Fears of a global recession are mounting, as economists point to evidence of a “rare decline in personal consumption” among American shoppers, who account for 70 percent of the country’s economic activity. The NYTimes presented hard economic data as well as heartbreaking anecdotes, such as a Manhattan travel consultant who “shops at luxury chains like Saks” and is “trimming costs where she can by bringing lunch to work from home, rather than eating out.” It’s stories like these that are making the world’s financial markets as well as Cosi shareholders shudder in collective horror.
But more scary than the penny-pinching American shopper who chooses to cutback on spending because of energy costs, falling home prices and a volatile stock market is the penniless American shopper who simply has no more money to spend. They have exhausted their bank account, their credit options, and must wait for their next paycheck before they can once again roam Wal-Mart like a mindless zombie intent on object acquisition.
Luckily, President Bush’s $145 billion emergency economic stimulus plan includes tax breaks that specifically seek to bolster American spending. Says George, “Americans could use this money as they see fit — to help meet their monthly bills, cover higher costs at the gas pump, or pay for other basic necessities”. Or they can use it to go to Wal-Mart and buy some new hunting apparel, like that Realleaf Coverall Suit with leafy facemask and removable mesh gloves that was made in the USA and/or Imported. Sweet!
President Bush concluded by saying “I’m optimistic about our economic future, because Americans have shown time and again that they are the most industrious, creative, and enterprising people in the world.” You betcha! No other country in the world can step up and fill this void of rampant consumption that present uncertainities has created. No other country takes such delight in spending money they don’t have on things they don’t need… from sea to shining sea!
