically defined as two consecutive quarters of negative GDP, everyone can see the party is cashed. Marketwatch wrote, “Economists expect the economy to contract in the final three months of this year and the first three months of 2009, with the nation’s unemployment rate pegged to rise near the 8% mark.” Housing bust + oil shock + financial crisis + rising unemployment + high levels of personal debt and low saving rates = sad America. This can mean only one thing. Now is the time to enact my plan for WPA-style moon-farming programs.
GDP falls 0.3% in third quarter on dive in spending [MarketWatch]