At townhall.com
It does not take a genius to understand why consumer spending is weak.
- Unemployment rate is 9%
- Real wages are falling
- Income advances go to the wealthy
- Middle class is shrinking
- Jobs hard to find
- Approval ratings of Congress and Obama at record lows
- Consumers have high debt ratios
- Home prices are still falling
- Homeowners are trapped in their homes, unable to refinance
- Boomers need to save for retirement
However, those simple facts are far too complicated for a PhD like Fed chairman Ben Bernanke to figure out.
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