Monday, March 28, 2011
Consumer Spending Rose Due To Gas Prices
Think again, recovery fans. That 0.7% rise in consumer spending in February came from higher gas prices, not from any increase in disposable income. Those gas prices are going even higher thanks to unrest in the Middle East. If you think civil war in Libya is nasty, you haven't seen anything yet. Once it spreads, you'll be thinking hard about giving up dining out just to fill your gas tank. It's too bad some people are using the disaster in Japan as an excuse to turn off nuclear plants (like these panicking politicians in Germany). The world is going to need that nuclear power.