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US retail sales signal change of habit among US consumers – the depression can continue for decades
Bernie Snyder
Nov. 9, 2008
Household spending, which accounts for more than two-thirds of the economy, may keep sliding as Americans are buffeted by mounting job losses, falling home values and stricter lending rules. That will add to pressure on President-elect Barack Obama and Democrats in Congress to push through another stimulus plan even before the new administration is in place.
There are increasing evidence that US consumers are cutting back sharply. What is more worrisome is the signs of change in habit. People have stopped eating out – the cooking at home is the new norm. People are practicing thrift not spending anything at anytime they want.
According to some analysts, the US depression can continue for several decades. The stock market can slide below 2000 and stay between 1000 and 200 for more than forty years just like the Japanese market.
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