The latest revisions reflect a weaker pace of healthcare spending than previously assumed, which caused a downgrading of the consumer spending estimate.and
[Orders for durable goods] were dragged down by weak demand for transportation, machinery, computers and electronic products; electrical equipment, appliances and components; as well as a 31.4 percent plunge in defense capital goods orders.and
Other drags to first-quarter growth included a slow pace of restocking by businesses, a sharp drop in investment on non-residential structures such as gas drilling and weak government spending on defense.So, when people save money on healthcare and the government cuts spending, the economy suffers. No wonder economics is called the dismal science: even things that are supposed to good are bad.
But the largest single factor was the weather. Recently a group of economic and public figures from across the political spectrum released a report called Risky Business that details the economic effects of climate change. These include former Republican Treasury secretaries Hank Paulson and George Shultz.
Climate is just another word for long-term weather. Climate change will usher in bad weather every quarter: rising sea levels, more flash flooding, more torrential rains in some areas while other areas suffer perpetual drought, more powerful storm surges and tornadoes, and larger snowfalls. In states like Florida, Alabama, Mississippi, Georgia and Louisiana it will be too hot and humid to work outside without risk of heat stroke. In other words, when we're not digging out from snowstorms, mudslides, tornadoes, and floods, it will be too damn hot to get any work done. Productivity will go into the crapper.
The report states that some areas may benefit from a milder climate, like Minnesota and North Dakota. Hey, two out of 50 states ain't bad.
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