I heard the skinny rooster crowing yesterday about the 3.5% GDP gain. Of course, nothing about how this was funded by short term deficit spending with the bill handed to future generations. Let's see if he's crowing today's news:
quote:
WASHINGTON – Consumer spending plunged in September by the largest amount in nine months, reflecting the end of the government's Cash for Clunkers auto sales program. Incomes, the fuel for future spending, were flat.
While the government reported that the overall economy grew in the July-September period, signaling the end of the worst recession in seven decades, the weakness in spending and incomes as the quarter ended underscores the fragility of the recovery.
Economists worry that the recovery could falter in coming months if households cut back on spending to cope with rising unemployment, heavy debt loads and tight credit conditions.
"With incomes so soft, increased spending will be a struggle," Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a note to clients.
The Commerce Department said Friday that spending dropped 0.5 percent in September, the first decline in five months. Personal incomes were unchanged as workers contend with rising unemployment. Wages and salaries fell 0.2 percent, erasing a 0.2 percent gain in August.
The Narcissistic Novice: Barack Hussien Obama MMMM MMMM MMMM!
Hey Robalo@Home,you need to get out more.Then you can stop people on the street and tell them how horrible Obama is.
Better yet you can carry around a sign with a Morganthau quote on it.All your right wing banker buds would really go for that plus you can spread your negativity at the same time.
It is hard to be positive when we have double figure un-enployment, record deficits and on going foreign policy snafus.
I am as hopeful as the next person that maybe just maybe we are pulling ourself out of this mess we are in. It is hard for me as I had to quit working and have lessened our monthly income by over 2.5K per month. Try rhat sometimes and see how it feels in today's market place.
My wife and I will be fine as long as the government remains solvent. On the day they are not, I am in deep dodo. I want the President to do well with the economics being the way they are. However I am sure as heck not happy about the record deficits we are accumulating.
