Moodys Analytics and JPMorgan forecast economic decay under continued obamanomics
Analysts forecast a grim future under Obamanomics
By: John Hayward
10/25/2012 08:31 AM
The Reuters news service dropped a bomb on Barack Obama’s re-election campaign Thursday morning, publishing an astonishingly bleak set of projections for the coming year from Moody’s Analytics and JPMorgan:
Consumers will have to dig deeper into their pockets next year to pay for costlier healthcare, more expensive grocery bills and higher taxes, an extra drag on the country’s already slow-moving economy.
The additional outlays look set to test the resilience of consumers, whose spending accounts for around two-thirds of the U.S. economy.
“We think it’s going to be a difficult six to nine months,” said Scott Hoyt, senior director of consumer economics for Moody’s Analytics. “If anything, conditions are likely to get worse, particularly at the start of the year.”
Personal Note: What is VERY interesting here, Mark Zandy, the economist that can spin any economic trouble for Obama, works for Moody’s. Oops.