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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Haim R. Branisteanu who wrote (79428)3/12/2001 10:37:29 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
Haim, it's just as well possible that the consumer is simply stretched too far already, and that the election and what was said subsequently merely provided a trigger for what would have happened anyway. that's really difficult to judge. the stock market decline also contributed imo...i think people aren't just confused, they're getting worried.
from early 2000 to now the gap between personal income and spending opened to its widest ever, suggesting that price inflation of necessities (energy, healthcare, food, etc.) wasn't matched by earnings increases,thus taking a big bite out of consumers pockets who had to go deeper into debt just to maintain their living standard. at least that's how i see it - the productivity miracle bypassed wage earners entirely - real wages got frozen sometime in the 70's. that's unsustainable.
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