Practice Management

If so then we can herald the fact that prisoners are renting lofts and condos.

It never ceases to amaze me that as soon as the economy starts to tank, inflation starts to rise, and prices go through the roof, that the press (and the administration) says all is not lost because the good news is that consumer spending is up.

Right.  The Commerce Department took glee in announcing that consumer spending was up 0.4 percent, double the increase economists had forecast.

The problem is that consumer spending is not up because earnings are on the rise, or that all of us are fully employed, or that tech is greatly increasing productivity.  No, consumer spending is on the rise because everything from gas to groceries is on the rise.

Rising food costs, soaring energy prices and falling employment have pushed consumer confidence to its lowest levels in five years. Incomes in March rose a weak 0.3, but after removing inflation, after-tax incomes were flat.

Without increased income all consumer spending means is that people are hurting, and our government and the media tout that as something to cheer about.

And, do not think that this does not have an effect on lawyers.  When money is tight everybody from business, to government, to insurance and finance companies put downward pressure on the payment of legal fees.  Lawyers, therefore, can only respond by attacking aggressively overhead.

But, do not be fooled.  Most Americans, and most corporations for that matter, do not have disposable income from which to take these losses.  No matter what you call the debt, we live in a credit card world.  And, do not tell me that most lawyers do either.

So, let us all just tighten our belts and move on because the great news is -- CONSUMER SPENDING IS UP!!!