Once again, only a fool would say that this isn’t Good News For John McCainTM
The Federal Reserve on Wednesday sharply lowered its projection for economic growth this year, citing blows from the housing and credit debacles along with zooming energy prices. It also expects higher unemployment and inflation.
No problem! McSame will say that more tax cuts will keep the US out of a recession. The talking heads on the teevee will agree!
Nevermind that many economists agree that the US is already IN a recession…
Nevermind that tax cuts will not work…
Nevermind that McSame has already stated he knows nothing about economics…
You’re right, Dave. It must be that the talking heads know nothing about economics.
“It’s all the Democrats fault!!!!!!”
History: bad economy = install the other party
At least part of the Fed’s prediction has failed to come true:
U.S. Initial Jobless Claims Unexpectedly Decline
“Fewer Americans than forecast applied for unemployment benefits last week, indicating companies are reluctant to fire more workers even as the economy slows.
First-time jobless claims fell 9,000 to 365,000, from a revised 374,000 the prior week, the Labor Department said today in Washington. The total number of people collecting benefits was unchanged at a four-year high of 3.073 million for the week ended May 10.
The figures signal that companies are responding to the current economic slowdown by cutting back on hiring rather than letting go of more staff, in contrast to previous downturns.”
Dave, please tell me you don’t think that’s good news.
“Not every single indicator is down, therefore the economy is fine!”
There are enough stats that you can find something positive even at the worst of time. Looking at one and ignoring the many others is foolish, at best.