In other words, without the impact of slowing imports, annualized GDP contraction would have been about 12%.
As is so often the case, the picture is terribly instructive….
In other words, without the impact of slowing imports, annualized GDP contraction would have been about 12%.
As is so often the case, the picture is terribly instructive….
Actually this part should be rammed home the hardest. By buying foreign you are actually hurting the US economy – it is a substraction from our GDP and it hurts the value of our currency by putting too many dollars in foreigners hands. Many of whom – the Chinese and the oil exporting nations are not really our friends. I go out of my way to avoid made in China and will actually pay more for products made in America or a country not bent on doing us harm. I recenlty sent back may made in Indonesia Wedgwood covered vegtable (found an older made in England one on Ebay).