http://p.washingtontimes.com/news/2012/jul/20/more-malaise-ahead/
The economy continues to be stuck in neutral, with no sign of relief ahead. The natural question is: How many more months and years of gloomy news reports must be endured until we admit the Obama administration’s borrow-and-spend policies have failed?
Other than a slight glimmer of hope in the housing market, economic indicators are grim. Federal Reserve Chairman Ben S. Bernanke, testifying before Congress Wednesday, reiterated the commitment for further action via monetary policy if the outlook doesn’t improve. Printing more greenbacks won’t be any more effective than the misguided stimulus which helped drive the national debt to its current $15.9 trillion level. Loose money might just add inflation to our woes.
The Fed’s Beige Book released Wednesday offered the most optimistic forecast of about 2 percent economic growth. The gross domestic product expanded 1.9 percent in the first quarter, but many experts think that the rate will slide in the third quarter, leaving us with 1.5 percent this year. That’s substantially down from last year’s 2.5 percent growth.
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