AMITY SHLAES: Is Obama Spurring Growth, or Knocking It Down?

UPDATE: Unexpectedly! Consumer Credit declines sharply in May. “Also the previously reported slight increase in April was revised to a $14.9 billion decrease in credit.”

And here’s the word: “Americans’ use of credit unexpectedly plunged by $9.1 billion in May, a 4.5% annualized rate, the U.S. Federal Reserve announced Thursday. Equally significant, April’s consumer credit statistic was revised to a large $14.86 billion decrease, a substantial change from the previously-released $1.0 billion credit increase. . . . Stagnant incomes in many job segments, the loss of more than 8 million jobs from the workforce, reduced credit lines, and higher interest rates by card issuers have prompted Americans to reduce credit balances over the past two years.” Recovery summer!