My main three reasons are 1 the GDP is up and the unemployment rate is down. 2 holiday spending has gone up since 2008 . 3 The economic confidence of the U.S population is up compared to previous years.
Luckily the US owes itself more than it does to anyone else right now.The US has the highest percentage of global wealth. The US is very unlikely to default so they don't have to pay have to pay high interests. Obama did the right thing to jump start the economy by adding more money. Consumer confidence may still be at -8 bat that is higher than it was before 2008. 800,000 people may of stopped looking for jobs but each month people are being hired each time more than last month. Many of economic signs of economic recovery have been spotted and are headed in the right direction. Fox said that the job reports are showing that the economy is not moving toward recovery but NPR said that the US was headed toward recovery if not already on the same job report. The problem with the Job report is it is only telling how many people are employed and the unemployment rate which leaves us deciding whether the numbers are good or bad. We have seen the worst days and are very close if not blinded by the light of the recovery. The US is still strong and a wealthy nation that is making a healthy recovery.
By every possible measure, it seems as though the economy of the United States is indeed getting back on its feet. Unemployment is down, employment numbers are up, and jobless claims are at their lowest level in over five years. I would say that these things mean the economy is better.
How could this be anything other than yes? Sure we are facing a fiscal cliff, but economic turn around has been the name of the game for over a year now. With unemployment reaching a low point this past year, and new movements to supply the country with government support and equal rights, we will see a happier country able to put forth more effort into creating a thriving community.
Although there are some improvements in certain indicators I lean more on the side of no. The main concern I have, and which isn't taken into consideration, is the global outlook and impact on the U.S. Dollar. Several countries that hold a massive amount of U.S. Debt (namely China) are quietly debating ways to offload the dollars they hold. When this finally is realized there is a good chance the U.S. Economy will take another hit. In this case, manufacturing may become cheaper in the U.S., however, large amounts of regulation might make the U.S. Noncompetitive despite a cheaper dollar value. Bottom line is that we live in a global system (economically) and it is important to consider the big picture.
Certain aspects of the economy have shown recovery, such as corporate profits and Wall Street, but wealth disparity is still at a very high rate. Since only a portion of those who participate in the economy are getting anything out of it, I'm going to say that there isn't much of a recovery.
Consumer holiday spending was the lowest it's been since 2008. That is not the sign of a recovering economy. We almost went over the fiscal cliff, which would have been a total disaster. The deal that was struck stopped the carnage, but it's only a band aid. Things are going to get worse still, before they get better.
I just saw a report on the news that said Christmas sales did not meet expectations and employers are not hiring at this time. I believe that the battle over the fiscal cliff has sent the economy back into a downward spiral. Earlier this year, I would have said the economy was recovering, but after this holiday season and with all of the grim news coming out of Washington, D.C., I see the economy getting worse.