Mar 31 2010

How Much Do Americans Understand About Today’s Economy?

Feature Stories | Published 31 Mar 2010, 9:52 am | Comments Off on How Much Do Americans Understand About Today’s Economy? -

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recessionAccording to figures released by the US Commerce Department on Monday, consumer spending in the economy rose just three-tenths of a percent in February. Though it marked the fifth straight month of improvement, February’s rate of growth was the slowest paced since September. Consumer spending accounts for over two-thirds of all economic activity in the U.S. and some analysts interpret the Commerce Department findings as a signal of a fragile economic recovery. But at the same time that consumer spending has inched slightly upward, inflation-adjusted household incomes have remained stagnant for the past half year. Wages and salaries increased by only one-tenth of a percent in February. Flat household incomes coupled with unemployment rates and high debt burdens factor into future forecasts for the U.S. economy. Another important indicator, job creation or the lack thereof, awaits next month’s release of the jobs report for March.

GUEST: Max Fraad Wolff, an instructor at the Graduate Program in International Affairs at the New School University.

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