On Monday I heard Karl Rove say something that brought tears to my eyes. He said when he goes through airports and encounters members of our military, they ask him to tell the former President how much they miss him.
Remember how Obama made fun of The Great Man’s post 9/11 statement that we do the patriotic thing and shop? Seems like The Great Man is a heck of a lot smarter than Obama. We are consumer based economy. If we do not shop, the economy flops!
If we don’t shop, the economy doesn’t grow.
“...The Commerce Department said that personal income rose by $54.4 billion, or 0.4 percent, in April. Spending increased $4 billion, and was essentially flat. Both were less than economists had forecast. In March, personal income increased 0.4 percent and spending 0.6 percent, based on revised estimates.
Savings, on the other hand, grew; the rate rose to 3.6 percent in April from 3.1 percent in March. Personal savings were $398.5 billion last month, compared with $342.7 billion in March.
Paul Dales, the United States economist for Capital Economics, said the report puts a “modest dent” in the outlook for consumption growth in the second quarter
“I think consumption has some near-term momentum. The figures are disappointing but they are far from being a disaster,” he said.
According to the report, spending decreased on such nondurable items as utilities and groceries. Spending on durables, like cars or household appliances, was flat, compared to 3.7 percent up in March….”