The economy depends about as much on economists as the weather does on weather forecasters.
Jean-Paul Kauffmann
Reading the news this morning was an exercise in frustration. MSNBC has a story on the recession that wouldn’t quit. They describe the 10 signs that the double dip recession is here. Watch out below.
Friday's news on GDP shows the double dip has arrived — an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the deficit will make it worse.
There are several signs that a recession is firmly in place again and that the downturn could last for several quarters. Most are already easy for the average American to see.
1. Inflation
2. Investments have begun to yield less
3. The auto industry
4. Oil prices
5. The federal budget
6. China economy slows
7. Unemployment
8. Debt ceiling
9. Access To credit
10. Housing
Read the story here: http://www.msnbc.msn.com/id/43946055/ns/business-us_business/
People try to live within their income so they can afford to pay taxes to a government that can't live within its income.
Robert Half
Two interesting graphs.
My dog is worried about the economy because Alpo is up to 99 cents a can. That's almost $7.00 in dog money.
Joe Weinstein
Posts
Has anybody correlated tax rates with the dips in the % job losses chart?
ReplyDeleteWhen the private economy tanks, public spending needs to increase to cover the gap - and if we don't want to the debt/deficit to increase during this gap coverage, we need to increase revenues - yes, we need to raise taxes on those that can afford it (don't grimace - this could be considered payback - those with good incomes have such due to a system in the US which allowed them to get there. It's only fair that they payback to keep this system operating; I do believe Warren Buffet would agree).
AND - Can we finally agree that tax cuts have now been proven ineffective at creating jobs?
Tax Cuts without scaling back an ineffective government will likely be ineffective.
ReplyDeleteCan we agree that socialism has failed?
Have we actually tried socialism?
ReplyDeleteI like the quotes in today's post (8/6/11), most specifically Thomas Paine's.
Here's an interesting link: http://www.kowaldesign.com/cgi/Budget.pl