Economic Denial

Despite recent anemic GDP and net job growth, the administration uses terms like "bump in the road" and "a blip" to describe the continuing lack of robust performance of the US economy.

I found the president's remarks concerning the economy while at a press conference with German PM Andrea Merkel to be particularly galling and condescending.

For a guy with little background in any productive line of work, to use the term very loosely, and absolutely no knowledge of economics, he's hardly one to set expectations or characterize the failure of his 2 1/2 years of expensive, failed Keynesian policies.

Then, yesterday, Robert Schiller warned that average housing prices could fall by another 25% in the next 4-5 years.

I don't think "bump in the road" or "blip" describes what the effects of that prediction coming true will be.