Economy’s Biggest Drag Right Now Is Government
Published: Friday, 27 Apr 2012 | 1:12 PM ET Text Size By: Jeff Cox
CNBC.com Senior Writer
Government has become its own worst enemy when it comes to the economy, with public spending putting a damper on growth that otherwise continues at a steady if unspectacular pace.
Friday’s gross domestic product report confirmed what a drag government can be: While consumer spending grew at a 2.9 percent clip, state and local governments cut back spending by 1.2 percent on an annualized basis and the federal government pulled back by 5.6 percent