Enough already of all those silly, unduly sunny and unrealistic economic predictions that are proving to be as accurate as those woefully inept forecasts we get from the local weatherman.
One of the latest such nonsensical predictions, a declaration by General Electric’s CEO, Jeffrey Inmelt, that "the (economic) crisis is over," couldn’t have come at a worse time, judging from the bum tidings that followed his glowing forecast.
Abraham Lincoln once said "Tis better to be thought a fool than to speak and remove all doubt." Maybe Inmelt ought to take note of that observation.
Judging from Thursday’s dismal economic disclosure–higher than expected June layoffs of 467,00, the 18th consecutive month of job losses–the GE boss is obviously way off base. Those layoffs boosted the unemployment rate to 9.5%, the loftiest level in 26 years, and the number of unemployed Americans to 14.7 million.
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