Many in the economic punditry business have proclaimed that we are currently in a recession, or -- worse yet -- on our way into depression. The sky is falling is nearly certain in some people's minds.
Robert Samuelson thinks differently. Here's his article about the current state of the economy. I'm somewhere in the middle: We're in unprecedented circumstances but certainly not outside our normal business cycle boundaries. Yet. If the media and others keep ringing the bell of doom, more and more of us will succumb to this "depression" and lead ourselves down that self-fulfilling route.
What we need now is some hope. The government can provide only so much fiscal stimulus, the Fed only so much monetary infusion. I think our federal government could have done more sooner to alleviate all the issues that we now face, but part of that is just simply because our government is not equipped to act quickly.
The President could have gotten out there right away, as soon as the economy started to show some signs of sputtering, and bolstered confidence. For it is a confident consumer that buoys this economy and will ultimately get us out of the rut -- or gaping hole, as the case may be -- in which we currently find ourselves.
RealClearPolitics - Articles - Hold the Hysteria
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