Academic

AMITY SHLAES: Is Obama Spurring Growth, or Knocking It Down? UPDATE: Unexpectedly! Consumer Cr?

By Glenn Reynolds

AMITY SHLAES: Is Obama Spurring Growth, or Knocking It Down?

UPDATE: Unexpectedly! Consumer Credit declines sharply in May. “Also the previously reported slight increase in April was revised to a $14.9 billion decrease in credit.”

And here’s the word: “Americans’ use of credit unexpectedly plunged by $9.1 billion in May, a 4.5% annualized rate, the U.S. Federal Reserve announced Thursday. Equally significant, April’s consumer credit statistic was revised to a large $14.86 billion decrease, a substantial change from the previously-released $1.0 billion credit increase. . . . Stagnant incomes in many job segments, the loss of more than 8 million jobs from the workforce, reduced credit lines, and higher interest rates by card issuers have prompted Americans to reduce credit balances over the past two years.” Recovery summer!

Full post as published by Instapundit.com on July 08, 2010 (boomark / email).