People Don’t Have Any Money

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Consumer spending continues to suck:

Most stores reported significant declines — with the worst coming from chains that specialize in teenage clothing and gear.

Over all, the industry posted a 2.9 percent sales decline compared with a year ago, according to Thomson Reuters, making August the 12th consecutive month of negative growth. The August decline comes on top of a 5 percent drop in July.

Despite signs that the economy is stabilizing, consumers remain reluctant to spend. That does not augur for a good holiday shopping season, a crucial time for retailers. As analysts at AT Kearney noted in a recent back-to-school report: “thrift is settling in as a habit for consumers across the board.”

Look: thrift is not “settling in as a habit.”  People are spending less because they don’t have any money.  Some are unemployed.  Some have had their hours cut.  Some are paying down credit card balances.  Some are desperately trying to make ends meet after their ARMs reset.  Some are paying off home equity loans they thought they’d be able to refinance forever.  Habit has nothing to do with it.

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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