Skip to comments.Analysts: Europe is biggest threat to U.S. recovery
Posted on 12/27/2011 9:35:22 PM PST by Olog-hai
The U.S. economy will grow faster in 2012if it isn't knocked off track by upheavals in Europe, according to an Associated Press survey of leading economists.
Unemployment will barely fall from the current 8.6 percent rate, though, by the time President Barack Obama runs for re-election in November, the economists say.
The three dozen private, corporate and academic economists expect the economy to grow 2.4 percent next year. In 2011, it likely grew less than 2 percent.
Dean Maki, chief U.S. economist at Barclays Capital, says the U.S. economy remains vulnerable to an outside shock. A big threat is the risk that Europe's debt crisis will trigger a worldwide credit freeze like the one that hit Wall Street in late 2008.
A shock to the U.S. economy, he says, might not be as dangerous if it were growing at a healthier 4 percent to 5 percent annual pace. But when growth is stuck at 2 percent or 3 percent, a major global crisis could stall job creation and raise unemployment.
Beyond Europe, troubles in other areas could also upset the U.S. economy next year, the economists say. Congressional gridlock ahead of the 2012 elections and unforeseen global events, like this year's Arab Spring protests, could slow the U.S. economy. Three economists said rising nuclear tensions with Iran are a concern.
(Excerpt) Read more at poconorecord.com ...
“Unemployment will barely fall from the current 8.6 percent rate, though, by the time President Barack Obama runs for re-election in November, the economists say.”
In the real world, using real math, it will be closer to 16%
Bush, Tsunamis, ATM’s, Europe....its all holding us back.
And, if Obama takes down America, he takes western man even farther.
Obama is a huge threat to the global economy as his islamic brethren stand behind western man.
All of this adds up to a global catastrophe that the next republican is going to have confront and unwind. Its the kind of stuff that wars are made of.
I worked at two different state’s unemployment offices for nearly 20 years as a veteran’s career counselor, welfare-to-work instructor and supervisor. U6 unemployment last month was 15.6% and that still doesn’t even come close to counting everybody. I’m guessing the real number is 22-25% or thereabouts.
Yea, yea, so we in the U.S. “have” to give the ECB, the so called banks, and their “insurance” company owners everything they want. And while we’re at it, back a forced European Phony-Care type scam. As long as all the European bureaucrat governments are exempt, just like Phony-Care in the U.S.
The sky is the limit, as long as they are exempt, right?
In a way, both views are correct. It is the concept of European socialism, and the sophomoric views of Obama who thinks European socialism is the ideal that are holding back the American economy.
The economies of the world are in a turmoil because of over-lending. The toxic bond capitals of the world are NY and London... with Frankfurt and Paris coming in as far away seconds.
Some money movers are now even looking at socialistoid Sweden as the new Switzerland... a safe haven for their money.
Though socialism is a big drag, the culprit of this crisis is quite solidly Finance Capitalism in cahoots with the social planners... Bubbles, big fat juicy ones. Now one should ask why on earth ancient enemies should suddenly be ass-and-shirt (so to speak). The answer is Globalism.
It’s not enough to say Socialism, because the big fatcat Capitalists are also involved. Why be blind to it?
In my country, this unholy union is manifest. The Communist president appointed Mario Monti, international advisor to Goldman Sachs as Prime Minister. The same Goldman Sachs that was Obama’s number one contributor.
Why would the cigar chomping caricatures of Capitalism join forces with the caricatures of social planning?
“Why would the cigar chomping caricatures of Capitalism join forces with the caricatures of social planning?”
Look at the origins of communist revolution to see that this is nothing new.
Agreed. Yet people continue to see the struggle - or the battlelines - between Capitalism and Socialism, when instead they can get along quite well... and in fact, are in cahoots.
I’ve come to the conclusion that the real battleline is Globalism (which has every reason to promote multiculturalism and political correctness and immigration and one-size-fits-all) VERSUS the more local and cultural. Only the latter is conservative in any meaningful way.
I’ve come to see that big and invasive government is also a result of big and invasive Capitalism. In any case, it is beyond shocking that a land so blessed as America, blessed with everything, resources, fertile land, science fiction technology, great universities, generous oceans and lakes, should have 1 in 4 kids on foodtsamps and people trampling each other to death in Black Friday sales.
These numbers - even if only half true - are shocking:
And at this point carping about socialist Europe only goes so far... when there is obviously another source of friction that has caused the destruction of the Middle Class and increased the barbarity of society.
And it is to be found in the unholy alliance of the MSM, Big Finance and Corrupt Govt. Another vision, and one more complicated than the simpler (and at this point resolved) diatribes of Capitalism Vs Socialism.
Indeed he’s an enemy of the state.
As far as economics go, 2012 will be worse that 2011.
Sorry about that, Euro-Freepers!
I'm very sorry your country is going through what it's going through. In my view, if the US is looking for international trading partners, we should be looking at countries like Italy that actually make high quality merchandise (at least those industries that still survive). Instead, Italy, the US, and the rest of the self-loathing West commit economic suicide while importing lower-cost lesser quality ‘stuff’ from countries whose governments would love to see us fall.
biggest threat to us...Zero’s relection...
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