New York - The U.S. economy suffered its biggest slowdown in 26 years in the last three months of 2008, according to the government's first reading about the fourth quarter released Friday.
Gross domestic product, the broadest measure of the nation's economic activity, fell at an annual rate of 3.8% in the fourth quarter, adjusted for inflation.
That's the largest drop in GDP since the first quarter of 1982, when the economy suffered a 6.4% decline.
The decline was less than the 5.5% drop forecast by economists surveyed by Briefing.com. The fourth quarter plunge followed a more modest decline of 0.5% in the third quarter.
Still, some economists cautioned that the smaller than expected drop in economic activity wasn't good news, but a warning sign about further weakness ahead.
"Today's GDP report is no cause for celebration," said Jay Bryson, global economist for Wachovia. "The economy is even weaker than the number would suggest."
Hit by tight credit and soaring job losses, Americans slammed the brakes on spending in the quarter.
rest http://www.truthout.org/013009C
******************************************************
Senate Passes Health Insurance Bill for Children from Truthout - All Articles
Pediatrician Dr. Gwen Wurm does a checkup on Christina Brownlee, 5, at the University of Miami Pediatric clinic. The State Children's Health Insurance Program, a joint state-federal effort that subsidizes health coverage for 11 million low-income children, was approved by the Senate on Thursday.
The Senate overwhelmingly approved legislation yesterday to provide health insurance to 11 million low-income children, a bill that would for the first time spend federal money to cover children and pregnant women who are legal immigrants.
The State Children's Health Insurance Program, which is aimed at families earning too much money to qualify for Medicaid but not enough to afford private insurance, currently covers close to 7 million youngsters at a cost of $25 billion.
Lawmakers voted 66 to 32, largely along party lines, to renew the joint state-federal program and spend an additional $32.8 billion to expand coverage to 4 million more children. The expansion would be paid for by raising the cigarette tax from 39 cents a pack to $1.
The House approved similar legislation on Jan. 14, and President Obama is expected to sign a final version as early as next week.
During the presidential campaign, Obama pledged to provide coverage to every American child. Experts estimate that once the program is fully implemented about 5 million youngsters will remain uninsured.
Democratic lawmakers, noting that President George W. Bush twice vetoed similar legislation, praised the vote as evidence of the changing Washington landscape.
"Low-income, uninsured kids all across America have been waiting for Congress to fulfill the promise of the Children's Health Insurance Program for them," said Senate Finance Committee Chairman Max Baucus (Mont.). The program "works to get low-income, uninsured kids the doctor's visits and medicines they need to stay healthy, and approval of this bill opens the door of the doctor's office to millions of children who live without proper health care today."
rest http://www.truthout.org/013009B
***********************************************************
No comments:
Post a Comment