Economic Snapshot for February 2009 By Christian E. Weller, February 24, 2009: ” The U.S. economy is experiencing its worst recession in decades. Jobs and wealth losses are accelerating, contributing to sharp increases in families’ economic distress. This crisis was precipitated by a sharp drop in consumer spending, but also by a decline in business investment and by the fact that foreigners continue to purchase fewer U.S. exports than Americans are buying imports, especially as a global recession strikes the rest of the world. The only sector of the economy that can turn this situation around is the federal government, although large looming deficits created by irresponsible management in the past will make it harder to achieve optimal results from the American Recovery and Reinvestment Act that was signed into law last week by President Barack Obama.”