Wall Street Journal: Food & energy LESS of impact on consumer budget then in 70s

[debbierlus]

This is absolutely the most surreal, weird, & plain INCORRECT quote, I have ever read. It appears in a pretty good article about how severe this recession (IF it occurs, yeah right :eyes: )....They paint this pretty bleak, they state it is likely to rival the worst recessions in history. Recession is here, we are are heading into a long & brutal supressed economic period which is what constitutes a DEPRESSION.

Read this:


Still, he thinks a recession is probably coming and that the challenges facing consumers, in particular, are more severe than they were in the two previous downturns. In addition to the housing troubles and mortgage-market woes, higher food and energy costs are cutting into household budgets, he says.

"While energy is not as important a part of the consumer budget as it was in the '70s -- nor is food -- nevertheless, the squeeze will push out consumption in everything else," Mr. Gordon says. "Across the board, I think we're going to have significant ongoing pressure in inflation-adjusted retail sales."

Food & energy are NOT as important. Hmmm. Funny. I didn't realize that we no longer needed to eat (or maybe just not as much we did in the 70s. And, who the hell needs to keep warm in the winter? It is the single digits here at night, but hell, I have been walking around naked with the windows open. I didn't even know it was January until I looked at my computer today.



http://online.wsj.com/article/SB120086867005203883.html?mod=hpp_us_whats_news