Report: Consumers spent less, earned less in 2010

[OhioChick]

Source: AP

Government survey shows consumer spending and incomes fell for 2nd straight year in 2010

Tuesday September 27, 2011, 11:41 am EDT

WASHINGTON (AP) -- Consumers earned less and spent less for a second straight year in 2010. The government data shows how Americans are struggling after the worst recession since the Great Depression.

The Labor Department says in its annual survey of consumer behavior that spending fell 2 percent last year, only the second decrease since the government began the survey in 1984.

People spent less last year on food, cut back on entertainment and eating in restaurants and gave less to charity. At the same time, they paid more for gas and health care -- trends that have continued this year.

Incomes fell 0.6 percent in 2010 after a 1.1 percent drop in 2009.

Read more: http://finance.yahoo.com/news/Report-Consumers-spent-less-apf-1825701289.html?x=0&.v=1

[xchrom]

1. recommend

[Warpy]

2. Gee, Einstein, you think?

The economy's been on life support for a couple of decades, plastic credit making up for what wages weren't allowing people to do via paycheck and savings.

When you starve the demand side to fatten the rich, you get an economy that barely wheezes along while you're giving the demand side the means to go deeply into debt.

I don't know what's going to kick Congress's collective fat ass into gear and get them to address this but it's got to happen at some point. The only question is how many people on the edge will be neglected to death before they do.

[geckosfeet]

3. Well - that is the economic downturn in a nutshell.

[RUMMYisFROSTED]

4. In other news:

Hoe Futures Up!

[avaistheone1]

7. lol

back to the future

[Evasporque]

5. should be earned less...thus spent less...

sometimes I wonder...do they not think that if consumers make less money that they would be able to continue spending...??

[AllyCat]

6. Really? Could this be true? So why are all the businesses on Main St in my town flourishing?

New ones cropping up all over the place. Rents skyrocketing as businesses vie for what little space is left? Oh wait, that was decades ago under Clinton. My bad. But hey, our local Chamber and City Council will entertain ANY multi-national conglomerate that wants to come in so the nails can be further driven into the coffins of the remaining small businesses that USED to employ a lot of people. But hey, we must help the "job creators".