Analysts see us at the intersection of recession and recovery and are still debating which direction we are heading.
Personal Income rose 0.2% last month, lower than the 0.5% from the month previous. During the same period, Personal Spending only rose 0.1%, below the preceding month’s 0.4%. The great thing is that as a country we actually spent less than we earned (this is speaking of consumers as a whole, not the squandering sovereignty).
The ongoing argument regarding our economic endeavors is between “don’t spend money you don’t have” and “if we don’t buy stuff then the economy slows down”. Don’t get me wrong, I love buying stuff (I freely admit that it’s an addiction), but I am a fiscal conservative who believes that living a principle-built life will bring more peace and prosperity than one of systematic speculation.