Suffering from a debt hangover for the past four years, Americans will resort to a time-honored cure -- hair of the dog that bit them. A pickup in borrowing will give the world’s biggest economy a much-needed boost next year as federal government austerity pinches growth.
By this time, anyone with a heartbeat knows that there is some sort of unique financial rock formation posing a threat to the U.S. economy at year-end; that if President Barack Obama and Congress don’t find a way around it -- something at which Washington excels -- bad things will happen to all of us.
The reaction to last week's employment report, both in the stock and bond markets and the ex-post analysis, was so extreme that I decided to do a little digging. Was one sub-par jobs report, with its payroll gain of 120,000, the game changer it was made out to be? Or was it just another piece of data, subject to revision?