Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


ECONOMIC UPDATE….You will be unsurprised to learn that the fourth quarter of last year sucked:

The U.S. economy shriveled at the end of 2008, shrinking by the most in 26 years….Gross domestic product fell at a seasonally adjusted 3.8% annual rate October through December, the Commerce Department said Friday in the first estimate of fourth-quarter GDP.

….Federal government spending helped the economy….Also preventing the economy from sinking further were inventories, which rose at the end of 2008. On a down note, the inventory increase was likely unintended — the result of companies getting stuck with unwanted merchandise because demand has tailed off in the recession….Inventories increased by $6.2 billion, after going down $29.6 billion in the third quarter and $50.6 billion in the second quarter. Inventories added 1.32 percentage points to GDP in the fourth quarter.

In other words, if not for the unwanted inventory buildup, GDP would have shrunk something like 5.1% or more. Yuck.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate