Today’s jobs number aside, there have at least been a few decent economic reports of late. Of course, they all come with an Uncle Sam-shaped asterisk attached, given the government’s intervention in nearly every aspect of the economy, not to mention the full-time running of the printing press.
Finally more folks are waking up to the fact that we can’t just pull out the rug and think everything will remain in place.
Today the Washington Post warns of the “post-stimulus hangover,” citing recent data. As economics, it’s not groundbreaking stuff. It’s obvious why car sales would collapse post-Cash-For-Clunkers, or why the NAR is so freaked out by the end of the homebuyer tax credit.
The question is whether politicians, who will be talking about the post-stimulus hangover today, will have the stomach to cut the economy off, or whether articles like this, columns like Krugman’s, and jobs reports like this morning’s will make them too nervous to do anything but keep the party going.