Grim 2012 Economic Outlook - by Stephen Lendman
Hard times getting harder ahead.
Yearend isn't just about holiday season binge shopping, parties, and over-indulgence. It's also when economic predictions surface.
The Wall Street Journal publishes consensus views. On December 23, it headlined, "Risks Cloud Outlook for Economy in 2012," saying:
"The economy is poised for another year of muddling through. Most private economists forecast a modest 2% growth rate for the US....with a pace subdued by housing woes, a lackluster job market, and cuts by government."
"They also warn of potential spillover from weakness abroad, including a mild recession apparently under way in Europe."
Concerns and uncertainties highlighted included:
- global weakness, threatening US exports;
- weak housing demand with foreclosures affecting prices;
- protracted unemployment and weak job creation; and
- government belt tightening.