Double Dip

Double Dip? On Saturday, as I was traveling back to New York City after a week away, I was jolted back to reality with headlines in the Wall Street Journal, New York Times and Minneapolis Star Tribune: “Worries Grow Over Jobs;” “Feeble Job Numbers Show Recovery Starting to Stall;” and “Job Market Stumbles Badly.” The employment stats are troubling as the government continues to shed jobs and private sector growth slows, signaling, at best, an anemic recovery. If that isn’t bad enough, we have a double-scoop of bad news on the international front as Italy joins Greece and inches into a Sovereign debt crisis, further destabilizing global financial markets. Of course on top of these serious issues, the White House and Congress continue to play their intramural games with the budget deficit. I fear that the stage is being set for the dreaded “double-dip.”