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Houston ChronicleU.S. personal spending slowed in April after record fuel costs, a slump in home values and a deteriorating job market hammered consumer confidence. The 0.2 percent gain in spending followed a 0.4 percent increase in March, the Commerce Department said today in Washington. |
Incomes grew 0.2 percent, bolstered in part by the government’s tax rebates. Separate reports showed business activity dropped for a fourth month in May and consumer sentiment decreased to the lowest level since 1980. Retailing stocks slumped after the figures reinforced forecasts for spending growth to slow this quarter to the weakest pace since 1991. J.Crew Group Inc., the casual-clothing retailer, reduced its earnings forecast late yesterday, citing a nationwide drop in the number of shoppers visiting its stores. “Consumers are spending cautiously,” said Michael Moran, chief economist at Daiwa Securities America Inc. in New York, who correctly forecast the gain in spending. “The economy is in a grey area between recession and slow growth.”
Economists forecast consumer spending gains will slow to a 0.5 percent annual pace this quarter, the weakest since 1991, from a 1 percent pace in the first three months of the year. “Consumers are really very downbeat,” Richard Iley, senior economist at BNP Paribas SA in New York, said in an interview with Bloomberg Television. The government is counting on its economic stimulus initiative to revive growth. The Treasury last week said it sent $4.9 billion in tax rebates in the fourth week of the program, raising the total distributed so far to $45.7 billion.
Well, I still haven’t seen my rebate yet. Maybe Bush reads Dvorak Uncensored.
#20 – you’ve mastered the new Republikan mantra. No one is ever to blame – unless they’re a Dem.
Keep voting ‘em back in, Rollo.
Americans will soon have to pay a lot more taxes and the rates now will only be a memory.
I’ve seen GW in a couple clips claiming responsibility for this idea. It appears once again he was bettin’ on a nag.
@Milo
Get real, our government doesn’t have the brains or balls to get spending under control or to raise taxes to pay it’s bills. America will repudiate it’s debts. Watch and be amazed at my oracle like powers.
#24, naw, we won’t repudiate. We’ll just keep borrowing until China owns us lock, stock, and barrel.
No wonder Mobil/Exxon and the Saudis are winning !!! The Chimpmander in Chief is a CLIENT OF AND SERVANT TO THE BIN LADEN FAMILY OF SAUDI ARABIA !!! You may have wondered why Bush went to Saudi Arabia several times with NO REPORT of what was discussed !!! Well, he was SUMMONED BY HIS SUPERIORS IN RIYADH !!! Why ? To get his MARCHING ORDERS FROM THE SAUDIS !!! So, you can see Bush is a Saudi Agent in the Oval Office !!! We used to call that TREASON, but the NEO-CONS spin that as a “Great Presidency” and “Fearless Leader” in the “War” on Terrorism !!! (How many of the 9/11 Terrorists were Saudis ???) So you can also see that this “Stimulus” was a GIVE AWAY TO THE PETRO CARTEL !!! And will only PUSH UP INFLATIONS, AND SINK THE DOLLAR EVEN FURTHER !!! Happy Motoring !!!
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I got and sent mine directly to my CC. FT gas companies, I’m not giving them more than I absolutely have to.
Bush did not support this bill until it became clear it was going to get to his desk.(rest edited to avoid flame war)
In other economic news, real GDP saw another small increase during the first quarter of 2008, so no recession just yet.
>>I think we’re missing an interactive banner
>>which counts down the days, hours, minutes
>>and seconds left until Bush leaves.
The new Firefox 3.0 beta does not support the countdown-to-freedom-from-Bush browser add-on.
ARRRGHHHH!!!
‘know why Bush is to blame ? because he is the DECIDER-as he labels himself! He is the president. he influence. he leads.
Legacy of Roosevelt is greatly influenced by the Manhattan Project.
Legacy of JFK’s is deciding to put a man in the moon.
Reagan’s hand in ending the cold war.
Bush II’s legacy so far: a wrong decision on a war.
But what I believe is more important: Lip service in our quest of weaning our country from “the addiction to oil”.
If at the start of his presidency, he has decreed major steps to end our dependence on foreign oil, we should be more than halfway there.
Brazil was able to do it. Brazil ! What does Brazil remind us ? YES–string bikinis, and nice beaches! and they still did it.
So, the Republican energy and economic plan is, effectively, to transfer even more billions of our wealth to the Saudis.
And since we are doing this with debt, they get to charge us interest for it.
Good job, conservatives. You’ve screwed America again.
The incentive funs pay for increased gas, why not just send the money to the oil companies and save postage?
Oh well, at least it’s borrowed which of course isn’t real money.
>So, the Republican energy and economic plan is, effectively, to transfer even more billions of our wealth to the Saudis.
I seem to remember they supported more drilling in America, and the Democrats block it at every turn. They also want tax cuts, while the Democrat plan is to transfer even more billions to the government.
>>they supported more drilling in America,
>>and the Democrats block it at every turn.
God bless the Dems.
Stimulus is total BS.
Tax cut works every single time. What do you think got us past the post-911 slump. If giving a one-time “stimulus” works, why wouldn’t less taxation equaling more money to spend be an order of magnitude better.
Then again, the government could do well to learn to live within it’s means the way us common folk have to. Don’t have the money for a program, earmark or entitlement, then don’t have that program until you can pay for it.
As for my stimulus if I get it, I’ll use it to purchase a hand gun. Exercise my 2nd amendment right to protect myself from the government
That would probably piss them off a bit.
#37
You know how we know tax cuts work? Because Democrats complain about them even when they end up giving them more money for them to spend and waste on programs that don’t work.
Democrats just want control over people and the best way they can do that is through the tax system
I know what I going to do with my check when I get it.
Gonna fill up my gas tank with it.
Its all Clinton’s fault, or was it Jimmy Carter’s fault? Or maybe LBJ, or Truman, or Roosevelt.