Cyclical Old Age Does Not Become Her

By David Stockman

Here is the broadest picture of the American consumer and it sure looks like there's more dropping than shopping going on. So if personal consumption spending (PCE) is the great 70% engine that's supposed to keep the GDP growing, then the August PCE report might beg to differ: Real spending grew a mere 2.27% over prior year. 

The fact is, four of the five core GDP sectors have already thrown in the towel. Housing and business CapEx are flatlining, net exports are heading south...