While most economic indicators continue to be positive, a rise in the unemployment rate (from 4.7% to 5%) and the housing slump (the fourth worst since World War II) are fueling consumer fears of a recession.
Yes, Garrett's staff believes the following economic indicators are positive:
- Inflation rose at the highest rate in 17 years.
- The Philadelphia Fed's manufacturing index dropped by it's largest amount since right before the 2001 recession.
- Consumer spending in December was the worst in five years.
- Manufacturers stockpiles have grown, likely leading to more layoffs.
Garrett's never getting out of committee package, based on what was highlighted in the release, seems to focus exclusively on business tax cuts. For Garrett this makes sense, as he was one of 19 representatives to vote against extending unemployment benefits during the last recession.
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