GoFaxer Blog

Ben Bernanke announced today his desire to cut interest rates to try to curb a possible economic slowdown. He was careful not to characterize the economic situation as the beginnings of a recession. MSN.com quoted Bernanke as saying:

“The Federal Reserve is not currently forecasting a recession.” It is, however, “forecasting slow growth.”

The fed is expected to cut interest rates by as much as one half of a percentage point to bolster the slowing economy. This will follow three interest rate decreases in 2007.

Retail sales were unexpectedly low in December, hiring has decreased, and unemployment is up to 5 percent. All of these factors come after months of a slowing housing market, which does not seem to bode well for 2008. The Fed’s efforts to bolster the floundering market seems to be appropriately necessary to prevent a full scale recession. In fact, Bernanke has come under criticism for not acting bolder, sooner.

With an economic slowdown eminent, small businesses are sure to take a major hit. Any reduction in overhead expenses will be helpful through what’s likely to be a tough 2008. Internet fax provided by gofaxer is a great option to reduce those expenses, allowing small businesses to stay competitive with bigger companies that have already gone paperless.