US Economy Remains Even More Sluggish Than We Thought

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Some bad economic news today:

The U.S. economy grew at a 2.4 percent annual rate last quarter, sharply less than first thought, in part because consumers didn’t spend as much as initially estimated….The Commerce Department on Friday reduced its estimate of economic growth in the October-December quarter from an initial 3.2 percent annual rate.

….A key reason for the downgrade was that consumer spending is now estimated to have expanded at a 2.6 percent annual rate, below the initial estimate of 3.3 percent though still the strongest quarterly spending by consumers in nearly two years.

Analysts are trying to blame this on the weather, but I’d take that with a bit of skepticism. Bad weather is the last refuge of economic scoundrels, so to speak. The starker truth is that the American economy just remains sluggish, full stop. Why? Because that’s the path we’ve chosen. This is a political decision, not the inevitable hydraulic workings of either the economy or Mother Nature.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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