UCLA Anderson Forecast Predicts Massive Economic Okayness
You bought a new car, took your girl to have a nice meal at Chez Douche, and you're pondering a purchase of some of that discounted Facebook stock, you say?
Maybe it's better if you keep holding on tight:
The latest and last of the quarterly UCLA Anderson Forecast reports for 2012 predicts massive amounts of sameness and ridiculous levels of eh (shrugs shoulders) for the American economy in 2013.
More specifically, according to a summary, "unemployment will remain close to the current 7.9 percent rate in 2013 but gradually decline to 7.2 percent by the end of 2014."
Now, before you kill yourself, consider the bright side.
California's unemployment rate could fall from today's 10.2 percent to 8.4 percent by 2014. U.S. gross domestic product could surpass 3 in 2014.
Forecast senior economist David Shulman writes:
The near-term outlook for the U.S. economy continues to be characterized by modest growth.
Pop the champagne?
The dark-side to all this is if Congress doesn't deal with the so-called "fiscal cliff" provisions that would trigger draconian spending cuts in 2013, then "the economy will fall back into recession," Shulman writes.