Consumer Spending Dries Up

Way back in January, I expressed my doubts as to whether the Stimulus checks would generate jobs or keep us out of a recession. Well the stimulus checks have all been spent, and as soon as they stopped coming personal income fell by an unexpected 0.7% last month.

“With the tax refund effect on spending now more or less over, we think the worst is yet to come for consumers,” said Ian Shepherdson, an economist with High Frequency Economics in Valhalla, New York

If McCain thinks the economic headwinds for Republicans are bad now, just wait until November. He’ll be “the big whiner”, then

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