NYT Says Economy Will Get Worse: Other Indicators Agree

Posted on: 2010-07-30 20:45:00
By: Yid with Lid


This morning the government issued new growth rates for the economy that clearly showed the economy was beginning to slow down again. In fact even the President's mouthpiece the New York Times is predicting that this slowdown trend will continue. The Times is asking the question if  the "recovery" so far has been a jobless one, what happens when when the economy declines again?
The nation’s economy has been growing for a year, with few new jobs to show for it. Now, with the government reporting a growth rate of just 2.4 percent in the second quarter and federal stimulus measures fading, the jobs outlook appears even more discouraging.

“Given how weak the labor market is, how long we’ve been without real growth, the rest of this year is probably still going to feel like a recession,” said Prajakta Bhide, a research analyst for the United States economy at Roubini Global Economics. “It’s still positive growth — rather than contraction — but it’s going to be very, very protracted.”
....Many economists are forecasting a further slowdown in the second half of the year, perhaps to an annual rate as low as 1.5 percent. That is largely because businesses have refilled the stockroom shelves that were whittled down during the financial crisis, and there will not be much need for additional orders.
Or worse....after all these economists are not counting on the additional taxes from Obamacare or the end of the Bush tax cuts that will further slow the economy down.
Additionally, the fiscal stimulus measures that have propped up growth are expiring. Proposals for…

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