Sung Sohn
Sung Sohn
Sung Won Sohnis a Korean American economist, noted for his skill in economic forecasting. He is currently the Martin V. Smith Professor of Economics at California State University, Channel Islands...
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It clearly tells us that consumers have and will continue to sustain and support economic growth, ... Consumers have really been the backbone of current economic growth and will continue to be a stabilizer for the balance of this year.
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If you want to really help the economy right away, the fastest way to do that is to have the government spend the money itself, ... The next step would be to give tax cuts to low- and middle-income people, who are more likely to spend the money.
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Business spending is the Achilles heel of the economy, ... The economic baton needs to pass from consumers to businesses.
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Clearly, the economic fundamentals of monetary and fiscal policies, as well as the falling value of the dollar, support a recovery. What we're not sure of is how strong the recovery is going to be.
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If prices remain where they are, and the rest of the economy performs well, that won't be the end of the world,
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If there were a bubble in California and if it were to burst, that would be a national economic catastrophe.
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All the pieces are in place to generate healthy economic growth for the balance of the year, ... But so far, political and economic uncertainties have overshadowed the strengthening in corporate profits.
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The third cylinder of economic growth is beginning to fire, ... The other two cylinders are inventory swings and consumer spending. Outside of telecommunications and airplanes, business capital spending has begun to improve already, beginning in the first quarter.
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It's not necessarily a negative, from the point of view of economic growth, ... Even in Washington, D.C., the government work will be made up.
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Historically, economic and political crises have been buying opportunities. Looking at 17 crises, ranging from President Wilson's nervous breakdown to the Gulf War, the stock market setback generally has been a short-term matter lasting no more than a few months.
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I think the Fed is pretty much done for this economic cycle, unless some major catastrophe develops, such as a messy war in the Middle East or a housing bubble bursting.
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Businesses have regained confidence in the sustainability of this economic expansion and have started to hire people in earnest. Employers are trying to boost employment by adding more workers, not more hours per worker.
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That's one of the reasons why consumers are not going on a spending spree, though they're keeping the economic ship afloat. When higher unemployment numbers come out, that will probably rattle consumer confidence a bit.
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Inventories really being run down to ground, but that means that any increase in demand in the future will be translated into more production and jobs. We're feeling the pain right now, but it means we're more likely to get economic growth starting early next year.