The Year Ahead – 2010

January 4, 2010 A Year of Transition and Healing It is that time of the year when economists gaze deeply into their (somewhat hazy) crystal balls to provide a glimpse into the future.  So here we go: The economy will grow at a rate of 2.5-3.0% in 2010. The...

Will This Recovery Really Be Different?

August 31, 2009  Every business cycle some economists conclude that this cycle is different and that the economy will not rebound as vigorously as usual, but they are almost always wrong.    However, this recession was the worst any of us have ever experienced.  We...

Capital Spending Recovery? Not This Year!

July 6, 2009  Two weeks ago this column suggested that the recovery, once it begins, would be characterized by modest growth, not a vigorous V-shaped recovery.  A major reason for that conclusion is that consumer spending in the quarters ahead should be subdued for a...