In yet another sign the adults are finally in control of things in Washington, President Obama’s economic advisor Lawrence Summers declared before a gathering at the Peterson Institute for International Economics that the US economic cliff dive has finally ended.
What statistic does he cite to back up his assertion? Corporate earnings, retail sales or new housing starts? Nah, that stuff is strictly for amateurs.
The number of people searching for the term “economic depression” on Google is down to normal levels, indicating a shift in consumer sentiment Summers told the group.
But what Summers failed to disclose was that search traffic for “hurtling uncontrollably toward the Sun” and “9th Circle of Economic Hell” was up 24% and 31%, respectively.
If you begin to notice Summers carrying a Magic 8 Ball to Obama’s meetings, run for the hills. Quickly.