Or what if none of the economic fear-mongering is true?
http://www.ibdeditorials.com/IBDArti...78895915214665
Friday's employment report, showing a much-higher-than-expected increase of 166,000 in nonfarm payroll jobs, was only the latest in a spate of remarkable reports showing the economy's stunning resilience.
Earlier this week, we discovered that, contrary to fears and forecasts of much slower growth in the third quarter, the U.S. economy in fact expanded at a 3.9% rate ? even in the midst of a vicious housing downturn, soaring mortgage delinquencies and a credit crunch.
Inflation showed its lowest annual rise since the 1960s, despite oil touching $96 a barrel. Employment costs, rising in the third quarter at 3.8% annual rate, are well under control. The broad stock market, despite an up and down year, has mostly been up ? punching repeatedly through its previous highs.
Just three weeks ago, the Office of Management and Budget reported that the budget deficit fell to $163 billion, or 1.2% of GDP, its lowest level in five years. Meanwhile, even the big, bad trade deficit has begun shrinking, as the weak dollar sets off a U.S. export boom.