Skip to comments.We're spending more, but making about the same ("Fact Check" this, wages are lower under Obama!)
Posted on 09/28/2012 7:21:10 AM PDT by tobyhill
Consumer spending rose in August, thanks to higher gas prices, while incomes barely budged, government data showed Friday.
The Commerce Department said consumer spending rose 0.5 percent in August from July, the biggest jump since February. The increase was led by a 1.7 percent surge in purchases of nondurable goods, reflecting the sharp 28.2 cents per gallon rise in gas prices during the month. Spending on durable goods rose 0.3 percent, helped by gains in auto sales. Spending on services rose just 0.2 percent.
Income rose just 0.1 percent in August, reflecting the weak job market. Taking into account inflation, after-tax incomes actually fell 0.3 percent in August, the poorest performance since November.
(Excerpt) Read more at economywatch.nbcnews.com ...
Not only is our actual dollar income down.
What we have left has lost a lot of purchasing power thanks to the devaluation of the dollar and resultant inflation.
In the Obama Dictatorship gas prices have doubled and food prices are up by 25% to 100% but the government says there isn’t really any significant inflation!
Hear that! 3.99 for 1 pound of ground beef! Not chuck, beef!
CEOs from several companies were left milling around eating and talking for some time. When Obama entered he greeted them shook hands and went to sit down in front with friends. When David Steinberg )CEO Verizon and SnappCloud) complained to Valerie Jarret that he came for a conference and was only given 15 seconds with the President she replied, "You should consider yourself lucky to be in the same room with him!"
Every morning I wake up and wonder if I will have a job at the end of the day. Since 2008 that has happened twice. I see it happening again soon.
Told my wife that we should both say screw it, get rid of everything we have and go to work at CVS for 8 bucks an hour. Put away a few bucks here and there and take a vacation once a year. Only think we keep are our insurance policies so the kids can do something.
That’s how tired I am of all of this.
“Taking into account inflation, after-tax incomes actually fell 0.3 percent in August, the poorest performance since November.”
Of course, they are probably still underestimating inflation, so this figure is surely even lower.
it’s all WONDERFUL as long as you don’t use gas or food.
I have not had a meaningful raise in 4 years even though the company I work for made some record profits. I also wonder about my job and my coworkers everyday.
I have given up driving and now commute by bike to help keep the kids fed.
Before I was working 65-70 hours a week and happy. Now I get 40 and am miserable. I have worked second jobs but now I want to start something for myself if I want a second income. My wife doesn’t have an income so its all on me.
As far as food goes I make all the meals at home and we have not had a night out in at least a year.
I hear you and think in a similar vein - problem is we’ve already gotten rid of everything we can and under a similar scenario could not even afford our insurance.