Obama To America: Spend Yo Money

Barack Obama is rooting for “the audacity of hope,” but it’s looking increasingly as if the American economy is plagued by his predecessor’s oft-regurgitated pablum … err, problem, the “soft bigotry of low expectations.”

Either way, the bottom line is that America isn’t opening its wallets and pocketbooks with the frequency that “The One” would like, and so the snake oil Salesman-in-Chief is hitting the road to boost consumer confidence.

According to the latest Gallup data, consumer spending last week was down 21% from the same point a year ago – which bodes ill for the economy when you consider that last year was the worst holiday shopping season in decades.

From Gallup:

Consumer Spending continued to disappoint last week, as self-reported daily spending in stores, restaurants, gas stations, and online averaged $75 — up $6 from the previous week. Given that last week included a pay period, this increase in spending was minimal at best. More importantly, it was down 21% from last year’s comparable, when average spending was $95 per day. Still, the average spending for the week was at one of its highest levels of the year and it is not entirely clear how the 2008-2009 spending decrease will affect Christmas gift expenditures versus other discretionary spending such as eating out, traveling, or going to the movies. Regardless, it appears as though there will need to be a major surge in consumer discretionary spending during the next couple of weeks if this year’s holiday expenditures are going to come anywhere close to matching last year’s dismal performance.

A big part of America’s reticence to spend?

Concern over the irrational fiscal policies being pushed by Obama and his Congressional allies in Washington … and the failure of Obama to deliver on substantive middle class tax relief.

This stuff isn’t rocket science people.  When government sucks up all the money, consumers have less of it to spend and are less inclined to spend what they do have.