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Spengler on US Economy
When employment hit an air pocket in December, most analysts brushed off the dreadful jobs number as an anomaly, or a function of the weather. They chose to believe Ben Bernanke rather than their lying eyes. Its hard to ignore a second signal that the U.S. economy is dead in the water, though: on Monday the Institute for Supply Management reported the steepest drop in manufacturing orders since December 1980....Business wont invest in brick, mortar, equipment and labor. Part of this is due to the Obama adminstrations regulatory reign of terror. Part of this is due to Obamacare, which adds to business costs. Part of this is due to secular trendswhat Nobel laureate Edmund Phelps calls a structural slump. We no longer have high-tech companies: we have instead aging monopolies run by patent lawyers. Posted by: g(r)omgoru 2014-02-05 |
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