Stamos: U.S. economy weakening
SUNBURY — A local expert on international relations says the current status of other economies is threatening to ours.
Retired professor of international relations Stephen Stamos said, “What’s particularly disconcerting is the major countries, the bricks. These are the countries that have been enjoying robust growth rates from 8-10% in recent years. They are now in China in about a 7% growth rate, India in a 5%, Brazil even less than that. So, that is a demand base now that is weakening.”
Stamos said with the economies of those nations in jeopardy, they will no longer be buying so many commodities and finished goods from the U.S.
He said there is a disconnect between the current well being of our financial markets and the shape of our overall economy. “Our economy is actually slowing, it’s weakening. It’s going to get weaker as the year goes on. There are domestic reasons for that, and there are international reasons for that.”
Stamos was a guest on WKOK’s On The Mark program on Wednesday. You can learn more about the economy by downloading that program online here. Codi Jade)