Good news! The U.S. economy is growing!
Consumer spending, which we're always hearing so much about was up too in the fourth quarter. It went up by 2.3%, which was slightly down from the 2.8% growth in consumer spending in the third quarter of 2007. But again, this is still growth and it doesn't indicate that we're in a recession or that or economy is about to collapse.
It is discouraging to constantly hear how poor our economy is, when the numbers don't really bear that out. Yes, there are sectors that are struggling and it would be nicer to have stronger economic numbers. But our government needs to back off and give the market some room to work. All the meddling by politicians hasn't seemed to really change things for us, and might even be doing more harm than good.
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.