Are we recovering?

Source: The Straits Times, 29/5/9, p.B18
Headline: Stability returning to US economy: Obama

Quote
Mr Peter Morici, an economist and professor at the University of Maryland, said the Obama administration was overselling the gains from the stimulus. "My feeling is that it hasn't had much of an impact yet. That doesn't mean it won't, but I don't think it'll be very large." -- Reuters.

Comment
"The past does not guarantee the future" is precisely the weakness of the everyday belief that "the future will be like the past", but this belief is necessary for everyday life. We should be aware of this weakness, and be prepared for change -- but should not commit the fallacy of assuming that change will surely occur.

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