LA JOLLA, Calif. — Two top economists launched WesCorp's Future Forum with the same good news, bad news scenario many industry economists have already predicted: The forces driving the current economic downturn are severe and unique. However, thanks to a lack of traditional recession indicators, it shouldn't be terribly severe.
But, it will be a long recovery, said Joe LaVorgna, Chief U.S. Economist at Deutsche Bank. He was followed by Todd Buchholz, former White House director of economic policy, who spoke on global economic influences.
LaVorgna pointed out that household consumption is outpacing household income at such a fast rate, it will limit the pace of economic recovery. Household spending and debt are so out of control, LaVorgna said some economists are predicting household spending will reach 500% of household income this year.
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