There is a Time Magazine online report titled: How the newly prudent consumer is killing the economy.
Up until now liberal leaning publications like Time Magazine have been blaming Bush for the economy. Now that they have realized the economy has worsened since Barack Obama moved into the White House, it's time to find another culprit. Time Magazine has found one -- it's prudent consumers.
Today's consumers are increasingly likely to pay off credit card bills in full, skip vacations, dine out less, hold off on buying big-ticket items like new cars, and even trim everyday expenses by, say, subbing a generic cereal for Kellogg’s Corn Flakes.
They’re avoiding debt like the plague, and because consumer spending accounts for 70% of economic activity in the U.S., the widespread scaling back by consumers is seriously hampering the economy’s recovery.
If were'nt for the failed economic programs by the current adminiatration such as the various stimulus plans, cash for clunkers program, various bailouts, etc., there would be no need to blame prudent consumers!
It's the Obama recession that has created the "newly prudent consumer" and now it's the consumers fault? Really?