Despite Debt Deal, Economic Outlook Remains Bleak

Wednesday, August 03, 2011

Despite Congress finally passing a debt deal and President Obama signing off on the plan yesterday, the national mood was not celebratory. It's been a bad week for the economy, and it appears that it will only get worse. Last Friday, G.D.P. data showed disappointing economic activity in the nation's second quarter, and this week the Commerce Department released a report showing consumer spending fell in June. New employment figures, the economic indicator used to gauge growth, will be released Friday, and many are expecting them to be dismal.

Charlie Herman, business and economics editor for The Takeaway and WNYC, discusses what Washington needs to be paying attention to next to try and save this slumping economy.


Charlie Herman

Produced by:

David J Fazekas

Comments [2]


Is it true that most taxes and regulations devised by the Democrat leadership will take effect in 2013, conveniently after the election which seems to be their main priority?
Why should companies hire and expand when they have no idea what tax/regulation avalanche will await them in 18 months?
Some ask why cannot the government be run like a good business? Well no business can legally borrow endlessly, print their own currency while playing questionable accounting games with other people's money but out government can and did. Companies, unlike government, must budget and plan responsibly or eventually go out-of-business.

Aug. 03 2011 11:51 AM
Ed from Larchmont

You asked what the basic problem of the economy is, since the market hasn't rebounded even with the solving of the debt ceiling crisis. The problem is that we're missing 50 million young people from abortion since 1973. These young people would have started companies and so created jobs, they would have paid taxes, would have paid health insurance premiums, and purchased goods. And President Obama, the pro-abortion president, shows no sign of changing this direction. This economic situation was predicted in 1973, it would just take a few decades to show itself, and it will only get worse as the society gets older. Compared to the demographic problem, which was self-caused, the other problems are just symptoms and details.

Aug. 03 2011 07:12 AM

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