In a cover story today called “Sorry, Chicken Little,” Barron’s writes:
“The economy has often proved more resilient than is commonly thought…in fact, it’s possible that the downturn could prove to be one of the briefest and mildest on record.”
Barron’s says that the runup in oil prices made front-page news, but the media haven’t made much mention of the decrease in prices.
Also in the article:
“The unemployment rate will continue to rise through mid-2009 … labor income should rise. The projected jobless rate of 6.2% is still fairly low by historical standards, and should be enough to lift wages and salaries …”
” … the economy won’t be great through the end of 2009, but it should do far better than the gloom-mongers expect.”