GNeely

Retail Sales for April

I still find it puzzling that many understate the effect of companies shipping jobs overseas along with the decreases in wages being seen. It is unrealistic to expect that there will be no long term negative effect from this. When a job is lost which paid on average in the $18-$19 dollar per hour range and it is replaced by a job which pays an average of $11 per hour adjusted for inflation the result is obvious. Between the rising pressures of energy,groceries,credi... and education it is little wonder we are not able to save. Let us not forget also that for the last 30 years Americans have been expected to spend to keep the economy going at the pace it ran. Easy credit was encouraged by the Fed and financial education phased out of schools. ANd yes many here will say I do not know what I am talking about because I am not a "player". I am however one who lives it and knows a heck of a lot of others who do also.