We haven't posted much about the condition of the U.S. economy lately; so while we remain mired in the current Emerald City red meat news drought, we'll shift our readers' attention this morning to several not-so-uplifting economic news stories appearing within the last couple of days in the Utah print media:
- Consumer confidence falls unexpectedly in May
- Utahns hope in economy wavers
- US stocks fall on worries about job market
- Home-price index hits low as double-dip fears loom
So what about it, gentle readers? Is the U.S. economy in recovery, as some of the Pollyanna news media cheerleaders have been suggesting over the past few months? Or do these more recent and above-cited economic news stories serve as a bell weather indication that the U.S. economy is again seriously contracting?
One of our favorite news commentators, USAWatchdog.com's Greg Hunter, falls into the latter camp. Here's what he had to say on this subject this morning (and we tend to agree with him):
I have been telling you the economy is not in any kind of real recovery for more than a year. Sources I have been quoting have been proven right, and all the economic cheerleaders dead wrong. Reuters reported yesterday, “Data showing a double-dip in home prices, pessimistic consumers and a slowdown in regional manufacturing raised concerns on Tuesday that the economy’s soft patch could become protracted.” (Click here to read the complete Reuters report.) “Could become protracted?” It is protracted, and now the data is suggesting the economy is getting ready for another cliff dive.You can read Mr. Hunter's full article here:
So what's the point in mentioning this, you ask, other than to put you all "off your feed?"
Well... our Emerald City elected officials seem to be on the cusp of diving into another series of possibly reckless economic development projects which will require public bonding and otherwise burden the Emerald City public treasury, during economic times which are "uncertain" at best.
Note to our Ogden City Council: Let extreme caution be the operative watchword here.
And what about it WCF readers? In which direction do you believe the economy's moving?
Update 6/2/11 9:00 a.m.: In a demonstration of private sector prudence which will hopefully prove to be a model for the public decision-makers on our Emerald City/ Council/RDA Board, Winco Foods has delayed construction of its new Layton Fort Lane Village store "because the economy has not started swinging up":
