US economy unexpectedly shrank in the 4th quarter of 2012

[wan]

Considering Europe has cut exports from the US by 20% and European tourism is down in the US by a similar amount, the figures are better than can be expected. Hurricane Sandy also took 50 billion out of the economy and 100s of thousands were left jobless. Then there is history. The jobs bill that would have added 1.5 million jobs into the system was blocked for strictly political grounds and the Republicans replaced it with their substitute folder labeled jobs bill which was a slew of tax cuts for the rich, an enhanced subsidy for job exporters and a raft of bills easing pollution restrictions around coal fired power stations. It would have better if the Republicans didn't block a bill aimed at cutting subsidies for job exporters and giving them tax breaks which would have been replaced with a bill that rewarded job importers with subsidies and tax incentives.