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Peter Goodman: 'No More Fantasies' To Cover Up Weak Economy (VIDEO)

The Huffington Post    
First Posted: 08/02/11 05:36 PM ET Updated: 10/02/11 06:12 AM ET

On Tuesday's edition of NewsNation, Peter Goodman, Executive Business Editor at The Huffington Post, explained why he, in the wake of $2 trillion government spending cuts recently signed into law by the President, was pessimistic about America's short-term economic prospects.

"Where's the engine for growth?" Goodman asked. "We had the tech bubble in the 90s, we had the housing bubble in the following decade. We've got no more fantasies to paper over the fact that we've seen real stagnation in wages for the vast majority of working people for over a quarter century."

The recent debt ceiling agreement reached by President Obama and Republicans in Congress is a squandered opportunity to help get the American economy on the right track, Goodman recently argued in a column. "We have stepped back from the ledge," Goodman wrote, "averted our gaze from the pavement below, yet find ourselves staring at something hardly more comforting: a bleak future."

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