From MSNBC the title pretty much sums things up. US consumers go AWOL, taking recovery with them. Many have said that this recession or whatever one may call it, is a longterm proposition. More news in fact this nation's economy is still quite ill. Essentially there is no more there, there.
As the middle class and poor struggle to just survive, this particular statement rung out.
America's biggest companies, meanwhile, are weathering the recent slowdown relatively well: They've paid down debt and raised mountains of cash by cutting costs and keeping them low. Nonfinancial companies were sitting on more than $2 trillion in cash and other liquid assets at the end of June, the latest data available from the Federal Reserve. Cash now represents roughly 7 percent of all corporate assets, the biggest share in nearly 50 years.
Seriously, what the hell is that?
Follow the link and then take a gander at the links within the story itself.
Another item that has been brought up here on Dkos, is the austerity measures being promoted. The thing is, that is exactly what is not needed at this time. Nothing could proove more devastating to this perilous economy than to enact austerity on the poor and middle class at this time.
"Trying to implement austerity measures in a very weak economic environment with high unemployment only exacerbates the problem," said Lance Roberts, chief economist at Street Talk Advisors. "We should have been doing austerity measures, cutting spending, etc., when the economy was really strong and we had very low unemployment levels because that's when you can get away with it."
Interesting to say the least. Who again exactly is screaming the loudest for austerity on the poor and middle class, with tax breaks for the wealthy and corporations?
Occupy Wall Street is trying their damn best to get the message out to the rest of America. Unfortunately, the megaphones belong to the media.
We are the 99%. There is no more there, there.