From CBS News:
Consumer spending drives 70% of the economy. When consumers put their wallets away, the economy has trouble making a U-turn.
[According to Jay Bryson, Global Economist, Wachovia Corp.], “If people just continue to clamp down and keep it clamped down for a long period of time, then it’s going to be more difficult to gain traction in terms of the recovery.”
And that recovery, when it finally comes, will be significantly weaker because Americans are saving more.
Did you hear that, Oprah? Seventy percent of our economy. Saving in the extreme is not a responsible solution.
Related links:
Save the economy three stores at a time
Seth Godin mentions The 3/50 Project
CNBC host Erin Burnett reminds us the battle is about more than just money
Enough with the carnage
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Yesterday afternoon, a friend called, asking if I was near a television. “You’d better see this” was all the explanation she gave when telling me to turn on Oprah.
