“Consumer spending, which accounts for two-thirds of the economy, dropped by the largest amount in 28 years in the third quarter.”
This is a good thing!
What passes for pundits these days have all attended the University of Media Clichés. While cries of “consumer suffering” abound, it is not consumers who are hurt by a receding economy, it’s investors and big business tycoons who are looking for the nearest 10-story ledge.
Consumers are doing fine. Consumers are buying less, conservatively and wisely spending their money on necessities rather than frivolous toys, houses they can’t afford and overpriced bourge-mobiles. An economic decline serves the very real and necessary purpose of resetting the economic perspective after it has become ridiculously overinflated.
The first step on the road to a steady-state economy is a declining economy, moving back to sanity, reality and living within the means of the Earth. Anything else is a foolish fantasy.