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Posted by: Michael Mandel on June 12
…are supposedly up 1%,with gains in virtually every category.
You will forgive me a snort of disbelief. Something is simply not right here. Let me review the situation. The housing market is in free fall; household wealth is down; real wages are down; unemployment is up; gasoline prices are sky-high; food prices are high; and consumer confidence is shot.
And now you want me to believe that retail sales are all fine and dandy, and Americans don’t have any trouble spending on clothing, sporting goods, electronics, and basically everything else.
I’m sorry—if it looks like a cow, sounds like a cow, and smells like a cow, it’s a cow, even if it comes with a notarized affadavit claiming to be a Porsche.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.