Here is what’s wrong …

June 26, 2009

From IHS Global: “Reduced wealth, high debt, tight credit, and a weakening labor market are all weighing on consumers. Wages and salaries were down in May, and have fallen in four out of five months this year. And higher gasoline prices are biting into spending power.”

One comment

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$4/gallon gas crushed disposable income starting summer ’08. That was the match which touched this firestorm. In addtion to the expansion of CRA courtesy of Barney Frank in the early 90s; OPEC deserve much of the credit these past 15 months.

I’m sure you’d agree unless you’re also convinced of the Geo Soros conspiracy to demolish the US economy to drive Bush out of office.

Posted by Hank Reardon | Report as abusive