You continue to assume that hiring even ditch diggers has no positive effect on output, which it does, and then argue that the debt becomes a burden on the private sector when it is, in fact, a financial asset that they have added to their portfolio.

FORBES: Obama + Ryan = Catastrophe

On the basis of earlier surveys, most analysts thought stronger performance by the services sector, which produces three-quarters of total output, would keep overall GDP in positive territory.

ECONOMIST: Britain��s stuttering economy

"Although inflation seemed likely to remain above the 2 percent target over the next two years, the degree of slack in the economy, and the likely positive response of supply capacity to increased demand, meant that higher output growth would not necessarily lead to any material additional inflationary pressure, " those backing another stimulus argued, according to the minutes.

NPR: BoE Governor Backed More Stimulus For UK Economy

He believes that positive supply-side forces will continue to damp the impact of strong demand on output prices and that productivity gains will continue to damp the effect of higher wages on unit labor costs.

FORBES: What The Fed's Minutes Leave Out

Output is shrinking in Japan, Germany, Spain and Britain, and is barely positive in many other countries.

ECONOMIST: The financial crisis