America’s Economic Recovery: Smoke and Mirrors
The mainstream news outlets are still proclaiming an ongoing “recovery”. Headlines in the Washington Post warn that the “recovery may be slowing.” Meanwhile The Economist calls the American economy “The Comeback Kid.” The stock and bond promoters at Parker Financial had the temerity to begin their latest cheery report (dated July 9th) with: “The economic recovery that began in June 2009…” The BBC, quoting International Monetary Fund officials, more realistically describes it as a “tepid recovery.” In my estimation all of these pronouncements are nothing but hyperbole. Any movement in economic indicators has not been a result of any genuine …