The data continues to come in much worse than forecast. Just like Stevie-girl said it would. GDP growth of 3.9% versus 3.3% expected. We are collapsing just as fast as Stevie-girl said we would and ABSOLUTELY DOOMED!
I think too much effort is going into trying to predict what will happen next, day by day. The only people it matters to are speculators, people who try to make money off of the ups and downs.
What is true, everyday, is that our economic system doesn't work, and so major changes are needed.
SJG...did someone say "System"? If so, what is your system do economic prosperity? Is it ordering top shelf scotch an buying 3 piece suits to hang out at dive bars buying some cheap ass OTC? Or maybe we all could sell life insurance policies to each other for strong economic prosperity. An all extras society could propel many of us into middle class sooner than we expect!
We're ok if we get the growth rate up to 7%. Just about 3.1% higher. Then no government spending cuts are needed to avoid defaulting on our debt. If we got a 7% growth rate and a few spending cuts, good times would be ahead. Our debt would start decreasing.
It's not just the US that missed big on expectations. Canada's came in at 2.8% versus 2.1% expected. Another miss by a mile and proof economist, The Economist, and stevie-girl know exactly what they are talking, namely that we are all DOOMED!
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What is true, everyday, is that our economic system doesn't work, and so major changes are needed.
SJG