Under what has to be classified as the irony of capitalism, American consumers are doing more to prevent themselves from kickstarting a robust economy.
Look, I’m all about getting out of debt and enjoying a life worth living, and this recent piece by Ben Stein was awesome to talk about a life worth living.
But let’s get real honest here. In America our economy depends on consumption. People are called consumers. Without retail spending the only way to keep our economy going is with government spending and a whole bunch of Becky tea people are all against that.
Placards and protest signs proclaiming “We Want a Strong Economy”, “We Want Higher Wages”, or “We Want More Opportunity” are not going to make the American economy start to race again, spending will.
The latest figures for retail and food service sales show that American’s are being damn near unpatriotic and not spending, spending, spending, at least compared to the previous month, down 1.2%. – Source. But year over year, American’s have increased spending 6.9%. I know, it’s confusing.
The concern here is if people are losing confidence and reining in spending. The economy as a whole doesn’t like that, but it is smart of individuals.
I’ll have to let you solve that quandary, do we do what’s prudent for us as individuals even though it hurts the greater economy and thus our own opportunities. Get out of debt, spend, spend, spend.