It always amazes me how bad news can be good news for Wall Street.  But that is what we are seeing today. You see the revision down to 1.6% from 2.4% is better than the expected revision to 1.4%. They seem to be putting the blame on an increase in imports. Thank you to China and all their cheap goods. Well those cheap goods are helping to keep inflation down and our budgets in place. I know I am going to be thinking about what I put in my cart, Do I Really Need This? Did it Come From China? Should I buy something different with that cash that may be made in America? How do we blame ourselves, today everyone is working on a lower budget, whether it be for business or for home life. We need to make decisions in our best interest. I am guilty of that too. Hey I need to run a tight ship, especially with my business. But what I will do is look at those items I don’t really need. Those things we buy because they are so cheap, you know like under say about $3. It is only $3. So, if I spent that $3 on something here and well 1/4 of America did the same on a weekly basis what would that do. 1/4 of America is 75,000,000 people. 3 time 75 million is …. drum roll 225 million. Then we take that times 52 weeks in the year…got to get out the calculator for this one. That would be $11,700,000,000.

So, next time you think oh it only cost $1 or $5 or what ever, but you really don’t need it. You are only buying because it is so cheap, or you buy an extra one because it is so cheap, then think about the effect. Save that average $3. Spend it on something more important, maybe something American made. You can help add $11.7 Billion to our economy.

Just my opinion…JeffrCameron

Economic Growth at 1.6%; Bad, But Better Than Though

Friday, 27 Aug 2010 | 8:41 AM ET

U.S. economic growth slowed more sharply than initially thought in the second quarter, held back by the largest increase in imports in 26 years, a government report showed on Friday.

Gross domestic product expanded at a 1.6 percent annual rate, the Commerce Department said, instead of the 2.4 percent pace it had estimated last month.

However, the reading was a touch better than market expectations. Analysts polled by Reuters had forecast GDP, which measures total goods and services output within U.S. borders, revised down to a 1.4 percent growth rate. The economy grew at a 3.7 percent pace in the first three months of the year.

The slackening economic recovery is a major political challenge for the Obama administration and the Democratic Party two months away from crucial mid-term elections that could shift the balance of power in Congress in favor of Republicans.

A Reuters/Ipsos poll this week found Obama’s approval rating at 45 percent overtaken for the first time by a 52 percent disapproval rating.

The revised GDP data will likely fuel analysts’ concern that slowing growth is putting the economy at growing risk of slipping back into recession. Federal Reserve policymakers were meeting on Friday at their annual retreat in Wyoming to ponder the economy’s direction and hear from Fed Chairman Ben Bernanke.

“There is no doubt we are losing momentum in the economic recovery,” said Robert Dye, senior economist at PNC Financial Services in Pittsburgh. “But if we define recession as two or more consecutive declining quarters of GDP, I think we are not going to go there.

“We are going to see a pattern where we may have declining GDP in one quarter followed by smaller gains in the next quarter, bouncing along the bottom as it were,” Dye said.

The recovery from the worst economic downturn since the Great Depression had been largely fueled by a $862 billion government stimulus package and businesses rebuilding inventories from record low levels.