Nothing says getting out of a recession like keeping up the behavior that got us into it in the first place:
In the first quarter of 2009,
The U.S. economy shrank at a pace of 6.1% in the first quarter
Yet…
Purchases by individuals rose at an annual 2.2% rate, the first time personal spending rose since the second quarter of 2008.
Personal income decreased $29.1 billion, or 0.2 percent, and disposable personal income (DPI) decreased $10.5 billion, or 0.1 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $17.2 billion, or 0.2 percent.
So, let’s get this straight. Personal income decreased by approximately $30 billion, the GDP shrank by 6.1%, and yet people are spending 2.2% more than they were a year ago? Are you people trying to get your god damn flat screen TV’s foreclosed?!
See Also: Confidence Is Up, The disconnect of my economy with the money economy, What Good Is Modern Finance?, GDP Falls 6.1%, GDP falls 6.1% in the first quarter. What does that mean?, Weaker Than Expected GDP, Team Obama Miscalculates US GDP Growth By Nearly Half a Trillion Dollars, Not Depressed Yet, The rising specter of unemployment, The End of Capitalism?, and Tuning Back In to the Economy.
Technorati Tags: economy, personal income, contraction, recession, behavioral economics, spending money, personal consumption, gdp numbers, first quarter 2009, april 2009, economics, individual spending, expenditures, disposable income, consumer spending, 2009 stats
