Consumer Spending Plunges

Discussion in 'Economy' started by DavidS, Nov 26, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    Consumer spending plunges in October - Yahoo! News

    WASHINGTON (Reuters) – Consumers cut spending during October at the steepest rate in more than seven years, according to a Commerce Department report on Wednesday that underlined rising risks the economy was headed into a deep recession.

    Spending plunged 1 percent, slightly more than the 0.9 percent decline that Wall Street economists had forecast.

    The department revised prior months' spending data to show that October was the fourth straight month in which consumers reduced current-dollar spending, a significant loss of stimulus since consumer spending fuels two-thirds of U.S. economic activity.

    Adjusted for inflation, real spending fell for five straight months through October. The last time that real U.S. consumer spending fell for such a protracted period was over a five-month span from September 1990 to January 1991, the department said.

    (Reporting by Glenn Somerville, Editing by Chizu Nomiyama)
     
  2. WillowTree
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    WillowTree Diamond Member

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    hell yes! we've got big bills to pay and getting bigger! save yer money man. cause taxes and prices are fixing to skyrocket.
     
  3. DavidS
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    DavidS Anti-Tea Party Member

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    We're already getting a tax cut as of next January. You need to stop speculating on what you want to happen and actually pay attention to what IS happening. Obama's not raising taxes on anyone until Bush's tax cuts expire.
     
  4. WillowTree
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    WillowTree Diamond Member

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    you mean he lied to us? hellfire! :lol:
     
  5. DavidS
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    DavidS Anti-Tea Party Member

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    You're grasping at straws. He didn't lie to us. Taxes will be raised on the most rich when the Bush tax cuts expire.
     
  6. Andrew2382
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    Andrew2382 Gold Member

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    Bush's tax cuts effected everyone though. True the rich will pay more, but so will the middle and lower class becuase they also got a piece of the Bush Tax cuts.
     
  7. DavidS
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    DavidS Anti-Tea Party Member

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    If you pay attention, part of the stimulus package that Obama is going to sign on the day of his innaguration is tax cuts for the middle and lower class.
     
  8. WillowTree
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    WillowTree Diamond Member

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    nu huh,, he lied to us,, watch him,, no taxes on the rich,, no coroporate gains taxes,, no capital gains taxes,, you watch..
     
  9. DavidS
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    DavidS Anti-Tea Party Member

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    :rolleyes:

    STFU your bullshit already. It's old and smells bad.
     
  10. Annie
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    Annie Diamond Member

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    Not quite. If 2011 finds US still in recession, there are hints already that the tax cuts will be made permanent.
     

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