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So a recovery is when the United States AND its citizens to keep BORROWING money? WTH?
While I certainly hope the economy has turned the corner, there is a paragraph in the link that is still disturbing:
Increasing borrowing signals a drop in unemployment (USURTOT) is giving households the courage to take advantage of holiday discounts, buy cars and finance higher education. At the same time, dependence on credit means the job market has yet to improve enough to provide the incomes needed to sustain consumer purchases, which account for about 70 percent of the economy.
Isn't this a little like betting on the "Come" line in Vegas? Laying it all on the line (credit) hoping that the roll of the dice is not snake-eyes? There was a lot of plastic cards used in November and December, and billions of dollars of merchandise returned between Christmas and New Years. Couple that with the credit card payments that will start to become delinquent in March and April,...then we'll see if there is still an uptick in consumer spending.
Experts say the willingness to buy on credit is actually a reflection of growing confidence by American consumers that things are turning around. Makes sense!
GOOD news for the country. BAD news for the GOP. Romney based the rationale for his presidency 100% on turning around a bad economy.
WATCH for the congressional GOP to continue to do everything in it's power to put the damper on the Obama recovery. Their efforts are going to be ever more transparent, I think, as the desparation sets in.
Increased credit or debt means people have used up their savings and now living on credit. This is not a good sign. Obama is creating a fantasy economy where indicators appear to be showing recovery but reality is the economic conditions are getting much worse. Unemployment is going down because people are running out of extended unemployment insurance and now not considered as part of the workforce.
Experts say the willingness to buy on credit is actually a reflection of growing confidence by American consumers that things are turning around. Makes sense!
GOOD news for the country. BAD news for the GOP. Romney based the rationale for his presidency 100% on turning around a bad economy.
WATCH for the congressional GOP to continue to do everything in it's power to put the damper on the Obama recovery. Their efforts are going to be ever more transparent, I think, as the desparation sets in.
As long as crude oil stays above the critical 80 dollar a barrel level, there won't be much if any economic growth in the United States.
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