July 31, 2011 Leave a comment
Mark Zandi, Chief Economist of Moodys in a CNN interview, stated that the “debt limit deal” is amazing and really great and will solve all of the economic worries of our country and get our economy back on track. According to his effusive rant he said that all the private sector needs in order to restart hiring is the “deal.”
He ignores that consumers have cut back on spending, the government spending cuts have a negative impact on the economy and state and local governments and the housing market is in the tank. Unbelievable, but true.
Most economists and prinicipal financial leaders agree that immediate reductions in spending will have a bad impact on our economy.
My friends, prepare yourselves for a multi-year stagnation in unemployment and growth in the US economy.