Consumer spending down in June. We need reforms


http://www.bloomberg.com/news/2011-08-02/consumer-spending-in-u-s-unexpectedly-falls-for-first-time-in-two-years.html

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.

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