Reuters.com
NEW YORK (Reuters) - A ballooning budget deficit and low savings rate pose risks to the U.S. economy and the financial system, New York Federal Reserve President Timothy Geithner said on Thursday.
"The current deterioration in the U.S. fiscal position and the acute decline in the net national savings rate represent risks to the financial system and the economy as a whole," Geithner told the New York Banker's Association.
Geithner said such looming risks were made all the more worrying by the size of the U.S. current account deficit and the unprecedented scale of financing needed to fund it.
end of snip>
Of course W's answer to this problem is more tax cuts for the wealthy.
This is the story that you will hear all day.
WASHINGTON - America's economic recovery ended 2003 on a good note, growing at a solid 4.1 percent annual rate, and is expected to do even better in the opening quarter of this year.
but don't miss this part...as the media will ignore it
The economy added just 21,000 jobs in February — all of them in government — a Labor Department survey of payrolls showed. Job growth has been painfully slow despite better economic activity.
Since President Bush took office in January 2001, the economy has lost 2.2 million jobs.
end of snip>
Mark my Words, let's see what story gets played today.
No comments:
Post a Comment