[Caroline Baum] No jobs? No income? No problem for U.S. shoppers
ViewpointsJan 21, 2011
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.F