Consumers spent slightly more money in July as they took advantage of the government’s “cash for clunkers” automobile rebate program, but personal incomes were flat for the month, a sign that workers are still struggling to get by as prices of gasoline and food threaten to creep higher.
If wages aren’t going up, they’re actually going down. For years, worker wages have not been keeping up with inflation.
I think what we’re watching unfold is a slow-motion economic depression that started back when Enron and Worldcom were gaming the system and got caught. That was the first sign, and nothing of substance has been done to fix the problem. Too much wealth is ending up in the bank accounts of the richest of the rich.
Unless action is taken, we will continue to sit back and watch as the US Treasury and our personal bank accounts shrink while the fat cats get plump.