Have you seen the news? It must be KILLING the media-moguls to be reporting something positive. I’ll bet they’re getting physically ill just hearing about it themselves. Instead of seeing our first quarter of negative growth which would be sign of an impending recession, what do we see? POSITIVE GROWTH!! That’s right, the Commerce Department today (Wednesday April 30, 2008) reported that gross domestic product or GDP expanded at a 0.6 percent annual rate in the first quarter, matching the fourth quarter’s advance and handily topping a forecast for 0.2 percent growth in an advance poll of economists by Reuters. Not only that but personal consumption expenditures rose at a 2.2 percent rate after increasing 2.5 percent in the fourth quarter. This indicates that people are still buying stuff and are confident about the economy. Awe too bad predictors of doom, the economy isn’t collapsing. My plea to entrepreneurs, who literally DRIVE this economy – STOP watching the news, STOP reading the paper, STOP exposing yourself to all the negative propaganda. START educating yourself, START believing in a promising outcome, and CONTINUE taking constructive action. This will have a positive impact on your personal economy and the entire economic structure.
Federal Reserve chairman Ben Bernanke warned this week that the slump in the US housing market will prove to be a “significant drag” on economic growth. If that news isn’t bad enough for you he followed-up with his brilliant observation that that economic confidence is still fragile. Of course it is Ben and we’re all counting on YOU to give us some confidence. Cutting interest rates is a symptomatic cure. It’s hard enough for small business operators to succeed in a highly competitive arena. Confidence is our most valuable asset. Isn’t it about time that our economic leaders gave us some tools for growth rather than predictions of gloom and doom. Quit being such a DRAG Ben.