'We Can Weather The Storm': Economist Says Consumers Likely To Keep Economy Strong

The Federal Reserve cut interest rates on lending by a quarter percentage point on Wednesday. Many analysts predicted another rate cut to spur business growth and head off a potential recession. But a national economist told hundreds of people in Milwaukee Tuesday that consumer spending should be able to keep the U.S. economy going anyway. As the Texas-based president of Prestige Economics , Jason Schenker studies a lot of indicators. Schenker says surveys of purchasing managers who work for U.S. manufacturers show a slight reduction in buying. He also says that manufacturing in many other parts of the world is having a tough time. READ: Fed Cuts Rates Again To Boost A Slowing Economy "I know folks are really worried about recession — and yes, there is a recession in the eurozone, and yes, there's recession in Chinese manufacturing, and yes, business investment is contracting. But last year, we had the tailwinds of a once in a generation corporate tax cuts and a big boost in business