Why Consumers are Bummed Out
robertreich.org — The Conference Board reported Tuesday that the preliminary January figure for consumer confidence in the United States fell to its lowest level in more than a year. The last time consumers were this bummed out was October 2011, when there was widespread talk of a double-dip recession. But this time business news is buoyant. The stock market is bullish. The housing market seems to have rebounded a bit. So why are consumers so glum? Because they’re deeply worried about their jobs and their incomes – as they have every right to be. The job situation is still lousy. We’ll know more this coming Friday about what happened to jobs in January. But we know over 20 million people are still unemployed or underemployed.