{"id":195598,"date":"2008-06-27T17:34:00","date_gmt":"2008-06-27T22:34:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/27\/economics-update-429\/"},"modified":"2008-06-27T17:34:00","modified_gmt":"2008-06-27T22:34:00","slug":"economics-update-429","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/27\/economics-update-429\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>Consumer spending <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=af1qYnl4UXGA&amp;refer=home\">jumped 0.8% in May<\/a>, largely driven by the income tax rebates, though one wonders how much of that spending went into people&#8217;s gas tanks.<\/p>\n<p>What&#8217;s more, given that <a href=\"http:\/\/money.cnn.com\/2008\/06\/27\/markets\/oil\/index.htm?cnn=yes\">oil hitting a new record<\/a>, even if <a href=\"http:\/\/money.cnn.com\/2008\/06\/27\/news\/economy\/gas\/index.htm\">retail gasoline is edging a bit lower<\/a>, it&#8217;s highly unlikely that the giant sucking sound coming from our cars will change.<\/p>\n<p>What&#8217;s more, this is continuing to <a href=\"http:\/\/money.cnn.com\/2008\/06\/27\/markets\/dollar.ap\/index.htm\">drive the dollar lower<\/a>.<\/p>\n<p>At the core of the American economy, we have been living beyond our means for many years, and there will be some painful adjustments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consumer spending jumped 0.8% in May, largely driven by the income tax rebates, though one wonders how much of that spending went into people&#8217;s gas tanks. What&#8217;s more, given that oil hitting a new record, even if retail gasoline is edging a bit lower, it&#8217;s highly unlikely that the giant sucking sound coming from our &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,1135],"tags":[],"class_list":["post-195598","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-energy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195598"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195598"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195598\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}