Saturday, July 10, 2010
All the news outlets--CNN, ABC, NBC, CBS, Fox, and major newspapers like USA TODAY, the Wall Street Journal and the New York Times--keeping beating the drum that the U.S. is mired in a recession.
Furthermore, the news gurus say that while recovery from the current recession is happening, it's glacially slow, and most things (spending, wages, jobs, workers' benefits, pensions) will never reach pre-recession levels.
Here's what I think, based on the long checkout lines and crowded, busy parking lots I've experienced this summer at Wal-Mart and Lowe's stores in Tennessee and the Carolinas. I'm also basing my thoughts on what I've encountered in recent months at fast food outlets like McDonald's, Wendy's and Chick-Fil-A.)
We are in a pseudo-recession. A lot of people still have money and they're spending like crazy.
Don't believe me?
Visit any Wal-Mart or McDonald's or Lowe's.
The cash registers are zinging! Employees at restaurants and retail outlets seem stressed to the max, barely able to keep up with the never ending flow of anxious-to-spend-money customers.
What recession, really?!