Consumers Can't Hang on Forever as Trouble Brews

By Gene Sperling | November 29, 2007

I wrote in this column in early 2002 that Time magazine erred in not naming U.S. consumers ``Person of the Year,'' in recognition of their impressive purchases of cars and houses in the 2001 recession.

The U.S. consumer has stayed remarkably resilient, even in the face of a recovery with declining family income. Now, however, many forecasters see them as they would Butch Cassidy and the Sundance Kid trying to escape from the Bolivian army: you may have a good run, but the forces you are about to face are overwhelming.

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This article was originally published in Bloomberg.com.