by Louis Uchitelle
Question: Where is the recovery coming from? This article adds some fresh perspective.
“But this time is clearly different. The pent-up demand is not present — not with 6.46 million jobs gone in just 18 months and hundreds of billions of dollars in wages extinguished. Credit is harder than ever to get for those who might want to spend again, and there are fewer and fewer spenders. People who do have jobs are saving (not spending) more of their incomes than they have in years, trying to replenish wealth lost in the stock market and in the declining value of their homes.”
Read Article: When, Oh When, Will HELP Be WANTED? – NYTimes.com.