The Government Component of the National Income and Product Accounts for the past 6 quarters (QI 2010 through Q2 2011):
Anyone see a problem here? It's not like we have seen a rip-roaring "crowding-in" of the private sector. For those who think we should cut government spending, well, we are, and more is to come thanks to the debt-ceiling deal. I hope I am wrong about this, but it is hard to see how this leads to a recovery in jobs any time soon.
| 21 | and gross investment | -1.2 | 3.7 | 1.0 | -2.8 | -5.9 | -1.1 |
| 22 | 2.8 | 8.8 | 3.2 | -3.0 | -9.4 | 2.2 | |
| 23 | 0.5 | 6.0 | 5.7 | -5.9 | -12.6 | 7.3 | |
| 24 | 7.8 | 14.7 | -1.8 | 3.1 | -2.7 | -7.3 | |
| 25 | -3.9 | 0.4 | -0.5 | -2.7 | -3.4 | -3.4 |
I think you're missing a piece: if local and state governments sport pro-cyclical budget policy in good times, they will be forced by fiscal and credit restraints to run pro-cyclical budgets in bad.
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