Is a Deleveraging Consumer Spending Less ?

Killer chart this week from David Leonhardt (We’re Spent), which very much supports the weak post crisis recovery thesis, as consumers cut back much more sharply. They are delveraging rather than adding more debt, this they cvannot spend they way they did previously.

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Click for ginormous chart:

Source: Slumps in Consumer Spending, NYT

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Source:
We’re Spent
DAVID LEONHARDT
NYT July 16, 2011
http://www.nytimes.com/2011/07/17/sunday-review/17economic.html

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