JEC:New Data Show Economic Decline in Third Quarter of 2000 (Clinton caused recession)

JEC ^ | December 10, 2003

[jmstein7]

Download in PDF format     Get free software to read and download PDF files.

For Immediate Attention                                                             December 10, 2003

 

New Data Show Economic Decline in Third Quarter of 2000

   WASHINGTON, D.C. - Newly revised data released by the Commerce Department reveal that the U.S. economy was in decline in the third quarter of 2000, before posting a small increase in the fourth quarter of the year, Vice Chairman Jim Saxton said today. The Commerce Department data show that real GDP fell at a 0.5 percent rate in the third quarter of 2000, pulling down the growth rate for the second half of that year. In the second quarter of 2000, real GDP had risen at a rate of 6.4 percent.

   “The GDP decline in the third quarter of 2000 is consistent with a host of other economic statistics showing a dramatic economic slowdown after the bursting of the stock market bubble in the first quarter of the year,” Saxton said. “As the Reuters news service has noted, the figures ‘showed that America was on the brink of recession months earlier than previously thought.’ This weakness in the second half of 2000 spilled over into 2001 and was aggravated by the terrorist attacks and other shocks to our economic system.

   “It is not surprising that the bursting of the biggest financial bubble in several generations would lead to a collapse of new investment and a period of painful economic readjustment. The financial excesses of the late 1990s had a negative impact on the economy for several years, but now most of the adjustment process has run its course and the economy is growing at a healthy clip. The Fed's actions to relax monetary policy, and Congress' reduction of the tax burden on the economy, have worked as intended to facilitate strong economic growth,” Saxton concluded.

   For more information on economic conditions, please visit our website at www.house.gov/jec.

 

 

###

Press Release 108-85

 

 

Return Home

[jmstein7]

Email the RNC this story (or call or write them) and tell them to get this important fact out!

Republican National Committee | 310 First Street, SE | Washington, DC 20003
Phone: 202.863.8500 | Fax: 202.863.8820 | E-mail: info@gop.com

Also, email Rush ( rush@eibnet.com ) and Hannity ( Hannity@foxnews.com ) and get the word out!

[1066AD]

Anyone with an IRA or 401(k) could see this at the time !

[MadMoo]

Bump!

[jmstein7]

BUMP!

[mywholebodyisaweapon]

Yes, the recession DID begin under Clinton, but they already covered that one. Remember how they dissed Bush and Cheney in Fall of 2000 for "talking down" the economy? According to the Clintonistas, Slick's optimistic rhetoric began the 1992 recovery while G.H.W. Bush was still in the White House, and W.'s pessimistic mutterings began the recession while B.J. was still in the White House.

So much for policy, etc.

Makes me want to ask why Slick hasn't been talking up the economy for the past 3 years to get us out of the doldrums, since he feels our pain so strongly. ;)