If you want a good gauge on the state of the economy just watch a NASCAR race on TV and take a look at the stands.
NASCAR fans are among the most loyal fans in all sports and the stands are half empty at most tracks.
These are working folks who spend their hard earned money on a sport they love, but when they no longer are coming to the tracks that means that they don’t have the $$ to do so.
I graduated high school in 1977 and college in 1981 and remember the “Carter Malaise”, this is much worse.
I happen to believe that the GDP numbers have been grossly inflated for the past 4 years after Obozo replaced the heads of the BLS with his sycophants.
If you knock off 3 points from each quarter you are probably closer to reality. you will also realize that we have never exited the recession in the first place.
Just my $0.02.
Let’s just say the economy, both American and global, are very close to collapsing. It won’t take much of a straw on the camel’s back to bring it down.