Cash for Clunkers Program Nothing More Than 'an Exorbitant Dud'?
New Haven Register › September 11, 2010
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Summary
LOOKING back with pride, the British are commemorating the 70th anniversary of the Battle of Britain, when Winston Churchill said of the pilots fighting the Luftwaffe that never "was so much owed by so many to so few." Looking ahead with trepidation, some Americans are thinking: Never have so many of us owed so much.
They owed slightly more when the recession began, if fact, when household consumer debt was $2.6 trillion. The painful but necessary process of deleveraging is slow: Such debt has been reduced only to $2.4 trillion. In addition, the recession has reduced household wealth by $10 trillion, and only 25 percent of Americans expect their incomes to improve next year.See the full content of this document
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Cash for Clunkers Program Nothing More Than 'an Exorbitant Dud'?
So, they are not spending. Business, having given the economy a temporary boost last year by rebuilding inventories, is worried. Rather than hiring, companies are sitting on cash reserves much larg...
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