Despite recent polls that show confidence is at a seven-month high, I get the feeling that many Americans are actually worried about their future. When I say most Americans I am talking about solid middle-class folks who are earning median or above-median incomes. Gallup showed in a recent poll that the people’s top concerns were still, [...]
The BEA’s Personal Income and Outlays report for July was a nonstarter for those looking for good news, although the Wall Street Journal saw it that way. We didn’t.
First the numbers. Skipping right to their inflation-adjusted “real” numbers:
Real DPI … decreased 0.1 percent in July, in contrast to an increase of 0.3 percent [...]
In George Orwell’s brilliant novel Nineteen Eighty-Four, one of the characters, Syme, in discussing the nature of Newspeak, says “It’s a beautiful thing, the destruction of words.” Newspeak was a systematic attempt by the dictators of Oceania, a totalitarian society eerily similar to North Korea, to control thought by eliminating words that gave rise to [...]
Somehow Comptroller of the Currency John Dugan didn’t get the message from Team Obama about encouraging consumers to spend. As you know the Administration’s economic advisers see vigorous consumer spending as the solution for overcoming our recession. Consumer spending formerly represented 70% of the economy.
Apparently the consumers are getting the message without Mr. Dugan’s help since personal [...]