Two reports, one in Newsweek Magazine yesterday and today an editorial in USA Today are positive about the economy.
Daniel Gross, who’s subtitle is used as the title of this blog) gives an excellent recap of just how remarkable the turnaround has been (a swing from shrinking 6.4 percent first quarter 2009 to growing 5.9% by the fourth quarter) but why. He compares the quick actions of the public and private sectors to the very slow reactions that led to Japan’s lost decade.
He also does a great job of showing how economic insecurity or “declinists” as he terms them have proclaimed “ things have been going south in this country since the cruel winter in Jamestown, VA, in 1609.”
USA Today’s editorial is entitled “Don’t low now, but the economy’s bouncing back” and gives the viewpoint to ignore the downbeat commentary because the recover is busting out all over.”
But it is more than that. Today, it seems we have a significant element of our country actually clouding that turnaround with hopes an insecure or angered public will forget who got us into this mess and give them more clout in November.
But I sense that 24/7 news coverage is about to swing from doom and gloom to revealing just how fast things are getting better. The pendulum always swings back. The economy is all about confidence.
No comments:
Post a Comment