We’re Spent

This is an excellent article, minus all of the drama and party politics of the typical economic debate. It points to the last decades's over-spending (fueled by easy credit and the illusion of wealth created by ever expanding home equity loans) as a key reason why the recovery is slow and fitful and (unfortunately) will continue to be.

New York Times
By David Leonhardt
Published: July 16, 2011

We are living through a tremendous bust. It isn’t simply a housing bust. It’s a fizzling of the great consumer bubble that was decades in the making.

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We’re Spent