Forget those predictions of a US economic revival in 2008, Daniel Gross writes in Newsweek. The four horsemen of the economy—credit and housing crises, food and energy prices—are getting meaner, while booming commodities and crunching credit are curbing attempts to fight back. "As a result, the consumer-driven economy may not bounce back as rapidly as it did in the fraught months after 9/11," Gross writes.
Old-school tactics like rate cuts and tax rebates won't save us, either. Meanwhile, Mumbai, Dubai, and Beijing are making prices spike despite a crippled US, which means Americans will spend their rebates at the pump. And the real sign of a healthy economy—a strong housing market—is still down, if not out.