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This Wasn't Supposed To Happen: Household Spending Expectations Crash
One of the biggest drivers of the so-called recovery (in addition to the Fed's $4.5 trillion balance sheet levitating te S&P500 and the offshore bank accounts of 1% of the US population) has been the US consumer: that tireless spending horse who through thick, thin, recession and depression is expected to take his entire paycheck, and then some tacking on a few extra dollars of debt, and spend it on worthless trinkets.
Sure enough, for the past 8 years, said consumer has done just that and with the help of the endless hopium and Kool-Aid dispensed by the administration (who can forget Tim Geithner's August 2010 op-ed "Welcome to the Recovery"), and by the political and financial propaganda media, spent, spent and then spent some more hoping that "this time it will be different."
This all came to a screeching halt earlier today when courtesy of the latest New York Fed Survey of Consumer Expectations, we learned that the US consumer has finally tapped out. Households reported that they expected to increase their spending by just 3.5% in the next year, a major drop from the 4.3% the month before. This was the lowest reading in series history.
Worse, when adjusting for household inflation expectations, which have been relatively flat if modestly declining around 3%, real spending intentions, when adjusted for inflation, just crashed to a barely positive 0.5%, down over 60% from the prior month. This too was the lowest print in series history.
Think America's poor have finally revolted, and refuse to spend any more? Think again: the biggest culprit in the collapse in spending intentions was the middle class (those making between $50 and $100K) but mostly the wealthy, those with incomes over $100K. It was the latter whose spending expectations dropped to, you guessed it, the lowest in series history.
Needless to say, this was not supposed to happen.
Worse, in an economy where 70% of the GDP is in the hands of consumer spending, a collapse in spending intentions to multi-year low levels means just one thing: recession.
The only silver lining is that since the source of this data is the Fed itself, then Yellen will surely be aware of the dramatic shift taking place within the biggest drive of US economic growth. Which is why for all those wondering just what caused today's market surge which was driven not by China's collapsing economy, but by the realization that the Fed will not only not hike in September, but probably won't hike in December, or ever, just look at the first chart above.
Source: NY Fed
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math is racist
Better have a relevant skill.
How is this possible?
Folks better rejigger there "expectations" as Blue Cross is seeking 25%+ rate increases across the country courtesy of Zerocare.
Paying for more insurance with less access.
Bullish!
People are tapped out
Layoff List: http://www.dailyjobcuts.com
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Time for a Benchmark Revision and Newly Adjusted Seasonals ... Exactly the kind of crap demanded of surveys.
Don't worry, the shit'll buff out
How the fuck do people know that they expect to spend 3.5% more next year?
Correct. I don't give a shit what they expect to spend, tell me what they spent. Much more meaningful number.
Yep... As I said before..
I just put a few hundred bucks into fixing my 13 year old car to save some Summer miles on my 11 year old truck I use in Winter.
I see lots of old trucks (like 25 yearold F-150s) getting fixed up at the shop I go to.
Those old Fords don't rust much either. The front ends just fall apart after a while.
208,000 on my 2004 ES and 170,000 on the 2000 Corolla. Run 'em till the wheels come off.
Has Barry EVER kept any of his promises? I am still waiting for the $3,000 for a Thingamajig he promised.
There's that oft-quoted totally fraudulent statement again. Consumer spending amounts to about 30% of the fraudulent GDP numbers.
I'm not surprised. I don't know about the rest of you. But i don't have a pot to piss in. I just spend of food.
That as the same as what the TPTB have been doing to the ordinary man's labor for a long time. They want all of the the retirement paper money.
Hey I thought getting taxed to death was spending
Haha, true. My sister ran her 2000 camry until it stopped one day (tranny went out) with 285k miles on it. She was going to sell it for junk but I told her I would help her sell it for parts. Sold it for 1k to a parts/body dealer. Guy said the body was in good shape and he had engine/trans he would put in it and sell for 2.5k minimum. The guy was a car flipper and it worked out for everyone.
198,000 on my 1992 Toyota Camry
"Those old Fords don't rust much either. The front ends just fall apart after a while."
I know of one shop with one guy that has mastered front end alignments on old Ford Twin I-Beam suspensions. Even other top-ace-shit Ford mechanics take the old Twin I-Beam Fords to this guy to do the final alignment. Replace all the worn out parts, make it tight & good-good, then take it to this other guy for the alignment.
If you run cheap second-hand skins it doesn't matter; the tires kinda wear to fit the shitty alignment. When the cords show too bad you go on Craig's list and find another cheap set. But if you put decent tires on the old Ford trucks without getting a proper alignment they'll be eaten up very quickly.
All depends on where you live. In the NorthEast, yeah it'll rust.
You can get a bit more out of them by replacing the brake-lines/exhaust.
But there is a limit.
Down South or the West Coast, not so much.
I'm still driving a 97 F150 and a 2001 Saab (lord, what a magnificent piece of engineering, a joy to drive), but not for much longer.
Mebbe a year or so more, then onto something else.
My F-150 is damn near new then. 2000 model. I bought it in 2006 with 19000 miles on it. I paid 16000. It will be the last truck I ever own. Of course I only drive about 1500 miles a year.
Belly laugh HB !! Mine is a 200 f150 with 240000 on it. Runs like a top and still pulls my camper and boat
Yup, 182,000+ miles on my '88 F-150. Wassat?...27 years old and still driven every weekend.
And my mechanics (who are located drirectly across the street from my house are totally sympathetic....as well as being worth their weight in gold).
Sign of pessimism more than how much you are going to actually spend
The scary part is the NY Fed only surveyed Wall St execs households
The NSA satellites are reading our minds.
not if you're wearing tin foil
Exactly. Besides the facts that it impossible to know for sure and extremely difficult for even companies employing literal teams of people to figure out projections like this a quarter at a time when they can fudge the inputs to goal seek the prediction. This whole index thing is bullshit. I bet the majority of the U.S. population couldn't even tell you what three percent of fifty thousand is without a calculator let alone some percentage of an odd number and I imagine a good many of those would be unable to figure it out given a calculator.
Well... Now that it has been undisputedly proven that one can, in fact, polish turds (Mythbusters), yes indeed, it will buff out.
You're maybe the nicest smart ass I know of.
Yes, and because this is THE TRUTH:
http://wallstreetonparade.com/2015/08/how-u-s-achieves-a-5-3-unemployment-rate-if-you-earn-no-money-you-can-still-be-counted-as-employed/
While this is the BIG LIE:
http://www.bloomberg.com/news/videos/2015-08-10/fischer-u-s-near-full-employment-inflation-very-low-
This is a no brainer. Monthly rents and monthly mortgage payments are at all time highs. If Joe Blow makes biweekly paychecks, his entire paycheck goes towards rent/mortgage. the other paycheck he has to skate by for the next 28 days on, but that is used towards utilities, transportation, and groceries. Joe Blow is totally tapped out.
If Joe Blow has student loans, forget it, its over. The only growth industry for consumer spending is Dollar Trees. Even Walmart is getting too pricey. What props Walmart up is EBT. Without EBT, Walmart is over.
No gots.
And if Joe Blow doesn't have a house he can use as an ATM machine he will be screwed even faster.
Joe Blow sounds like a loser when you all talk about him like this.
Yes.
Joe Blow is a loser. He'll always be a loser because he's a sucker.
Anybody with a half a clue knows this.
Including, for example, if Joe Blow already used his house as a piggy bank leading up to 2008, and basically ended up underwater.
http://bringmethenews.com/2015/08/04/blue-cross-and-blue-shield-of-minne...
must be getting ready to outsource...didn't workout so well for RBS
Blue Cross Blue Shield Threatening to leave New Mexico because rate increase denied.
http://www.kob.com/article/stories/S3874923.shtml?cat=500
Yeah, but in NM Blue Cross only asked for a 51.6% increase.
So there is that...
Greedy profitteering scum
Additional costs must be passed on. Covering pre-existing conditions which cost thousands of dollars or more each month while the insured pays only a fraction of that amount in premiums means that everyone else must pay more. Those who believe that Obama waved a magic wand and made medical care fall from the sky like manna from heaven are sorely mistaken.
"Those who believe that Obama waved a magic wand and made medical care fall from the sky like manna from heaven are sorely mistaken."
barry didn't do squat about medical care. The ACA was written by and for the corporations in that industry, and they designed it so that they could guarantee gigantic profits. The only thing that barry and the other treasonous scumbags in congress did was say "Yes, Sir" and enacted the ACA.
Sorry to those who thought i was serious about greed comment.
For BCBS to leave revenue behind, they would think that they can only lose money or break even going forward.
Have to wait and see if they are negotiating or what
All part of the plan. Everything the goobermenit does is to drive the private sector out of business and then assume the void, engaging in practices even worse then that used to fail the private businesses.
To wit: Student Loans. Home Mortgages.
Next: Healthcare.
See, the industrialists always support the intervention and loopholes for themselves until the beast consumes them/itself in their entirety.
The Leviathan Grows Uncontrollably as a Cancer upon the Face of Mankind
Welcome to the New Versailles of the New World Order
Nice synopsis of Atlas.
Are you nuts? Health Care Industries are rolling in so much money that they even wipe their asses with it. I dont shed a tear for ANY of the Health Care "suppliers"
And yet your trustworthy local doctor has taken early retirement or is scraping by while trying to continue to provide quality care to long term patients. If your doctor keeps written rather that electronic records as mine does (bypassing intrusive databases to some degree) he's charged an extra fee for that too.
If you can call 6-7% profit margins rolling in money...
don't forget car loans
Holy shit I did not know about that, just Googled. They already raised my rates about $50 a month.
You know the .01% is just so worried about this issue...
Don't panic, Trump will save us from the .01%.
How do they expect broke people to buy insurance at 25-60% increase s next year?
They expect them to quit working and overwhelm the Medicaid rolls.
One might recall a certain sociology paper written by Cloward and Piven.
Don't work. The children of Ferguson will pay for it. Revenge, fuckers
Better yet...wait till after people scrape together the money for insurance to find out their is limitations to medical care. As I do not follow the herd, I have opted to purchase used medical rehab equipment and do therapy at home. As much as I do not like craigslist it has proven to save me thousands along with giving the proper care for a loved one. That is it for my disposable income.
You got two kidneys. Sell one.
When you said re-jigger, all I could think of was: Jigger City
https://www.youtube.com/watch?v=e52-Vx5PMCQ
They shoud just double those increases to like 50% and throw it into the GDP bucket. Mission accomplished!
the "wealthy" are dependent upon the middle clases and lower to purchase the goods and services they make and sell
and so this is asuprise?
THEY make & sell...THEY (AND OBVIOUSLY YOU TOO) EXTRACT ONLY
now go join your golf klan wannabs for a much deserved labotomy
"the "wealthy" are dependent upon the middle clases and lower to purchase the goods and services .."
Fantasty finance and Fantasy Island Economics can be quite confusing: that 70% consumption figure never includes the percentage of the popultion doing that 70% purchasing --- it was the upper 15% and quickly shrinking --- a few years back it was the upper 20% --- get it?
Those goods and services includes financial services and banking crap!
thats why they should appreciate the .gov giving out other peoples money for Benefits....it all ends up in the same place in the strata above us-the 1%
hmmmmmmmmmm, higher and higher obamataxes, higher and higher obamacare premiums, higher and higher obamacare deductibles, all healthcare being shunted to hospitals where services cost 5-10x more than outpatient service coupled with gubmint bullsh*t statistics about true unemployment and inflation..... hmmmmmmmmmm
Damned proles! They need to sell a kidney or something......
no, no - that is too extreme!
Simply get another part-time job, or two. Dont reproduce and take out a home equity loan.
I hope to spend more than 3.5% more next year on my investments in lead and related expenditures....
The kids do the spending and they are broke ...... rent, tuition and car payments, weed, cell phone bill .... gone !
No kidding,
I played golf yesterday and a guy in my foursome said he paid $300/quarter for his weed.
I LOL'd
If they are spending money on weed, chances are they are also spending money on fines, bail, court fees and synthetic urine.
Hey great grandpa -
Weed is totally legal in several states, essentially legal in many others (I have a friend who got a Cali weed card by being quote itchy unquote,) and somehow civilization hasn't suddenly devolved into savagery. I know new information might seem intimidating to someone your age, but nobody cares about smoking weed anymore except in the Trucknut Republics of Knuckle-Dragging Cousin-Fucking.
my knuckles don't drag
And you certainly need no truck nut.
Miffed;-)
and whatz wrong with fukin cuzzins ???
Definition
Relative Humidity
The sweat which drips down from fuckin your cousin.
Hey kid, come in here and pee in this cup. Your future depends on it. The Man discriminates on the color of urine... dat rayciss
https://www.youtube.com/watch?v=wl0coi4g3hY
One of the best educational experiences is laying face down in a field with a cop's shotgun to the back of your neck, because he thought you look suspicious. Its really hard not to get the picture.
Mine was lying still face down in a culvert with only my bra and jeans on ( my white tee shirt crumpled under me, I had taken it off fearing I'd be more visible to the wandering flashlights). Trying not to gag smelling the putrid algae encrusted pool of water, I heard " See anything?" " No, let's try the next street up." Footsteps and jangling receded into the distance. I shivered there for hours longer than I needed, just in case. Thankfully they didn't not have dogs or I would have been found.
Miffed
Miffed,
Now THAT sounds like a story worth hearing the rest of someday!
(I've spent the night in a brushpile myself).
Just maybe it's because the US Consumer lives in the real world, and has watched their grocery bill rise week after week, and packages get smaller and smaller.
bring your own package now. should get you more oats
No, expectations of a spending drop doesn't mean recession. An actual spending drop might mean that, though 3.5% is still spending growth. (Where did you get the 3% inflation number, anyway?)
I'm confident that, at some point in the future, we will be in a recession - though Tyler shouldn't get any credit for calling it.
The fed is printing like crazy to prop up the stock market. <--Read this line 3(x). That is not real growth.
Commodities and the Baltic Dry Index are crashing because they are not making stuff to ship and sell because they have not been selling stuff.
You really think we are not in a depression right now? A recession would be an improvement.
Rule of thumb is when your neighbor is out of work, it's a recession, when you are out of work, it's a depression.
Excellent comments, Ms. C and don't forget the Chinese dumping all those US Treasuries the last 8 months, probably for infusion into their stock exchanges, half of which are frozen?
The Chinese are only using a portion of the treasury funds to prop up their stock market.
The bulk of the funds are going to productive economic activities that create high paying jobs for Chinese workers. Most of the jobs involve design and construction of MIRV ICBMs, nuclear attack subs, and hyperglide bombers that target all US population centers.
Now that is an interesting claim. What makes you say that? Got any links you can share? They have been working on there rocket/satellite program and that is as close as you need to really go for an ICBM. But I'm not convinced they are cranking out warheads....
the 3% is the consumer rate. but if you want to go there there was a time the projected interest rate was 3.82% http://www.statista.com/statistics/244983/projected-inflation-rate-in-th...
AJKR,,, You remind me of this fat stubby little queer that always had his mommy pick him up at high school cuz he was gonna get his ass kicked.
awww man.
i thought the recovery was just around the corner.
I expect to spend a lot more--on food, insurance, and taxes--like I have been.
damn. no spam or toilet paper awaits us at the bottom of the hole they've dug for us
Spam is an acronym. It stands for "Sliced Pig's Asshole Meat"
No wonder it smells like shit when you Fry it...
strong dollar makes things cheaper so you can consume the same amount of stuff but it'll cost less dollars.
Gun, ammo, and target sales are up.
Primers are still hard to acquire.
Liberty is a demand. Tyranny is submission..
I cannot wait until Liberty Poles and guillotine sales shoot up.
The Gap just reported
Sames store sales july (year over year)
expected (thomas reuters) ... -2.3%
actual ... -3.0%
but hoo cares ... no rate hike september ...
No rate hike ever again in the history of the dollar. Book it.
What did you expect? We are getting no return on our life savings and a lot of us older folks need to make the money go farther at the same time everything is getting more expensive.
Even if the bank would lend me money, there is not way I would borrow money that I cannot pay back.
Borrow every penny you can get, max out every credit card and buy a shitload of silver and gold. Tell them fuck off and in a year offer 20% and they will be glad to get it.
The Buckle had worst 'actual' vs 'expected' for july sss
expected ... +0.2%
actual ... -8.1%
Shiti Bank and all the others will just raise everyones credit card limit again, and it's off to the races.
The great Amerikan consumer has been well trained.
Besides they can take out a 2nd,3rd & 4th mortgage. Then a reverse mortgage when they get old and take the vactions they so richly deserve!
Big world wide cruise coming up at end of sept, heard your Uncle Eddie and his family were booked on it, don't know so much about you though.
I am on strike and will not spend unless I MUST buy it. FL has a 10 day sales tax "holiday" going on now. Too bad it doesn't apply to firearms and ammo.
Are you sure it doesn't apply to guns and ammo?
I thought the purpose of the 10 day sales tax holiday is to help families buy back-to-school supplies for their kids.
Nice take!! The FL legislature is again taking up a bill that will allow concealed carry on campus. Gotta love the South. Back to school indeed!
DO YOU KNOW YOUR ALPHABET? GOOGLE IS NO MORE:
ZH hurry up Google megalomania from A to Z hit the ceiling.
they should just change it to "THE WORD". or maybe "Universe" or something else befitting the hubris that is silicon valley
The FACTS are clear. ZIRP doesn't work. Time to normalize interest rates.
"The FACTS are clear. ZIRP doesn't work. Time to normalize interest rates."
I am pretty sure that once ZIRP collapses, they simply switch to NIRP. When that fails VNIRP (Very negative Interest Rate Policy). When VNIRP Fails it will be UNIRP (Ultra). and so on.
AC/DC is working on a new song: "I am on a highway to NIRP". Should be very popular amoung the Central Bankers.
The trend is your friend.
The "consumer" can not afford to buy any more Kool-Aid to kill the taste of the fracking fluids in the allegedly potable water coming out of their water faucets.
LOL.
Fracking is safe, global warming is a myth, pure laissez-fair capitalism is a real thing. Don't you know anything?
I love it...I hope we see some REAL belt-tightening going forward.
Starve the global economy. Deny it air until it suffocates and shrinks back down to manageable size.
The real economy, IMHO, is belt tightening, and has been. Not all of it is organic and for good reasons.
It is the fake economy that is inflating. It is getting so much air and fuel it is destroying the real economy, thus forcing failure in things real, useful, and good, because shadow money keeps going in and rewarding bad.
If you and I refuse to participate in the fake economy (debt, stock market, etc.), then yeah, that does deny it just a little bit of air.
I couldn't have said it better.
All food used to be organic food...its a way for them to hide inflation (even though its not measured in CPI) through dillution of food.
RIPS
I've been fermenting milk, veggies and tea, making my own sourdough bread, buying at the farmers market, my food bill has gone way down.
I've been teaching myself how to digest wood.
Good one. Reminds me of another I heard: "Taught my dog not to eat. He died, though."
wow, he musta been good at it.
Mmm, silage bread.
Have you tried eating grass, stuff just grows on its own
Start growing a food forest in your yard/balcony/whatever. A garden is very therapeutic, fun, and may be quite necessary in the future. Check out geofflawton.com to get you started. It's great you're shopping at farmers markets. Developing a relationship with a farmer is the best way to starve the beast and big ag (one of the great evils of our time in my opinion).
3, forty foot x 4 foot raised beds l, 5 hens, 4 fruit trees and I brew my own beer, distill my own shine, drive a 96 Toyota Turcel, wife's got the nice car a 2012 civic. House hold income is about 196,000. Just Internet and an antenna. We are organic eating, shot gun shooting, home brew drinking, libertarian thinking, young executive cheap sons of bitches and we aren't alone. You can do a lot when you shut the tv off, plan and execute. Cheaply too.
Collectively, as a group, we have borrowed so much from the future that now we have no future.
Still it never ceases to amaze how busy the local IKEA is, day after day, week in and week out.
The reason they are busy, is because they sell furniture made from cardboard.
However, you can shoot a gun down the aisle of their Sydney flagship store and not hit any one.
i think ppl must just charge a lot or something... (am i beginning to sound like beavis and stuff ???)
Bullish.
Just a couple of real world observations.
I have a host of friends that live in an up-scale neighborhood in Central Valley CA - built at the end of good times - 2007/2008.
They tour the neighborhood nightly, walking the dog, kids to the park, chatting with neighbors.
Maybe 40% of those 500+ houses went through the prolonged foreclosure process or deed in lieu of foreclosure, short sale, whatever.
Of that 40% maybe half have been re-sold (a few even foreclosed on again) the other half still sit vacant, unmarketed by the bank.
Of the 100 odd homes available for sale, maybe only 3 are actively marketed at any time with about a 21 day inventory on hand.
Everything is just treading water. Prices in the last two years have adjusted plus minus 10% on season.
Now the reason I mention all these housing games is that over the last years these standard 2200+ sq 4/3 Amerikan Dream homes are now being actively rented - BY THE ROOM.
Any guess who their prime clients are? Students and the elderly.
So in terms of the real deflation of incomes verses non-market housing dynamics, homes that went to families are being slowly consumed by the indigent and unemployed on a per bedroom basis financed ONLY by government payouts.
Add to this the soaring use of EBT, emergency food aid, weight-listed housing vouchers and no jobs and you get a picture of the transformation of Any-town USA to a shanty.
This is not inner city housing, this is basically the last "new" construction to hit the market in the last years; cement rooves, outdoor kitchen, pergola "masion-ettes" for $300M.
There are no double income families to occupy these dwellings. Its people stripped to nothing on SSI and FAFSA life support.
Related to this, it is now common place to see random cars of people of all ages parking their cars on the edge of fields and scavenging for food rather than afford the local grocer.
This used to only happen at night, but now its common to see folks hauling arm-loads of watermelon, tomatoes and corn in broad daylight and the police have "stand-down" orders to not stop anyone picking someone else's fields.
Never saw any of this 5 years ago.
What will things be like in another 5 years?
+1000
Noticed the same thing in Columbia, SC, going back to 2010 regarding listings in our neighborhood (we moved late that year).
Post-war neighborhood, mostly middle class. Houses I knew were vacant still are. One was financed by a kid who was attending a local school, he couldn't have been more than 19 when Chase gave him a loan for a house, if you can believe that. Guy bought it to party in,.and we knew he was dealing coke out of the place, then dropped out and joined the National Guard.
I guess you could call them zombie houses, haven't been occupied in several years, now, and the scumbag realtors won't list them, because they know it would bring the housing market crashing down.
I just wish this shit show would end.
Be careful what you wish for.
Reminds me of that scene in Dr. Zhivago... Where he returns to his Moscow home to find it full of people and the Bolshevic says they put 5 families in it. Dr. Zhivago gets to stay in one room of his own home.
I remember it well. It's in the works for the US.
"I remember it well. It's in the works for the US."
Especially true if CA runs out of water (perhaps by next summer)
São Paulo is likely to run out later this month. They are down to one day of water per week (soon to be zero days per week).
Well at 57 inches per year, families could set up roof rainwater catchment and have no water issue at all. That's an easy problem to fix. The economy, and California's rain vs. usage is much harder, fixable but would require some susbstantial infrastructure changes.
You missed it. The geoengineers are feeling the heat, local and international. As such, they promised to turn the water back on this winter.
This will be the blueprint for the new "Section 8" housing model. The banks hold the mortgage and outsource to the slum-lord and are subsidized by the taxpayer - perfect. I see the same thing where I live; just not on the scale you described.
---------------
Calipornia (AKA California) is like a foreign country in so many ways. Nice place to visit if you do not have to interact with the locals or the foreigners.
Here is proof: https://www.youtube.com/watch?v=bYhTFz_SGw0
Call it capitalism, make it feel like socialism to the tennent, but it is fascism for the pols and bankers because we backstop it through taxes and debased currency.
If you can restrain yourself from killing the fuckers for the lie, and step back, it really is rather masterful.
Damn we are fucked.
Santana playing right now on my system, wicked fucking guitar:
You've got to change your evil ways, baby
Before I stop lovin' you
You've got to change, baby
And every word that I say is true
You got me runnin' and hidin' all over town
You got me sneakin' and a-peepin' and runnin' you down
This can't go on, Lord knows you got to change, baby
Awlrite Bitcheez
Time to go read KRUGMAN, if you can read!
KRUGMAN knows. You have dummmned out long enuf.
Go read!
Based on your use of English; we would all agree that you should just sit on the side and be quiet and observe.
No, sorry, he has to go in the cage with Tyler, it's only fair to the rest of us.
The math of stimulus doesn't work, the history shows it doesn't work:
http://www.teapartytribune.com/2015/05/18/keynesian-beauty-contest-revea...
You spend what you make. Oh ...wait....
70% of the economy is in the hands of the people eh? The progressives will solve that by putting 100% in the hands of government.
Moving ahead in this economy is like standing inside a barrel and trying to lift yourself off the floor with the handles.
I'd say it is like a treadmill that moves faster than you can run...splat!
The only thing getting hiked is the next QE.
QE to Infinity!
Maybe we should do like Japan: hire squads of cute cheerleaders in each city that spend their day shouting and cavorting: Everything is great! YOU can do it! Think positive! Your new job is on the way! Be thankfull to our leaders for our jobs! GO GO GO!-you are a success....etc