DOUBLE DIP DEBATE- Category:Christian_Conservative_News
DOUBLE DIP DEBATE
DOUBLE DIP DEBATE
Analysts Banter on Likelihood of a 2nd Economic Downturn
In the last several days, the economic frowns are popping up like dreaded dandelions.
Home sales have hit a wall with the government tax credit expiring. The already anemic job market has ebbed even further in the last two months, no longer able to lean on the crutch of Census temp workers. And retail stocks have dropped with fears of slower consumer spending.
Now, economists are looking at a drop in crude oil, as industrial nations see a decline in demand with the prospect of a double-dip recession.
But will there be a double-dip recession? If you Google the keyword phrase, you’ll find half of the reports say “yes,” and the other half “no.” But if you ask WebToday columnist and economic analyst Bob Rinear, there is a lack of a prerequisite to the debate that renders the question moot.
“The problem is,” says Rinear, “a ‘double dip’ implies that you’ve recovered. Well, contrary to what the government would like us to believe, we never have recovered.” Not since the recession officially began in December 2007.
Instead, Rinear says the focus should really be on debating the concept of more federal spending. “The truth is, any perceived recovery has been the result of us partying on trillions of dollars of stimulus money printed from thin air and tossed on the taxpayer. Now, the stimulus boondoggle is over and we’re sinking again.”
Unfortunately, to say there is no double-dip recession on the horizon does not mean a brighter future. “It’s not only the taxes that will hit us. It’s cap and trade, carbon taxes, China slowing down . . . you name it. It’s all tied together and it’s going to be ugly.”
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