Free Markets, Free People
Thought these two graphs illustrated part of it very well:
But remember — they want you to believe it is a revenue problem.
The following US economic statistics were announced today:
Personal income fell a steep -3.6% in January, while personal spending increased 0.2%. The PCE Price Index was unchanged, but was up 0.1% at the core level. On a year-over-year basis, income rose 2.2% while spending rose 3.2%, and PCE price index is up 1.2% overall, and 1.3% at the core level.
The PMI Manufacturing Index fell to 54.3 in February, from 55.8 last month, while the ISM Manufacturing Index rose 1.1 points to 54.2 in February.
The Reuter’s/University of Michigan’s consumer sentiment index rose 1.3 points to 77.6 in February.
Construction spending fell -2.1% in January, mainly on a -5.1% decline in private nonresidential outlays and a -4.3% drop in residential renovations.
Automakers are reporting their monthly sales today. GM: 7%. Ford: 9%. Chrysler: 4%. Sales are on track for 15.5 million sales this year.