It was so gratifying to have the mainstream media outlets, pundits, blogger's, and economists admit that they were a little too bearish on our economy, and yes...... those of us who were ridiculed for months, in fact, were right. The economy continued expanding.Oh yeah, wait that admission didn't happen.........
It has been quite a spectacle to watch the media and economic pessimists move the goal posts once again. The economists are out today restating their positions after all the recession talk. The facts, again, proved them wrong.
It made me ashamed of many in our profession today, and I wonder if we are becoming like the 10PM weather predictors. (i.e. get paid for being right or wrong on any given day!)
We are still NOT in a recession. The outlook for the next GDP reports are brighter than the previous period we just came out of with the rebate checks sloshing around in our economy, and the prospects for a stronger dollar.
Yes, we are in a slow down and it is affecting US consumers. No one on our side has disputed that. We have also understood the significant risks to the economy with energy, inflation, weakened housing, and a weaker dollar.
Yet our economy remains at what economists call "FULL" employment. This is no where near the 1970's rates of high inflation and unemployment. It just feels like it because of the 24 hour news cycle.
Rather than redoubling the efforts in trashing the economy by those who were WRONG. I wish we would hear one report that pauses today to admire what this economy has transformed into. It has remained resilient and stable providing opportunities for every American that has a dream and the desire to achieve it.
Truly a great long term American Tale...... even in the short run!!
