By Dees Stribling | MHN Online
It’s still the missing piece of the full economic recovery puzzle: personal income. Without more money to spend, consumers aren’t inclined as much as in past decades to spend more (for instance, there isn’t nearly as much home equity to tap as in the 2000s), and that’s going to continue to be a drag on the economy as long as income growth is minuscule. The circumstance affects a lot of sectors: people are buying fewer new houses than the historical norm, middle-range retailers are suffering and much of the American population still feels caught in a recession that’s technically long over. None of this will change without consistent personal income growth.
