Friday, July 27, 2012

Re: GDP. Seven reasons why tax increases are the wrong approach.

On Friday, July 27, 2012, wrote:

So do you believe we should in December raise taxes on a) no one b) the rich c) everyone ?


From: Trout, Larry R


'GDP: U.S. economic growth slowed to 1.5% in last 3 months


American consumers cut back sharply on spending in recent months, slowing the nation's already sluggish rate of economic growth.


The economy grew at an annual rate of 1.5 percent from April through June, the Commerce Department reported Friday, a pace that confirmed fears that the economy continues to sputter.


A Growth rate below 2 percent isn't enough to lower the unemployment rate, which was 8.2 percent last month. And few analysts expect the economy to gain momentum in the second half of the year, as concern about debt problems in Europe and the fiscal cliff—a series of tax increases and spending cuts due to take effect in January unless policy makers find an alternative—dampen confidence.


The estimated rate of economic growth in the second quarter marked the weakest quarterly GDP growth since last fall and promises to sharpen the scrutiny on the President Obama's fiscal policies.'


Best wishes,

John Coffey

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