As I noted yesterday, the Obama White House seems to be considering another round of economic stimulus. While yesterday I had hoped it might come in the form of infrastructure spending and investment, it appears that if it comes to fruition it would be largely made up of tax-cuts for business owners. There are legitimate doubts if this form of stimulus will create any economic benefit.
Regardless of who you want to blame for the US's current economic misfortunes, there is a rational debate going on behind the scenes on two fronts - one, whether we are really as bad off as the media wants us to think, and two, what we can do to improve our fortunes. Whether the second dilemma is at issue depends on our answer to the first.
Today's question, then, has to do with the recovery:
What metric should we use to determine whether the economy is recovering? Jobs? GDP? The misery index? Consumer confidence?