Posted on 08/02/2011 9:44:44 AM PDT by NormsRevenge
WASHINGTON (AP) -- Americans cut their spending in June for the first time in nearly two years after seeing their incomes grow by the smallest amount in nine months. The latest data offered a troubling sign for an economy that is adding few jobs and barely growing.
Consumer spending dropped 0.2 percent in June, the Commerce Department said Tuesday. It was the first decline since September 2009.
Some of the decline was the result of food and energy prices moderating after sharp increases earlier this year. When excluding spending on those items, consumer spending was flat.
Still, consumers also cut back on big-ticket items, such as cars and appliances, which help drive growth.
(Excerpt) Read more at finance.yahoo.com ...
meanwhile , who will be able to afford food at this rate?
edit -
increases our debt by at least 7 trillion over next 10 years... and could reach 13 trillion..so we could be looking effectively at almost a doubling in size..
wow..
Let me guess:
Bush’s fault?
Inherited?
Repubs fault?
Unexpected?
Let’s go with “hope and change”..... =.=
meanwhile,, today
Gold 1,641.00 +22.00 +1.36%
Dow 12,035.31 -97.18 -0.80%
—
I hope the market had this fiasco priced in.. supposedly experts say it is.. we’ll see.
care for a double dip recession cone.. FRee!
People are starting to plant Victory Gardens. Remember those during WWII? I turned an area, that I use to use for the horses, into a large garden, just for the hell of it. I’m glad I did. Not only do I enjoy it but I’ll put up a lot of food. It’ll help some and working the garden lets my mind go away from the crap that’s going on......even if it’s only for a little while.
We ain't seen nothing yet. How are the $136T debts going to be paid?
Why? Cut spending means you want to save some money for the ‘ ust in case’. As the deals are made/negotiated, those in power certainly don’t regard it as “YOUR” money.
The pile of money you are supposedly in possession of is just a transient ‘safekeeping’ for the gubmint, and Gubmint will charge you for your trouble, as they need to redistribute.
Count it.
ditto.
Look at it this way, depending on what folks are cutting back on, gov’ts may be taking in less money. How’s that for a silver lining? :)
| In $ Trillions | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Total | $1,936 | $2,107 | $2,319 | $2,570 | $2,668 | $2,854 | $2,899 | $2,945 | $2,992 | $3,039 |
| Social Security | $623 | $751 | $924 | $1,123 | $1,166 | $1,309 | $1,309 | $1,309 | $1,309 | $1,309 |
| Health and Human Services | $270 | $299 | $329 | $361 | $395 | $414 | $434 | $454 | $475 | $496 |
| Discretionary Spending | $1,043 | $1,057 | $1,066 | $1,086 | $1,107 | $1,131 | $1,156 | $1,182 | $1,208 | $1,234 |
I was going to borrow and spend $500 but I only borrowed and spent $250. In DC speak that means that I ‘saved’ $250 and reduced my debt by that same $250. At this rate I can now go twice as long before I bust.
Until we get a grip on high energy prices, we are going to be stuck in economic stagnation.,p> 0 really is Jimmy Carter 2.0
I think “cut” means a reduction in the borrowing government does to spend more, but even that sack of crap is a con.
That about sums it up.
That has to be the best analogy that I’ve heard or seen yet.
Excellent job on your part.
As any reasonably intelligent person knows America lost with this budget bill. Certainly Tea Partiers know it despite Onada’s propaganda organ’s statements to the contrary.
The question: What is the next step for Tea Partiers?
The one good thing that happened with this budget deal is that we now know the depth to which treason is running in America. I have been saying for years that RINOs are really demrats relabeled. Anyone who thinks otherwise, after the obscene budget dance that unfolded these past two months, is one of them or brain dead.
It should be clear that both demrats and RINOs must be targeted to lose in 2012. Then we must go after whoever’s left in 2014. I’m reconciling myself to contribute as much money as I can to get Tea Party conservatives elected. I doubt the GOP will run any Tea Party candidates because it is clear it cannot fool us any longer. We are its enemy.
We must get our head around the idea that we are fighting a war for the soul of our country.
I think we have a big advantage in the truth war because Onada’s Marxist policies are killing the American economy. This is impacting on everyone and will continue to do so as long as his policies remain unchanged and he adds new policies that only beat the economy down further.
This is not surprising since Marxism has failed everywhere it’s been tried. It is time conservative politicians put a name to the threat—Marxism. Every policy Onada has emplaced or is trying to emplace has its roots in Marxism.
The social justice concept is a Marxist idea. Simply stated it means one person should not have more than anyone else. How does this manifest itself?
1. Since no one can have more than anyone else—regardless of how much harder they work, regardless of physical and intellectual gifts and regardless of ambition—ambition is the first casualty of the Marxist system. Lack of ambition ultimately kills Marxist states.
2. Because the Marxist social justice concept flies in the face of human nature, it winds up being enforced by brute force.
This is why Marxist states ultimately fail.
he used the Japanese earthquake again in his speech today
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