“The Journal quotes Bill Simon, Wal-Mart’s USA CEO: ‘I never cease to be amazed at the American consumers. They figure out a way to make it work…’  We are not so much amazed as appalled.  We are not so much reassured at this recovery, however weak, as we are alarmed by it.  Where did consumers get the money?  They didn’t earn it. So, they had to run down their balance sheets, either by spending their savings… or taking on debt.  That makes this a new kind of growth: The more you grow the poorer you get.  The economy used to grow by making people wealthier. Now, consumers go further into debt, while their incomes are stagnant or falling.”

http://www.bonnerandpartners.com/the-us-economy-is-growing-much-slower-than-you-think/

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