Michael Steele: Recession? What Recession?

News & Politics

Worried about the economy? That’s fairly reasonable, considering that we’re in the midst of a recession that threatens to dip into a Great Depression; job losses are at record highs; manufacturing around the world is grinding to a halt; and, from the dire predictions made by many leading economists and businesspeople, one would expect the likes of Nouriel Roubini and Warren Buffett to steal away to a fortressed island in the middle of the night, leaving the rest of us behind to fight zombies.


But don’t worry! Everything’s OK! At least according to respected economist Michael Steele. As TPM reports , the chair of the Republican National Committee does not seem too concerned about the worldwide financial collapse:

After a caller said he didn't see anybody spending less money than usual, Steele replied: "I've heard a number of people say that across the country. [LAUGHTER] The malls are just as packed on Saturday. [LAUGHTER]"

In fact, according to market research, malls have been losing stores at an increased rate, as the consumer base has gone down.

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}
@2022 - AlterNet Media Inc. All Rights Reserved. - "Poynter" fonts provided by fontsempire.com.