The “double dip” becomes ever more inescapable:
Lower- and middle-income Americans’ self-reported average daily spending in stores, restaurants, gas stations, and online averaged $48 per day during September — down $6 from August and $16 from July. Consumer discretionary spending by these Americans making less than $90,000 a year is now at its lowest level since Gallup began daily tracking in January 2008, as the recession was just getting underway.
I’ve noticed it in my line of work – we’re just not getting as much traffic as we used to get, even considering that October is usually pretty slow. No one wants to spend – thought it might be that no one can spend. Credit cards maxed out; income down, no more piggy bank in home equity…a tapped out nation needs to build more wealth before it can spend again, and we simply don’t have the policies in place which will allow that.
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