Standard & Poor's lowered its outlook for the nation's long-term debt amid concerns about the handling of the federal deficit and increasing debt along with the uncertain political debate regarding the country's fiscal problems.
The United States economy grew for the 7th straight quarter, although the rate of growth was disappointing. The slowdown in the growth of real GDP in the first quarter of 2011 showed that the economy is not gaining momentum, dampening prospects for a meaningful reduction in unemployment in the near future.
If there is no budget deal between the House, Senate and the President, the government may shutdown this weekend. This already has had ramifications for the United States economy, but it could further exacerbate the situation.
The United States economy grew in the 4th quarter of 2010 with contributions from the American consumer and American exports abroad. The economy's real GDP growth rate was revised higher than reported in an earlier estimate.
From the list below it is quite plain to see why the California economy is in such trouble. Fourteen of the twenty worst county economies in the United States is in the state of California. In fact, it is not only California's economy that's on this list from the western portion of the county, Nevada, Arizona and New Mexico also have at least one entry in this list.
The United States and Japan have been the first and second largest economies in the world since the early 1970s. But this year, there was a change with China taking over the position occupied for so long by Japan.