Rush’s Morning Update: Disaster!
July 20, 2010
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Well, isn’t this a kick in the butt! We haveanother story about the “rich” not spending their money because they’re worried about the economy,and as a result, the economy sucks. (MaybeI should say, “still sucks”.)
This one’s in the New York Times, headlined: “Wealthy Reduce Buying in Blow to the Recovery”. Appropriately, the reporter is named Motoko Rich. He writes, “The economic recovery has been helped in large part by the spending of the most affluent. Now, even the rich appear to be tightening their belts.”
That’s right. Last year, higher-income people opened their wallets with more “confidence,” while everybody else was mired in misery. But, Mr. Rich reports, “their confidence has since ebbed, according to retail sales reports and some economic analysis.” To buttress the point, he examines the stock market, luxury hotel bookings, real estate, and upscale retailers. All grim.And all the grim news is coming from households earning more than $210,000 a year –the top 5 percent of wage earners.
That’s the who, what, where, and how of it. But the most important detail– the why– is left out.
What happened between last year and thisthat would cause the “rich” to stop spending? Since Mr. Rich doesn’t tell you, I will:It’s called Obamacare,higher taxes, andvirtually every business sector under attack by the regime. It’s called a liberal takeover of the entire government. It’s called the unmitigated disaster of Obama, Nancy, and Harry! And that’s why the economy sucks!
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