The econ blogosphere speaks
The economic blogosphere has spoken — and it is not too happy with what it sees. The Kauffman Foundation has just published a survey of 68 economic (but not necessarily economist) bloggers showing that they are pretty gloomy about the U.S. economy’s progress.
Feedback from the likes of Oregon University’s Mark Thoma and UC San Diego’s James Hamilton suggests the U.S. is at some kind of tipping point with a good number expecting it to fall rather than maintain balance:
68 percent (said) that conditions are mixed, and the rest split three to one toward weakness rather than growth. For an economy in which growth is the norm, 47 percent of respondents think that the U.S. economy is worse than official statistics indicate, and only 5 percent believe it is better.
It is also worth noting, however, that only a minority, albeit a large one — 35 percent — thought the U.S. had a more than 60 percent chance of entering a double-dip recession. You can download the full survey here, but the gist of the report is summed up by a word cloud created by the Foundation. Uncertainty it is.