President Barack Obama Calls U.S. Economy “Continuing Disaster” after Fourth Quarter Figures Released

President Barack Obama has acknowledged that the American people were facing a “continuing disaster” after fourth quarter figures relating to the U.S. economy revealed a 3.8% drop, the second straight quarterly drop experienced by the economy.

The global economic crisis that has left the markets of several countries in shambles has hit the U.S. particularly hard as the country faces its highest unemployment levels since World War II and its worst recession in 26 years.

After opening 2008 with two quarters of growth the economy fell 0.5 % between August and October and then collapsed in the final three months, the first time the economy has experienced consecutive drops since 1991.

As the U.S. economy continues to struggle more businesses are staring at high inventory levels as products are left on the shelf. Overall spending for 2008 was down 3.5% with products like cars, domestic appliances, food and clothing taking large hits.

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