When Double Dippers become economic party poopers
By TOM RAUM, Associated Press Writer
Sat Jul 31, 11:11 am ET
WASHINGTON – They’re a minority, but a vocal one, and they’re hovering like storm clouds over a brittle recovery.
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Are double dippers becoming recovery party poopers?
“If consumers are hearing a lot of bad economic news and they’re already scared, they might pull back some more,” said Nigel Gault, chief U.S. economist for IHS Global Insight.
There are 15 million people unemployed. “Employers might be willing to hire more if consumer spending was doing better,” Gault said. “But then maybe consumer spending won’t start doing better until employers start to hire.”
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With such a mindset, warnings of an impending double dip-recession can hit home because “consumer behavior is driven by outlook, not only people’s present situation but their future concerns,” said Pew associate director Michael Dimock.
Magical thinking is the solution to everything!
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Is the government offering vouchers for hand cream to ease the irritation from all the clapping?
Shhh. We don’t want anyone to notice crowd is going to shift the blame onto those who predicted this by any means possible.