Threats to the Current Recovery

[Owlet]

"Let’s take a well-deserved break from manufacturing and tax policy and cheer things up with a post on threats to the current recovery.
As I’ve stressed, IMHO we’re not yet into the virtuous cycle where we can count on above-trend growth to generate jobs, which boosts paychecks, which supports consumption, which signals investors to get into the game, which leads to more growth, etc.

<snip>

So, what could go wrong?

The conventional list is Europe, oil, and fiscal drag—which, to me at least, are ordered least to most worrisome (though “least” doesn’t mean “not”)."

http://jaredbernsteinblog.com/threats-to-the-current-recovery/