While Washington Fiddles the Economy Burns
BY SY HARDING
While media focus has been almost entirely on the short-term debt ceiling foolishness in Washington, not much attention has been paid to the more serious worsening of the six-month recessionary trend in the economy.
Yet that information and how you handle it will almost surely have more influence on your well-being going forward than Washington’s short-term political game-playing.
As I’ve noted numerous times over the last six months, Wall Street economists and the Federal Reserve have been woefully behind the curve on what is going on with the economy and inflation, even as the reality has been clear enough to those on Main Street.
The latest evidence of that can be seen in the Commerce Department’s release Friday morning of the GDP growth report for the second quarter.
There’s no way to sugar coat it, although Wall Street will no doubt try.