The American “Zombie Consumer” Generation

Posted By on May 9, 2011

The U.S. is in the midst of a “zombie consumer” generation that will dent GDP growth for years to come, according to Citi and Yale’s Stephen Roach (via The Globe and Mail).
 
And who is responsible for leading the sheep down this road, yep……good old uncle sam!

Speaking in Toronto, Roach said that the U.S. consumer “is toast,” and, as a result, GDP growth projections should be cut by 1% over the next 3-5 years.

Roach, who said late last year there was a 40% chance of a double-dip recession, says that he’s unwilling to let that possibility go.

From The Globe and Mail:

“I’m not prepared to turn in my stripes as a card-carrying double-dipper,” Mr. Roach says. “The lessons of centuries and centuries of financill history … make it very clear that post-crisis recoveries are weak. When they’re weak for a long period of time, they lack the cushion that economies normally need to withstand the blows of a shock. So I don’t think you can rule it out.”

Read more: http://www.businessinsider.com/stephen-roach-zombie-consumer-2011-5#ixzz1LuiNEu38

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