The American Consumer is Not Okay
The spin-doctors are hard at work arguing that falling unemployment, rising home values, and record stock prices mean that the American consumer – the major drag on the economy in the post-crisis period – is finally back. The facts say otherwise.
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NEW HAVEN – The spin-doctors are hard at work talking up America’s subpar economic recovery. All eyes are on households. Thanks to falling unemployment, rising home values, and record stock prices, an emerging consensus of forecasters, market participants, and policymakers has now concluded that the American consumer is finally back.