When MSNBC Says A Double Dip Recession Is Here….

Then things are quite a bit worse then they appear. Douglas A. McIntyre provides 10 signs the double-dip recession has begun

Friday’s news on GDP shows the double dip has arrived – an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the deficit will make it worse.

The U.S. has entered a second recession. It may not be as bad as the first. Economists say that the Great Recession began in December 2007 and lasted until July 2009. That may be the way that the economy was seen through the eyes of experts, but many Americans do not believe that the 2008-2009 downturn ever ended. A Gallup poll released in April found that 29 percent of those queried thought the economy was in a “depression” and 26 percent said that the original recession had persisted into 2011.

His 10 signs

  1. Inflation- mostly seen in the price of goods
  2. Investments have begun to yield less
  3. The auto industry- car sales are slow
  4. Oil prices- gee, if only we were allowed to produce our own oil on our own property
  5. The federal budget- you know that Douglas is a liberal, since he quotes Paul Krugman, and his whining that reduced spending means we won’t be able to do another stimulus, to follow all the other failed stimulus measures
  6. China economy slows
  7. Unemployment- Doug points out that people without jobs cut back on their spending. Also, there are tons of long term unemployed. Wasn’t the Stimulus supposed to fix that?
  8. Debt ceiling
  9. Access To credit- people don’t have that much
  10. Housing- this sector blows

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Missing from the list are consumer confidence, which is very low. Also, the States’ fiscal houses are, for the most part, in poor condition. We’ve tried the Keynesian “economic” policies: it’s time to do things that work out here in the real world, rather than college classes. The Atlantic, via Ed Morrissey, has some charts and graphs and reality that shows just how bad the Democrats managed this recession. You don’t put 10 year olds in charge of major league baseball teams, and you don’t put Democrats in charge of monetary policy.

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.

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