Is anyone else confused?
We all know the economy is terrible. Everyday we hear the bad news. 25 million Americans are underemployed, the housing market is in a depression and consumer confidence is terrible. The nation's balance sheet needs to be fixed. And Europe is about to implode.
Over the summer, we witnessed the ugliness and partisan-nature of politics as the debt ceiling debacle tookplace.
The result of the debt ceiling debacle was the raising of the debt ceiling (we should thank our lucky stars for that) and a "deal," whereby republicans and democrats agreed on spending cuts and created a super committee to agree on another $1.5 trillion of spending cuts by Thanksgiving. If the super committee doesn't reach an agreement, defense spending and certain entitlement spending will be cut automatically.
The debt ceiling debacle hurt the United States' reputation, led to an unprecedented downgrade and created tremendous uncertainty as we all worry that politics will trump leadership.
As we were gearing up for “round two - the super committee debates”, the August job numbers came in and the news shocked the economists.
There was no increase in jobs. This sent everyone into a tizzy.