Lack of hiring and stagnation in the wages of those employed or sub-employed put a severe damping on household spending, as I have predicted. It is the logical consequence of the squeezing of the middle and lower classes.
In view that 70% of the economy is consumer spending and that those well-off are too small a minority, incapable of fueling growth all by themselves, significant recovery is highly unlikely until socio-political conditions are transformed. That is what I would try to implement in New Jersey if elected governor in 2013.
That is what my program, presented in this blog, is all about.