Talk of the economy is taking on an increasingly ominous tone, with experts warning of everything from a deflationary spiral and a prolonged recession, to double-digit unemployment. There's growing discord over the size, the nature, and the timing of a short term stimulus package, meant to prevent the very worst of the predictions from actually coming true.
One key: "consumer confidence;" industry jargon for the macro-economic scribble and mathematics that translate into the one answer to the question no economist can accurately divine: Are you go to renovate the kitchen? Are you going to buy a new car, or fly to Iowa to visit your sister? Dow drops, patriotic spending, and the price of eggs; A look at the present and future state of the economy.
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Peter Orszag, Senior Fellow in Economic Studies at The Brookings Institute
and Jonathan Pond, President of Financial Planning Information, Inc.
