The US economy shrank by 6.2% in the last three months of 2008, official figures have shown, a far sharper fall than had previously been reported.
Plunging exports and the biggest fall in consumer spending in 28 years dragged the annualised figure down from an earlier estimate of 3.8%.
The decline was much worse than analysts had expected, sending US stocks spiralling lower.
In 2008 as a whole, the economy grew by 1.1%, the slowest pace since 2001.
I think Ron Paul’s ideas make the most sense.
It is difficult to fix something if you don’t understand it. We all know that the economy is in a lot of trouble. Ron Paul has been studying economics for decades and knows why the economy is in trouble. He has been warning people in Washington about it for a long time and the more his “predictions” come true, (they are not really predictions, they are a rational analysis of what will occur if you take actions a, b and c), the more people are starting to listen to him and turn to him for answers. Ron Paul is currently the ranking member of the House Financial Services Committee’s Subcommittee on domestic and International and Monetary Policy, Trade, and Technology. He has also authored several books on monetary politics and economics.On January 24, 2008, Ron Paul unveiled his four point plan to save our economy. This plan is a mix of tax reforms, spending reforms, monetary policy reforms and ending burdensome regulations that stifle corporate growth and sends companies overseas. In fact, if you look over the whole plan, it is quite beneficial to those near the bottom, and does not add a crippling debt to future generations and helps most of us now.Ron Paul is the man for the people. He was a doctor for many years, he delivered over 4000 babies and he cares about people – the little folks on the ground who wince when they have to pay $32.00 to buy two packages of toilet paper and fifty dollars to fill up a small sedan. In the past few months, the cost of a bag of dry cat food has gone from $7.99 to $12.99. These are big increases folks. Increases that are starting to really hurt people who thought they were going to be fine and are devastating to those on fixed incomes.Ron Paul’s tax reform includes eliminating taxes on dividends and savings. This will give people an incentive to save rather than consume. With the dollar falling so fast, and taxes on savings who can blame people for wanting to get rid of their dollars while they still have some worth? Ron Paul can help.Ron Paul also wants to repeal the Death Tax. There is no reason why a parent should not be allowed to pass their money to their own children rather than give it to the government.Ron Paul wants to eliminate taxes on Social Security benefits. He writes: That money belongs to seniors, not the government. They paid into the system for a lifetime, and they should be free to spend every penny as they see fit. What more needs to be said?
Ron Paul would also eliminate taxes on capital gains and eliminate taxes on tips. That last one is a big deal to a lot of hard working single mothers, college students, heck, anyone living off of tips works hard for the money. …