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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth

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From: geode00	11/8/2008 7:02:51 PM
	of 173976

Obama Is Seen Inheriting Worst U.S. Recession Since Reagan Era By Bob Willis Nov. 8 (Bloomberg) -- President-elect Barack Obama will inherit the worst recession since Ronald Reagan’s second year in the White House, economists said as figures showed U.S. payrolls plunged by more than half a million the past two months. The economy will shrink at a 3.5 percent annual rate in the fourth quarter and at a 2 percent pace in the first quarter of 2009, nearly twice prior estimates, Goldman Sachs Group Inc. economists led by Jan Hatzius wrote yesterday in a note. That would be the biggest back-to-back contraction since 1982. The surge in unemployment reflected an economic cave-in in October, when car sales plunged 32 percent, manufacturing contracted the most in 26 years and consumer confidence fell to a record low. The deepening recession puts pressure on Obama to quickly assemble a response and name his economic team.... bloomberg.com

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