Economists discover that maybe the economy isn't so good

[marmar]

(Bloomberg) The U.S. economy will grow less than previously estimated through 2012, reflecting a slump in confidence, limited consumer spending and a struggling housing market, a survey showed.

Gross domestic product in the world’s largest economy will expand 1.7 percent this year, less than the May forecast of 2.8 percent, according to results of a survey by the National Association for Business Economics issued today in Washington. Growth in 2012 will average 2.3 percent after a previous projection of 3.2 percent.

Some 54 percent of respondents lowered their growth forecasts because they said the legislation stemming from the debt-ceiling debate will fail to reduce the long-term budget deficit. Unemployment projected to stay above 8.5 percent until late next year and Europe’s debt crisis were also among panelists’ top concerns.

“A wide variety of factors were seen as restraining growth, including low consumer and business confidence, uncertainty about future economic policies, a tepid housing market, and financial headwinds,” Gene Huang, NABE president- elect and chief economist at FedEx Corp., said in a statement. ...........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-09-12/business-economists-cut-u-s-growth-outlook-through-12-as-confidence-dims.html

[Tuesday Afternoon]

1. they are just now figuring this out?

dumbasses.

[bemildred]

2. I have more faith in weathermen. They manage to be right for 5 days sometimes. nt

[xchrom]

3. Maybe?!? Maybe?!? Oy. Nt

[HughBeaumont]

4. Yeah, wage stagnation vs skyrocketing cost of living tends to do that to an economy.

But hey, you businesspeople are the smart ones. Just keep on not listening to "lefty commies" like me, and, you know, watch the USA go on a Hindenburg joyride.

[leftyohiolib]

5. will grow less than previously estimated

there's that phrase again third story today - our demise will come faster than expected

[valerief]

6. When rich people don't get richer, the economy isn't good. When rich people get richer, the economy

is good. 99% of the world are a drain unless they're making rich people richer.

[Quantess]

7. "slump in confidence" Nice euphemism.

Declining wages, losing jobs, losing your home... it's a slump in confidence.

[Quantess]

8. What, nobody argues with me?

crap.