The Bureau of Economic Analysis today reported that personal income fell .1% in August while personal consumption expenditures increased by .2% also in August.
On the surface it looks like we should expect a decreasing demand for goods and services that would give even less incentive to businesses to hire in near and immediate term.
What I find just as disturbing is that Americans may we may be biting into our savings just to keep a roof over our heads and food in a kids’ tummies.
Are businesses uncertain about regulation? It may, based on these numbers, really be more like uncertainty about job and income growth.
Policy wise, this should send a message to Republicans and some businesses to chuck the hollow talking points about getting government off of our backs and start thinking of outside the box ways for the everyday guy to increase his personal revenue stream.
We have been kicking this problem down the road for over thirty years and it has come back to bite us.