The second time as farce, the third time as just more tragedy

Fears grow that US headed into new recession

By Doug Lorimer

Fears that the US economy is sliding into a new recession or into a period of protracted near stagnation have been heightened by new data released at the end of August. Real US gross domestic product (GDP) increased at a sluggish annualised 1.6% rate in the April-June quarter of 2010 after increasing by 3.7% in the first quarter, the US Commerce Department announced on August 27. A month earlier the department had estimated US GDP growth in the second quarter would be 2.4%.....

… And throughout Europe the stimulus programmes will be winding down over the next few months — giving way in some cases to draconian austerity programmes, which have already driven Greece, for example, back into a recession …

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