It is YOUR FAULT, consumer, if the RECOVERY FAILS!!!
Of course, ONLY YOU will be hurt by this. The CORPORATIONS, WAR-LOOTERS, and BANKS are DOING JUST FINE!
"Flat incomes raising doubts about recovery" by Martin Crutsinger, Associated Press | August 29, 2009
WASHINGTON - Household income in the United States is essentially stagnant, raising doubts about whether consumers already hurt by job losses can sustain an economic recovery.
I really can't comment anymore because this insulting s*** is hurting me.
The now-ended Cash for Clunkers program helped lift consumer spending last month and is expected to deliver a bigger boost in August. But any economic rebound likely would falter if shoppers lack the income to spend more in the long run.
Especially in the United States, consumer spending is essential: It drives about 70 percent of economic activity - more than for most European nations and well above the rates in developing countries such as China.
US retailers already are paying the price for flat income growth and weak consumer spending. A survey of big retail chains showed that shoppers remained tightfisted in July. That raised fears not just about back-to-school sales but also about the make-or-break holiday shopping season.
Of course, there is NO MONEY in that TIGHT FIST, but what the hey?
Don't you LOVE INSULTS in the MORNING, readers?
“Consumers just don’t have the financial firepower to go out and spend more,’’ said Mark Zandi, chief economist at Moody’s Economy.com. Americans’ purchasing power has been battered by the 6.7 million jobs that have vanished since the recession began in December 2007.
Then why did the MSM not tell us until October 2008?
Btw, those jobs are NEVER COMING BACK!
Companies also have cut costs by forcing workers to take unpaid days off or to work only part time. And some consumers have pared their spending because their pay hasn’t kept pace with expenses or because they’re using more money to reduce debt or save. Personal incomes were unchanged in July, the Commerce Department said yesterday. It was the eighth month out of the past 10 in which incomes have either fallen or failed to grow....
But BANKS MADE BILLIONS!!!
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