"Retail Sales Plummet," read the Christmas headline in The Wall Street Journal. "Sales plunged across most categories on shrinking consumer spending."
Hey, that's great news, isn't it? After all, everyone knows Americans consume too much. What was it that then Sen. Obama said on the subject? "We can't just keep driving our SUVs, eating whatever we want, keeping our homes at 72 degrees at all times regardless of whether we live in the tundra or the desert and keep consuming 25 percent of the world's resources with just 4 percent of the world's population, and expect the rest of the world to say, 'You just go ahead, we'll be fine.'"
And boy, we took the great man's words to heart. SUV sales have nose-dived, and 72 is no longer your home's thermostat setting but its current value expressed as a percentage of what you paid for it. ... Americans are driving smaller cars, buying smaller homes, giving smaller Christmas presents.
And yet, strangely, President-elect Barack Obama doesn't seem terribly happy about the Obamafication of the U.S. economy. He's proposing some 5.7 bazillion dollar "stimulus" package or whatever it is now to "stimulate" it back into its bad old ways.
And how does the rest of the world, of whose tender sensibilities then-Sen. Obama was so mindful, feel about the collapse of American consumer excess? ... The message from the European political class couldn't be more straightforward: If you crass, vulgar Americans don't ramp up the demand, we're kaput. Unless you get back to previous levels of planet-devastating consumption, the planet is screwed.
Wednesday, December 31
OK, OK, it's more bloody Mark Steyn, but the man just keeps making good points.