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Economist: Why The Bailout Money Should Have Gone To Real People, Not Banks

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Author Topic: Economist: Why The Bailout Money Should Have Gone To Real People, Not Banks  (Read 323 times)
Major Weatherly
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« on: September 20, 2009, 05:19:35 pm »

Total seasonally adjusted consumer debt fell $21.55 billion, or at a 10.4% annual rate, in July 2009 alone. Credit-card debt fell $6.11 billion, or 8.5%, to $905.58 billion. This is the record 11th straight monthly drop in credit card debt. Non-revolving credit, such as auto loans, personal loans and student loans fell a record $15.44 billion or 11.7% to $1.57 trillion.

As many people have pointed out, the reduction in American consumer spending is a long-term trend. For example, Alix Partners finds that:

    While American industry is struggling to get through what could become the worst recession since the Great Depression, Americans say that even after the recession ends, their spending will return to just 86% of pre-recession levels, which would take a trillion dollars per year out of the U.S. economy for years to come. According to this in-depth survey of more than 5,000 people, Americans plan to save (and therefore not spend) an astounding 14% of their total earnings post-recession, with the replenishment of their 401(k) and other retirement savings leading the way among their biggest long-term concern.

    “There will be a fundamental shift in the kind of cars we buy, a fundamental shift in the homes we buy, and a fundamental shift in consumption generally,” says Matt Murray, an economist at the University of Tennessee. “And that is not something that took place in the 1980s.”
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