Posted on 02/24/2013 3:38:44 AM PST by ExxonPatrolUs
A WEEK after official figures showed a steep fall in euro-zone output in late 2012 the European Commission (EC) has added to the gloom by unveiling some gloomy forecasts for 2013. Three months ago the EC envisaged a modest recovery getting under way in the first half of this year. Now that is not expected until the second half of 2013.
The lower starting-point for GDP and the delay in the recovery mean that the picture for 2013 as a whole now looks bleaker. Last November the EC expected the euro area to grow this year though barely, by just 0.1%, following a 0.4% decline in 2012; now it is expecting a fall in GDP of 0.3% following a 0.6% drop last year.
This year’s prospects for southern Europe have generally darkened. The EC now expects the Portuguese economy to contract by 1.9% compared with its November forecast of a 1% fall. The outlook in Italy has also deteriorated, with a decline of 1% now expected rather than one of 0.5%. The projection for Spain, of a 1.4% fall, has been left unchanged.
Evidence that the euro area continues to shrink came yesterday from Markit, a research firm, in a survey showing that activity in the services and manufacturing sectors of the euro area had fallen at a faster pace in February than January. According to this preliminary estimate, the index recorded 47.3 this month, down from 48.6. A level below 50 is consistent with a contracting economy.
(Excerpt) Read more at economist.com ...
More Stimulus! More Government Spending! Higher taxes on the Producers! More welfare! More food stamps! Tax and Spend our way to prosperity! It will work this time! /s
Bush’s fault.
Even after Obama spent $6,000,000,000,000 more than the government brought in, with no end in sight, we still can’t get economic growth.
Even after tax increases for “the rich”, which reduce the potential profit for entrepreneurs while increasing their risk, we still can’t get economic growth.
Even after Obamacare passed, increasing the costs and uncertainties of hiring, we still can’t get economic growth.
Even after systematic threats to our fundamental human rights (HHS abortion mandate, gun registration and confiscation efforts, unreasonable searches by drone and proposed for gun owners, excessive fines for those who do not bow to Obama’s commands, . . .) that have turned our time, energy, and money toward preparedness rather than normal activities, we still can’t get economic growth.
Even after environmental policies raised the price of carbon pollution and of products made using energy that pollutes, we still can’t get economic growth.
Bush left a terrible mess for Obama - otherwise all the long-awaited liberal accomplishments of the past four years would have fixed things.
Under Obama&Co the only recovery going on in this country under is repossession.
Very simple solution really. We just need more government printing machines, as the number we currently have simply cannot keep up with the demand.
That's because there is a bigger crop of MORONS, IDIOTS, BUFFOONS, and just plain INCOMPETENTS trying to run the economy now.
Bring back American jobs now.
green shoots
summer of recovery
summer of recovery 2
winter of recovery
etc....
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