Consumer Spending Rose in July - WSJ.com
What could possibly be missing from this report?
Well, let's start with the same thing that was missing on Tom Keene in his discussion of this on the Mid-day Report - i.e. what has spending been like for the three basic educational groups - college, high school, not-finished-high-school.
Over the weekend, Barrons reported the respective unemployment rates at 4% (i.e. good spending), 9% (not so good spending) and 14% (not spending).
When the president has the (fill-in the blanks) desire to appoint someone to tell him about economic implications as part of the Council of Economic Advisers that minimum wage rates have no impact on employment, it doesn't take a grade school kid to realize that those with less education (read: not even finished high school) are not exactly finding lots of jobs.
If Tiffany reports good sales and lower priced stores do not, there is clearly a bi-furcation or tri-furcation of the economy going on.
The averages are masking some people who are really hurting and need work and a purpose in life. The liberals think it's unfair not to let everyone have a good-paying job with high benefits; but, frankly, supply and demand says it isn't possible.
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