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Politics : Liberalism: Do You Agree We've Had Enough of It?
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From: Kenneth E. Phillipps1/12/2012 9:01:40 PM
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Mainstream economists worry more that neither Romney nor his Republican opponents are addressing the main drag on the U.S. economy - weak demand from American consumers still weighed down by debt.

The housing crisis has destroyed trillions of dollars in home equity, wrecked household balance sheets and reduced job market mobility for those with a home worth less than the mortgage, placing a big drag on consumer spending which drives two thirds of the U.S. economy.

The Federal Reserve in a paper sent to Congress last week pointed out that housing equity as a share of disposable income has slumped to 55 percent from 140 percent five years ago.

"What the markets are telling you is that the immediate problem is private-sector deleveraging. Budget and taxes are manana," Gallagher said, using the Spanish word for tomorrow.

Yet the election will be fought over the size of government. "Taxes is the seminal issue, almost a theological one," Valliere said.

reuters.com
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