InfoAnda - Economy Shrinks The Most In 3 Decades; White House Calls For 'Aggressive' Stimulus

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Economy Shrinks The Most In 3 Decades; White House Calls For 'Aggressive' Stimulus January 30, 2009 11:37 a.m. EST Kris Alingod - AHN Contributor Washington, D.C. (AHN) - Reacting to the Commerce Department's news that the nation's economy shrank the most in nearly three decades, Christina Romer, President Barack Obama's top economist, said on Friday passage of the administration's economic stimulus plan is "critical" to stem the rapid decline. The nation's real gross domestic product (GDP) fell 38 percent in the fourth quarter of last year, according to the Commerce Department. The contraction was less than the 5 percent forecast, but the biggest since 1982. Romer, chair of the Council of Economic Advisers, said in a statement, " A substantial increase in real inventory investment... mitigated the overall decline somewhat... The large decline confirms the evidence from other indicators, such as payroll employment and the unemployment rate, that the U.S. economy continues to contract severely." "Aggressive, well-designed fiscal stimulus is critical to reversing this severe decline and putting the economy on the road to recovery and improved long-run growth," she added. The administration is currently working to have a stimulus passed by Congress. The House voted along party lines to approve an $819 billion package on Wednesday. The Senate is set to take up for debate a $900 billion version of the recovery plan next week. Obama has repeatedly said swift action is needed on the stimulus to stem the economy's continued collapse. The Labor Department said earlier this week that unemployment claims had hit 4,776,000, the highest level on record. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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