GetLiberty.org >> Economy slowed down in 2011, debt close to topping economy

GetLiberty.org >> Economy slowed down in 2011, debt close to topping economy:

The economy slowed down in 2011 to “a tepid snail’s pace,” says Americans for Limited Government President, according to new data released by the Bureau of Economic Analysis (BEA).

In 2010, the Gross Domestic Product (GDP) had grown at 3 percent in 2011, but only at 1.7 percent in 2011. The Bureau said the slowdown was on account of “a downturn in federal government spending, an acceleration in imports, and a larger decrease in state and local government spending.”

Wilson noted that spending at the federal level had actually increased last year. The slowdown, he said, proved “the ‘stimulus’ of 2009 and 2010 merely created some artificial demand for goods and services, which, once it ran out, did not create a virtuous cycle of growth as promised.”

He added, “The only thing that was apparently accomplished is that now the debt is nearly larger than the economy.” While the economy dithers, the national debt is growing at about 10 percent annually.