Editor's note: this post has been updated to reflect corrections to an error in the database used to calculate personal income and personal consumption expenditures for the 2011-12 time period. Originally, these numbers were flat. However, the correction shows a nominal increase in the range of 3 to 4%. We apologise for the error.
Just to put some meat on the bones around the cyclical downturn turning into recession, the personal income data paints a negative picture absent debt accumulation....
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.