Not too worried about a double dip recession
June 5, 2011
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Judging from the news in the last few days, you’d think it was 2008. The headlines scream “Recession Fears Loom in US Economy” “America Headed For Double Dip Recession?” and dare you to take a look at “The Ominous Job Growth Chart that will Make Your Jaw Drop“.
What behind all this panic? Well, apparently, the economy only added 54,000 jobs last month. So – gas prices skyrocket, tornadoes plague the southeast, states enact budget cuts and lay off public employees, and despite that, the economy only adds 54,000 jobs? Must be a double-dip recession caused by the failed stimulus plan. Must be. Only explanation.
But maybe if you look at the sources for the above articles again – Iran’s official news service, Pat Robertson’s and Glenn Beck’s news sites – you can see another reason for this sudden pessimism – it’s being pushed by sources that want the US to suffer a double dip recession under Obama’s watch. It’s well-recognized that the economy is Obama’s biggest weak spot right now, and the Republican presidential candidates have already been focusing their attacks on this topic.
That’s not to say there is no reason for concern. Rising gas prices and the hard hit taken by the middle class in this recession will undoubtedly cause problems for a long time. But given the atmosphere of hyper-caution that has dominated the last few years, how can the economy dip any further?