Sure, the economy seems headed in the wrong direction. But American Public Media's Marketplace reports on signs that things may not be as horrible as you (and I) think:
Applications for new mortgages jumped 28 percent last week. So says a report today by the Mortgage Bankers Association. ... There are similar stirrings in the energy sector. David Kirsch is manager of market intelligence at PFC Energy. He says oil spiked above $100 a barrel earlier this month, but today it fell below $90. ... The weak dollar may help. U.S. exports are up, and MGM Mirage today said more foreign tourists are flocking to its slot machines.
It seems clear that the Bush administration is betting that the weak dollar may be enough to get the economy through what looks like a "growth recession." Foreign tourism and direct investment into the United States may put more money into (some) Americans' pockets, but if that money is worth less, will it have an appreciable effect?