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The driver of the U.S. economy is the consumer -- consumer spending accounts for 70% of the nation's GDP -- and the consumer is down and out.
Americans have lost 40% of their wealth in the past two years; more than $4 trillion in credit lines will have vanished by year-end; the real unemployment rate (unemployed, discouraged and part-time workers wanting full-time work) is roughly 20%; and weekly work hours and wages are stagnant. In short, most consumers have no extra income to spend.
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