Since 2009, Economic experts in the media have been proclaiming that the economy is booming. When confronted with anemic numbers, they claim it’s always a soft spot and that in the 2nd half of the year, the economy will soar. Well it’s already 1/2 way through 2011 and once again, no sign of this Obama Boom.
Economist Lakshman Achuthan, is one of the few who doesn’t push the Obama Boom. In fact he says there will be no recovery in 2011. He goes on step further, he predicts a recession in 2012.
As the financial world emitted a collective groan when the June jobs data crossed the wires this morning, Lakshman Achuthan was calm, unmoved and not surprised. In fact, the co-founder of the Economic Cycle Research Institute says he’s seen it coming for months.
“The economy is down-shifting…you can see in the jobs number that the sand is shifting,” he says.
[….]
With so much riding on – and priced into – an economic and earnings rebound in the second-half of the year, Achutan not only pours water on that, but ups the ante by saying he cannot rule out slumping into another recession in 2012. “You have a 4/10ths rise in the unemployment rate over the last 3 months. That doesn’t happen in an economy that is reviving or firming or gaining steam,” he explains.
Lakshman Achuthan is spot on. There isn’t and there will not be an Obama Boom. It’s a media invention designed to create the illusions of a good economy to help the Obama Regime. What these clowns didn’t count on was something called reality. Obama’s policies have failed and no amount of spin will change that.
Tags: Obama Boom, Stagflation, Stagnation
