Caroline Baum wonders:
"The pieces just don’t add up.
Credit card debt outstanding has fallen 27 straight months for a total decline of $177.2 billion.
The unemployment rate has been stuck above 9 percent for 20 months.
Average hourly earnings rose 1.9 percent in 2010.
Personal income rose less than 4 percent in the 12 months ended November.
About 23 percent of homes with mortgages are worth less than the amount of the loan.
Faced with these not insignificant hurdles, what did the U.S. consumer do? Why, he spent like there was no tomorrow..."
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Comment: The American dream has become an obsession.
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