Punching Stupid and Evil in the Face Since 1986!

"We are on strike, we the men of the mind. We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties."-John Galt

Friday, August 13, 2010

Survey Says: Leave the economy alone!

In a recent survey of 53 economists done by The Wall Street Journal, the overwhelming majority of them would like the Administration to stop toying around with the economy and feel more stimulus is not needed.
Despite the continued challenging conditions, 30 out of 48 economists who answered the question said the economy didn't need any more fiscal or monetary stimulus. Six economists said more fiscal stimulus was necessary, while five want more monetary stimulus from the Federal Reserve and seven said that the economy could use both.
They also give a rather grim outlook for the future of jobs and hiring. They predict the unemployment rate to stay near 9% for sometime and new jobs added will barely keep pace with the rate of entrants into the market.
On average, they still don't see the unemployment rate dropping below 9% through at least June 2011. They expect the economy to add just 136,000 jobs a month over the next 12 months, down from a forecast of 157,000 in the July survey. At that rate, job creation will barely keep up with new entrants to the labor force.
The recently release jobless report would seem to corroborate this sentiment.