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
Economic Inequality In The United States | Welcome To George Bush’s America | Cosseting The Rich Is Killing America | Economic Russian Roulette In the American Political System |






