The Associated Press reported on January 29:

"The economy boomed at the end of 2009, growing at the fastest rate in more than six years. Now if only it could keep it up. The economy expanded at an annual rate of 5.7 percent in the fourth quarter, the second straight quarter of growth. But analysts warn it's unsustainable.

"Consumer spending, chilled by double-digit unemployment and scant wage gains, remains weak. And the benefits of government aid and higher company output to feed stockpiles will dwindle. Many analysts predict gross domestic product will expand at a rate closer to 2.5 to 3 percent in the current quarter and 2.5 percent or less for the year. That won't be enough to significantly reduce the unemployment rate, now 10 percent. In fact, most analysts expect the rate to keep rising for months and to remain close to 10 percent through year's end. To drive down the jobless rate by just 1 percentage point this year, the economy would have to grow by 5 percent for the whole year. No one thinks that will happen...

"Roughly two-thirds of the quarter's growth came from increased manufacturing as businesses drew down their stockpiles of goods at a slower rate. But companies will eventually let those inventories fall again unless consumers -- who account for about 70 percent of the economy -- spend more. Unlike past rebounds driven by the spending of ordinary shoppers, this one appears to hinge on spending by businesses, foreigners and -- until it runs out -- government stimulus.

"History suggests this isn't the recipe for a strong recovery... Still, the overall news for 2009 wasn't good. Friday's report showed economic activity for the year fell by 2.4 percent -- the sharpest drop since 1946. It was the first annual decline since 1991... If gains from inventories and exports are taken out, the economy last quarter grew at just a 1.7 percent pace."

As we warned for a long time, belief in a substantial recovery of the U.S. economy is just wishful thinking. The sad reality is that we are reaping what we have been sowing... and what we are still planning to sow, as the next two articles show.