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Essay / Research Paper Abstract
A 4 page paper discussing GDP, interest rates and the US economy in the first quarter of 2008. The economic situation is far from bright, but neither has it yet descended into recession. Fuel prices will continue to prod inflation, and at 0.6 percent GDP growth the Federal Reserve dares not increase interest rates to help cool inflation. We are not in the "throes of recession" as Greenspan has said, but it appears we are not far from it. Bibliography lists 7 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSeconIntRt08.rtf
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Unformatted sample text from the term paper:
former Federal Reserve Chairman Alan Greenspan stated that the US economy had a greater than 50 percent chance of recession (McIntyre, 2008). Two days later, Greenspan stated that the
economy is in the "throes of recession" (Lee, 2008). The purpose here is to assess the current state of the national economy and to examine the path of interest
rates from 2007 to the present. Recession or Not? The definition of recession is two consecutive quarters of declining growth (Recession, n.d.).
Though growth of GDP was nearly flat in the fourth quarter of 2007, it grew at a rate of 0.58 percent (Gross Domestic Product: Fourth Quarter 2007, 2008). Growth
of GDP in the third quarter of 2007 was 4.9 percent (Gross Domestic Product, 2008). Though the US economy appears to be teetering on the brink of recession and
some sectors of the economy are grossly unattractive at present, we have not yet reached the formal state of recession. Figures for the
first quarter of 2008 will not be released until April 30 (Gross Domestic Product, 2008). An independent forecasting firm gave values of $14.243
trillion as the forecast GDP in both February and March 2008, and a slight increase to $14.403 trillion in April 2008 (U.S. Gross Domestic Product GDP Forecast, 2008). Whether
that forecast will prove to be accurate will be known when the Bureau of Economic Analysis (BEA) releases first quarter data at the end of April.
In any case, if figures for the first quarter reveal a decline in GDP, the second quarter of 2008 also will need to demonstrate decline for the
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