Sunday, October 30, 2011

“Is the Great Uncertainty of 2010-11 coming to an end?”

U.S. Secretary of State Hillary Rodham Clinton and Greek Foreign Minister Stavros Lambrinidis host a joint press conference after their bilateral meeting in Athens, Greece, on July 17, 2011. Secretary Clinton and the Foreign Minister met to discuss economic issues as well as other topics. [State Department photo/ Public Domain]

The editorial board at the CS Monitor is asking a good question regarding the economy:  Is the Great Uncertainty of 2010-11 coming to an end? And the answer is: It will when and if Washington gets its act together. Here’s the word from the Monitor:

Consumer spending is up, ever so slightly. Wall Street indexes ticked up this past week. The American economy grew faster than expected. Europe may now have a handle on Greek debt. 

There are even hints of Washington breaking the budget impasse in November. But hints only.

Ever since the Great Recession of 2008-09, the economy has been stuck in a cautionary mode about the staying power of the recovery. And one big cause is investor and consumer uncertainty about government action – or inaction.

“We are uncertain about the future,” say William Dunkelberg, chief economist for the National Federation of Independent Business, which represents small, job-creating firms. “And government is a high source of our uncertainty.”

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