Weak Consumption: Another Make Work Project for Economists and People Who Write About Economics

Economists may not be very good at understanding the economy, but they are quite good at finding ways to keep themselves employed, generally at very high wages. The Washington Post treated us to one such make work project as it reported on a change in consumer psychology due to the recession that has left:

"Americans of all ages less willing to inject their money back into the economy in the form of vacations, clothing and nights out.

"It’s a sharp contrast to the 1990s, when consumers spent...