As most of you know, I'm very cautious about the economy. If you're rich, it's a boom time. If you're middle class or poor, you're screwed.
Unfortunately, the economy and economic news is dominated by what happens to the rich. Thus, the headlines today about the economy are all pretty good. Unemployment remains stable (if you like working at Wal Mart or Starbucks), GDP is growing (if you're a defense contractor or exporter), the stock market is performing like a circus animal (if you're a big investor), inflation is contained (if you don't give a rip how much you pay for things like college, health care, houses or energy) and the biggie, consumers keep on spending (no matter how much debt they have). We're still spending $100 billion per year (at least) on a useless war while enjoying tax cuts and sending dollars overseas as quickly as we can print them.
But hey, why worry? The war is like the late 60's and early 70's, so why shouldn't the economy be that way also? But then there was the mid-70's and 80's .......
If you want to read about the great economic news further, go here
for the details. I feel a bit like an individual who advocates putting in a bomb shelter in the 1950's. Everyone else is blithely enjoying the boom times while I'm nervous. And who knows? No one who built bomb shelters ever had to use them to protect against a nuclear attack.