It must be so because it is what we hear every day. The economy is recovering and the outlook for 2014 is for greater GDP growth, lower unemployment and strong market performance. But, the difference between what we hear and what we see could not be more stark.
Today, only 6 out of 10 people who could work are working, 2 out of 10 are on food stamps, and more than 300,000 people a week file for first time unemployment benefits. New job numbers also disappointed the markets adding just 74,000 in the month of December. And, for 2014, the roster of companies cutting jobs is growing. The list includes IBM, Target, HP, the U.S. Air Force, Intel, USPS, JC Penney…I could go on. This is all occurring in plain sight yet we hear recovery is underway.
Adding to the mayhem are new data from China. In short, China is slowing down and that can only mean one thing — global demand for stuff is waning. U.S. demand for stuff is waning. Yet, recovery is underway. And while experts still parade across the TV screen touting a global recovery, the markets are sliding lower and lower and lower.
On the other side of the aisle, gold is being