Name:   MAJ USA RET - Subject:   Who is spending Date:   8/12/2010 10:40:54 AM

People who have money are now hoarding and saving.  Personal and family discretionary spending is curtailed.  In other words, consumer confidence is down, spending is down, and employment is down.  Small businesses are not (can’t) take on anymore debt.  The looming tax burden is indiscernible.  

Meanwhile, government spends like a drunken sailor.  Discretionary spending is out of control.  In other words, misplaced government arrogance is up despite the fact that employment is down and the vast majority of citizens are angry.  The government accumulates debt.  The looming tax burden is certain, palpable, and painful.  

By the way, note that Spain is about to go the way of Greece.