The economy grew 3.2 percent in the fourth quarter of 2010, which falls short of analyst expectations but still represents an acceleration over the third quarter of last year. The really good news is that consumer spending was up 4.4 percent, the best growth since the freewheeling prerecession days of early 2006. Explains some economist in the Times:
“Consumers came into the holiday season after probably having a couple of years of being fairly frugal, and with a bit more cash in their pockets, and a bit more willingness to spend that cash.”
For example, there’s no reason the little girl pictured here needed to buy a dozen Smallville DVD sets, but she’s like, “You know what, screw frugality, I need to blow my money on something.” And that, more than green energy or educating our children, is how America becomes great again.
U.S. Economy Grew at 3.2% Rate in the 4th Quarter [NYT]
U.S. Economy Accelerates on Gains in Consumer Spending [Bloomberg]
For example, there’s no reason the little girl pictured here needed to buy a dozen Smallville DVD sets, but she’s like, “You know what, screw frugality, I need to blow my money on something.” And that, more than green energy or educating our children, is how America becomes great again.
U.S. Economy Grew at 3.2% Rate in the 4th Quarter [NYT]
U.S. Economy Accelerates on Gains in Consumer Spending [Bloomberg]
