Consumer confidence is up. The rate of unemployment is down. Today’s weekly jobless claims have dropped below 400 thousand for four straight weeks. The PMI shows manufacturing is up. Now, pending home sales are at a 19-month high.
Make no mistake: the U.S. economy is puny, but it is improving. The greatest threat to our economic recovery remains Europe. The “chattering class” of pundits say that German leader Angela Merkel will determine our presidential election. If she fails to contain the European crisis, the U.S. economy goes back into recession, and Obama loses. If she is successful, the U.S. economy continues to improve, and Obama is re-elected.
And, you thought your vote mattered . . .