Dark clouds gathering over the economy
Washington must be another world. The vituperative battle over raising the debt limit makes no sense when the U.S. economy is so fragile. The victim in all this will be everyday workers, especially those who are looking for a job. One ominous sign is that the S&P 500 is down 3% since the budget negotiations took a turn for the worse on July 22.
This chart by the Kauffman Foundation captures the outlook of top economic bloggers.
It isn’t good, is it? Here is a summary from the report of the outlook by the surveyed econ bloggers:
Economics bloggers seem even more pessimistic in their outlook on the U.S. economy than they have been so far in 2011, with 95 percent who believe overall conditions are mixed, facing recession, or in recession. For an economy in which growth is the norm, 44 percent of respondents think that the U.S. economy is worse than official statistics indicate, and only 7 percent believe it is better.
By the way, a majority of the econ bloggers say raise the debt limit without conditions. They’re right, but is anyone listening?
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