THE NATION’S ECONOMIC OUTLOOK By Jack Malehorn The U.S. economy… “The WaiT iS over…The WaiT and See” iS STill Unfolding…. T T he National Bureau of Economic Research announced that a recession is now in place for the U.S. economy—the “Wait Is Over.” But the “Wait and See” is still unfolding as key economic participants speculate on how long the recession will continue and how severe it will be. In early December, NBER announced that the world’s largest and most powerful economy was indeed in a recessionary state. While the timing of the start of the recession was a surprise (Dec. 2007), what appears to be the more formidable issue is how long will it prevail and how bad will it become. At present, the U.S. economy is in uncharted waters; clearly, the most prominent player is the U.S. Government with respect to the much-anticipated extent of pending fiscal stimulus. All of this is underway during a time of great uncertainty as we transition from the old administration to the newly elected and mandated administration. In this light, we anxiously review and analyze the four tables of this Consensus. Over the four quarters of 2009, the Consensus calls ...

From Issue: Winter 2008
(Winter 2008-2009)

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The Nation’s Economic Outlook