Economy’s about to tank again, but Wall Street/Washington won’t say it (Robert Reich)

The Truth About the Economy that Nobody In Washington
Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip
by Robert Reich

Why aren’t Americans being told the truth about the
economy? We’re heading in the direction of a double dip
– but you’d never know it if you listened to the upbeat
messages coming out of Wall Street and Washington.

Consumers are 70 percent of the American economy, and
consumer confidence is plummeting. It’s weaker today on
average than at the lowest point of the Great
Recession.

The Reuters/University of Michigan survey shows a 10
point decline in March – the tenth largest drop on
record. Part of that drop is attributable to rising
fuel and food prices. A separate Conference Board’s
index of consumer confidence, just released, shows
consumer confidence at a five-month low – and a large
part is due to expectations of fewer jobs and lower
wages in the months ahead.

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