The economy in 2019: a look at the “big picture”
by New Deal democrat
The economy in 2019: a look at the “big picture”
Although I have a bunch of nerdy forecasting models, I view my primary mission as trying to explain what is going on in the economy for ordinary middle and working class American workers and consumers.I’ve been meaning to do a “30,000 foot perspective” on the economy for awhile, to draw together all the information into a Big Picture narrative. Well, I finally got around to it, and it is up at Seeking Alpha. This is something that should be of particular interest to those who have followed me all the way back from my Daily Kos days.
The most overlooked feature of the economy in the past five years has been the way low gas prices have allowed room for the economy – and real wages – to grow without being strangled by high interest rates.
Do oil prices have the same impact now as they did before the US reached near self sufficiency in oil and gas.
In the old days we just though of the impact of higher or lower energy prices on consumer real income and spending. But now that has to be modified by the supply side impact as changes in oil prices impact spending and employment in the energy sector. So maybe low energy prices will not have as great an impact now as it once did.