WASHINGTON (OfficialWire) — The White House says Superstorm Sandy is partially to blame for the unexpected contraction of the U.S. economy.
Top White House economist Alan Krueger says the storm, which battered the East Coast, disrupted economic activity and destroyed $44 billion in fixed capital. Krueger also says federal defense spending shrank, in part because of uncertainty over automatic spending cuts that could have kicked in at the start of the year.
Please share this post with your friends and comment below. If you haven’t already, take a moment to sign up for our free newsletter above and friend us on Twitter and Facebook to get real time updates.
Follow @WestJournalism
Loading ...
Gee…. Sandy, huh? Guess Obama is giving George Bush a rest for now, huh? Well when things dont go your way.. blame it on the weather !!!!
Yes, Paddy, and I guess the tornado in Georgia will bring the growth to a stand still (like it was going somewhere). If he (the pres.) considers foward as negitive, he’s going about it right.
Also, let me add, when the tornado ripped a one mile wide and three mile long strip through the heart of the bussiness section here, it greatly increased the constrution trade, clothing sales, auto sales, and practicaly everything . They ran out of building materials and railed in from all over the south. How does that slow anything when you have FEMA and insurance? Oh yeah, what was that I read about Obama and FEMA?