What Sept. 11 has done to the economy is to accelerate, hasten and deepen the decline, but the decline existed before. The attack gave it the extra push in terms of retail sales. If you don't have a paycheck coming in, it doesn't matter how much cost of gasoline has gone down.
More Quotes from Kurt Barnard:
There are two conflicting forces at work on the consumer. One is people have jobs, they have money, the unemployment rate is still at a 30-year low of 3.9 percent, a lot of economic circumstances are very, very favorable. A lot of economic circumstances are very, very favorable, people have money and jobs, but they don't have as high a discretionary spending level as they did a year ago.Kurt Barnard
There's a general sense of weakness and caution and I'll tell you, the headlines in the newspapers these days do not help. We're seeing more layoffs and consumers are beginning to feel there's a cold winter breeze suddenly blowing their way.
Kurt Barnard
Americans are being bombarded with announcements of layoffs. Anytime you listen to the radio it's always 3,000 laid off here, 500 there, ... That means a lot of people who have decent jobs and good income hear that little voice in the back of their head asking the question 'could my number be up next' They're buying what they need, but they don't buy frivolously.
Kurt Barnard
If this is a hot summer, we are going to see an overwhelming number of air conditioners sold. And even if it's not a hot summer, air conditioners will be a hot seller.
Kurt Barnard
Unless it turns out that this is another terrorist attack, I don't believe it's going to have as much of an impact on consumer spending as we saw in the month of October, when it had declined sharply. If this does turn out to be a terrorist attack, all bets are off.
Kurt Barnard
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