The American economy is now strong enough to withstand Middle East turmoil and the Japanese nuclear crisis. Only a big rise in the price of oil could stop it now.
Those are the findings of an Associated Press survey of leading economists, who are increasingly confident in a recovery that is nearly two years old. They expect the economy to grow faster every quarter this year.
In part, that’s because the economists think Americans will spend more freely in the coming months. Higher stock prices have made people wealthier. And a cut in the Social Security payroll tax is giving most households an extra $1,000 to $2,000 this year……
Inflation will come in at 2.8 percent this year, higher than predicted three months ago, mainly because of costlier energy and food.
It was 6.6% THIS MONTH
These same geniuses think weather was a bigger factor than food and oil prices (I bet they all are convinced of the AL Gore theory of global warming).
Read this genius piece HERE, and make up your own mind if you think this a propaganda puff whose INEVITABLE RESULT is a public so cynical that we like another dead society come to feel ‘you will pretend to pay us and we will pretend to work’.
PS for the 8th month in a row, according to S&P housing prices have dropped, STILL the main repository of capital for most Americans WITH ANY
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"The American economy is now strong enough to withstand Middle East turmoil and the Japanese nuclear crisis. Only a big rise in the price of oil could stop it now."
I read this on Drudge this morning and nearly spit my coffee all over the keyboard.
I ran into a lady I used to work with yesterday who has managed to hold onto her job, although she fears for it every day. I asked her to say hello to this person and that and it was "Oh, they're not there anymore." Stories from other friends about people they know who have been out of work even longer than I.
Americans are not going to spend their money more freely as the price of gas keeps going up. A rise in price every day for the last 34. And as they see their friends and relatives and neighbors continuing to lose jobs.
So let's look at this. Only a big rise in the price of oil. . .
Hmm. . .
Oil started to suddenly rise when trouble started in Egypt. Funny thing, that.
Then as trouble spread to Libya it rose more. Funny thing that, too.
And then Bahrain and Yemen and now Syria and this whole Arab Awakening (catchy little phrase some Junior Poliwonk came up with there, eh?) and it rises. Funny thing. . .
So it's a fairly safe statement that as the Arabs continue to Awaken Oil will continue to Rise.
Almost as though they are giving Barry and Timmy and Benny something to hide their incompetence behind. "Hey, we did the best we could but it wasn't our fault. It was out of our hands. The Arabs they was Awakening and, you know, the whole oil thing just like the econowonks said might happen."
Sure am glad I managed to hold that coffee in this morning and not let it hit the keyboard. At 125% higher than it was this time last year (yep, you read that right) I need every last drop I can get as I move into my 21st month of hunting for a job and meanwhile burning through my retirement/life savings during this wreckovery.
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