Americans Not Buying Economic Recovery
Two solid years into this deep recession, Americans are looking for signs the economy is perking up and for hope the long financial nightmare is nearing its end.
Despite the desire to get past our current tough times, little data says we’re pulling out of the nosedive that has been our economy over the past 36 months.
News Tuesday did little to reassure the jittery public that the economy is rebounding enough to make a difference.
Just after trading opened on Wall Street, the market was hit with the news that consumer confidence fell sharply in June primarily because of worries about jobs and the overall economy. The 10-percent drop was the largest since February and a reversal of the shallow recovery that so many had hopes for and that has suddenly tanked.
Does all of this mean we’re headed for a double-dip recession?
“We’ve heard the last two months about a double-dip recession but I’ve been resisting that view,” said Steven Moore of the Wall Street Journal on Fox News Tuesday. “But now, with consumer confidence slipping even more, I am starting to believe that’s where we’re headed.”
Toss in House Democrats’ $23 billion in new proposed spending - and new middle-class tax hikes to pay for it - and you can see why Americans are pulling back. They’re telling government to “show them the jobs” and there are no job gains to show.
The only answer the Obama Administration has had for the languishing economy is more government spending and a $700 billion stimulus bill even Democrats admit has failed. Americans will not be convinced things are getting better unless they’re going back to work. They have no confidence in where the country is headed and it's taking its toll.Continued on the next page