Let’s Put Lipstick On This Pig – “Optimist” California Economic Report

http://www.californiaforecast.com/newsletter/August%202011.pdf

As I’ve noted in the past, this particular economic forecast is the “optimist” I read, but the last two can’t two newsletters can’t really be called optimistic.

This is simply spin, using terms like “soft patch,” “sluggish growth” and “double-dip” to puts as good a face as possible on the current situation.

It seems to have been written before President Obama and Sen. Reid’s Crowning Achievement – the downgrading of our national credit rating. I didn’t see it make mention of that other Brilliant Achievement – a 1.3 % growth rate and it was definitely written before it was announced President Obama is not only retaining Timothy Geithner he was “urging” him to stay. That suggests to me Ben Bernanke will stay, too. That means no meaningful change in course. In other words, lesson unlearned and double down on fail. The architects of the disaster are steering the ship.

They have been doing it for almost three years now, why change?

 

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