John Mauldin: Tax Hikes Will Kill the 'Recovery', Which Isn't Real Anyway
October 21, 2009 by Tech Ticker
The economic recovery currently underway is a statistical mirage, based on easy year-over-year comparisons and inventory rebuilding, John Mauldin, president of Millennium Wave Securities, tells Henry in the accompanying video.
The unemployment rate is closer to 12% when you include people who've been dropped from the survey and the "underemployment" rate - people working part-time vs. full time - is 17% to 18%, "and rising," Mauldin says. "That doesn't feel like recovery."
Mauldin, who writes the popular Thoughts from the Frontline e-letter, predicts the U.S. economy will be back in recession next year because of higher taxes, both new and with the expiration of the Bush tax cuts.
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