Isn't The U.S. Economy Weak?

kingstu · 11-02-2007, 03:11 PM

If you didn't bother to look at the data and strictly read MSM articles you might think that BUT check this out...

http://gregmankiw.blogspot.com/

**Zankou** · 11-02-2007, 03:13 PM

It's not weak. It's very exposed, with little cushion for error. But it is functioning fine at the moment.

The worries about the US economy are more "house of cards" worries, not "things are bad" worries.

krazylarry · 11-02-2007, 03:15 PM

it could be better

kingstu · 11-02-2007, 03:18 PM

Quote:

Originally Posted by Zankou

It's not weak. It's very exposed, with little cushion for error. But it is functioning fine at the moment.

The worries about the US economy are more "house of cards" worries, not "things are bad" worries.

Good point and you have to take Mankiw with a little grain of salt BUT...

Quote:

It’s probably going to take a while to work out of the housing downturn. We expect housing will continue to be a drag on GDP growth.

Oil prices are nearing an all-time inflation-adjusted high (depending on how you measure inflation).

The credit markets are still working through problems that first appeared in August.

One of our favorite words when talking about the US economy is “flexible” – we have extremely flexible labor and capital markets. When bad things happen (e.g., a factory closing, wildfires, housing and credit market troubles), a flexible economy can adjust and recover quickly and with the smallest amount of pain. We’re seeing the benefits of a flexible economy now.

http://gregmankiw.blogspot.com/

The doom and gloomers around this joint are simply yelling the loudest.

Throatpoker · 11-02-2007, 03:27 PM

we are horribly in debt, and the fed's pumping money out of thin air, so yeah, it's weak.

JerkWeed · 11-02-2007, 03:31 PM

Even handed reporting doesn't sound bite as well. Glad to see you guys have such a low unemployment rate. I could wish that for a lot more people.

It will be interesting to see if the deficit can continue its role as background noise or whether that chicken will someday come home to roost. Any thoughts?

nofatchicks · 11-02-2007, 03:36 PM

Billy Bragg has a great song called "It says here" that sums it up pretty well.

DaRuckus337 · 11-02-2007, 03:41 PM

I think I speak for the unuttered thoughts and impressions of all the worlds economic experts when I say: "uh, idunno...."

J-Fight · 11-02-2007, 03:46 PM

It's functioning but pretty shitty... pretty much a mixed bag....

Median HH income has steadily declined under Bush ... people have jobs but they suck. My hometown of Boston is now called a "boutique" city, meaning if you you're not a doctor, work in life sciences, education, tech, or a few other sectors... you won't be able to afford to live here comfortably.

Everything costs more cuz of this war... EVERYTHING... and now people are making les..

Yeah, the economy sucks on average.. unless you work in particular sectors.

busdriver01 · 11-02-2007, 04:10 PM

Quote:

Originally Posted by J-Fight

It's functioning but pretty shitty... pretty much a mixed bag....

Median HH income has steadily declined under Bush ... people have jobs but they suck. My hometown of Boston is now called a "boutique" city, meaning if you you're not a doctor, work in life sciences, education, tech, or a few other sectors... you won't be able to afford to live here comfortably.

Everything costs more cuz of this war... EVERYTHING... and now people are making les..

Yeah, the economy sucks on average.. unless you work in particular sectors.

I haven't taken a pay cut. Only real increases in price i've seen are gas and groceries, but nothing out of hand. Have you taken a pay cut at your job?