Getting What You Wish For

Be careful. You might get it. The Sunday Times (of London) dissects the American scene better than most U.S. newspapers do (or can). This is a must read, published Dec. 30. AMERICANS don’t approve of their president (his approval rating is 36%), even more heartily disapprove of their Congress (approval rating 18%), say their confidence is in free fall and believe their children will be no better or possibly worse off than they are. Three out of four think their country is “on the wrong track”. So they say. Surprise: the American economy added more than a million new jobs in the year now coming to a close. It grew at an annual rate of between 3% and 4%. Share prices rose by 5% (tech stocks by double digits), recording increases even in recent weeks when the financial markets were supposed to be collapsing. Exports soared, bringing down the long-standing trade deficit. Last month, supposedly traumatised consumers splurged, increasing spending by the largest amount in three-and-a-half years. FULL ARTICLE...