Quote:
Originally posted by SoCal911SC
People "feeling" wealthier is important. That fuels spending, which creates employment, fuels GDP, and leads to economic expansion. Which we have been experiencing.
Rampant, illogical, debt driven consumer spending and a saving rate of zero is irrelevant to whether we have been in a recession or not. Those are bad things, and will come home to roost in the future, IMO, but are irrelevant to whether the economy has been expanding or receding in the past 2-3 years.
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No, the two things are completely linked. Overspending has helped create a false notion of a 'recovering economy.'
And again, 'recovering' isn't 'recovered.'