Peter Morici is a professor at the Smith School of Business, University of Maryland School, and former Chief Economist at the U.S. International Trade Commission.
The Gathering Storm: Economy Remains too Vulnerable
The economy picked up in the first quarter. After adding 175,000 jobs in February, economists expect the Labor Department will report on Friday that the economy added 188,000 jobs in March. However, events in Japan, Libya and the wider Middle East, and the European sovereign debt crisis threaten to reverse these gains and thrust the economy into a second recession.
Longer term, job gains in the range of 200,000 a month are not enough to push unemployment down to acceptable levels. Dysfunctional energy, trade and tax policies are holding back U.S. growth, adding to unemployment and lowering wages.
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