This recession talk is killing my 401K.
Strong evidence is emerging that consumer spending, a bulwark against recession over the last year even as energy prices surged and the housing market sputtered, has begun to slow sharply at every level of the American economy, from the working class to the wealthy.
The abrupt pullback raises the possibility that the country may be experiencing a rare decline in personal consumption, not just a slower rate of growth. Such a decline would be the first since 1991, and it would almost certainly push the entire economy into a recession in the middle of an election year.
Meanwhile, in Monday’s column Paul Krugman takes a look at the presidential candidates reaction to the pending economic doom and gloom — and doesn’t say “a word about their hairstyles.”
Should have bought Apple and Google. 🙂