July 27, 2012
Tags: decline, economic struggle, economy, federal reserve, US
Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
“We are in love with money, and we worship at the altar of materialism.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
A drop in consumer spending resulted in the US economy growth slowing to an annual rate of 1.5% according to the Commerce Department. That’s down almost a full percentage point from the first quarter of the year.
The Commerce Department also put some of the blame on an increase in imports during the same time period.
“As campaigning [for President] gets serious, the economy is losing momentum not gaining,” Mark Gregory of the BBC reported. “That’s bad news for President Obama’s chances of hanging onto his job in November.”
Last month, the US Federal Reserve cut its forecast for economic growth by half a percent.
Analysts tried to put as positive a spin on the news as possible.
“[The number] is a bit better than expected,” Peter Cardillo of Rockwell Global Capital said, “but still the consumption is weak.”