UCLA Anderson Forecast Predicts Massive Economic Okayness
401(K) 2012 / Flickr
You've been waiting since 2007 for the economy to really turn a corner and this (re) election has you excited that the go-go days of Bill Clinton are about to return to America.
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.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss LA Weekly's biggest stories.