What happens when the American consumer stops consuming?

Read my lips.

The impact of rising gasoline prices “is just profound on middle- and lower-income families,” said Mr. Kohut of the Pew center. “Our surveys are showing one of the lowest levels of satisfaction with national conditions in any recent presidential election year. You have to go back to 1992 to get a lower number of people saying the national economy is excellent or good.”

Will Bush II cause Bush I-like problems for the presidential elections? Americans are still buying as much gas as ever (gas needs to go much higher for that to change) but they are buying less of most other goods. High end and low end retails are seeing less business complementing signs of cutbacks in personal spending spreading, the first possible decline since 1991. The economy has stayed afloat thanks to the American consumer but the run appears to be over. Americans love to spend, so someone is going to pay the price at the polls for this inconvenience. Dick Cheney, wrong again.