MSNBC posted an article that listed ten sights that we are in a double-dip recession. The recent doom and gloom about the economy was brought on by last week's GDP data that the US economy grew slower than anticipated while consumer spending hardly moved at all.
Furthermore, there is fear of another wave of massive layoffs.
Of the ten, I only saw three that I thought is actually more measurable to people on Main Street.
The first one is employment. As is evident by the high unemployment rate, hiring has slowed in the last couple of months. On top of that, the real unemployment rate is higher given the number of people out of work who are not actively seek employment, mainly because they have given up.
The second is access to credit. Just like the last recession caused by financial and real estate meltdown, access to credit became nonexistent. Lending came to a standstill. Some small to mid-sized companies, profitable under normal access to credit, could face cash crunches that will result in additional layoffs.
The third is the federal budget. The biggest single driver of economic activity is the government. The budget cuts over the coming decade could prolong the recovery process. I know some advocate the idea of the trickle-down economy. Well, while I don't advocate big government, just efficient government, there is no effectors of this concept than the governments.
And if the federal budget is trimmed as expected, the state and local governments will need to pick up the slack. And they in terms rely on money from the federal government for some social services.
However, there are also a few of the "signs" in the MSNBC post that I think should not be used as signs as that a slowing economy is upon us. In fact, I find those signs indicative of how some things are wrong with how we live.
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